Augmented Analytics Market Size to Witness Rapid Expansion in the Coming Years | Growing at CAGR of 28.4%
Augmented analytics market thrives on automation, AI-driven insights, and data democratization for smarter, faster decisions.
PORTLAND, OREGON, UNITED STATES, September 11, 2023/EINPresswire.com/ — In 2017, the Augmented Analytics Market was estimated to be worth $4,094 million. By 2025, it is expected to have grown to $29,856 million, with a CAGR of 28.4%.
Some of the key factors that are anticipated to drive the growth of the global market include an increase in the need to democratize analytics and boost productivity, an increase in enterprises’ awareness of the need to creatively use the expanding streams of data from various sources, and an increase in the need to facilitate the work of citizen data scientists and business users. However, it is anticipated that worries over data security may impede market expansion.
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The IT business function segment dominated augmented analytics market share in 2017, and is projected to maintain its dominance during the forecast period. However, finance and sales & marketing segments are anticipated to witness the high growth rates during the forecast period due to the growing usage of machine learning and natural language generation in analytics for these functions.
Augmented analytics platforms are increasingly incorporating machine learning and artificial intelligence algorithms to automate data preparation, analysis, and interpretation. This automation reduces the reliance on data scientists and enables business users to derive actionable insights from complex data sets, accelerating the decision-making process. Natural language processing is playing a pivotal role in making data analytics more accessible. With NLP-driven interfaces, users can interact with data using plain language, making it easier for non-technical stakeholders to engage with and understand data-driven insights, fostering data democratization within organizations.
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Augmented analytics is moving beyond descriptive analytics to predictive and prescriptive analytics. These capabilities enable organizations to not only understand historical data but also anticipate future trends and recommend actions, empowering them to proactively respond to changing market dynamics.
Integration of augmented analytics capabilities into everyday business applications is becoming increasingly common. This trend allows users to access data-driven insights within the context of their work, enhancing productivity and decision-making across various departments, from marketing and sales to finance and operations.
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Some of the key players operating in the augmented analytics market include IBM Corporation, Qlik, Tableau Software, Tibco Software, Salesforce, Sisense Inc., SAP SE, SAS Institute, Microsoft, and ThoughtSpot.
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David Correa
Allied Analytics LLP
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