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The latest insights from Meticulous Research® project the global augmented analytics market to soar to a staggering $104.4 billion by 2031, growing at a CAGR of 27.4% from 2024 to 2031. This exponential growth is driven by the increasing reliance on data-driven decision-making and the expanding utilization of cloud computing technologies that facilitate the deployment and scalability of augmented analytics solutions. Nevertheless, the market's progress is somewhat hindered by concerns over data privacy and security.
Expanding Role in Sales and Marketing
The augmented analytics market is poised for significant opportunities, particularly in the realms of sales and marketing. As companies strive to gain a competitive edge, the integration of augmented analytics into these functions is proving indispensable. These tools provide deeper insights into customer behavior, enabling more effective and targeted marketing strategies. However, the challenge of seamlessly integrating augmented analytics with existing business processes continues to be a significant hurdle.
Moreover, the incorporation of machine learning (ML) and natural language processing (NLP) is gaining momentum, further enhancing the capabilities and appeal of augmented analytics solutions.
Segmentation by Offering
The augmented analytics market is segmented by offering into software and services. The software segment is expected to dominate in 2024, accounting for over 64.0% of the market share. This dominance is attributed to the widespread adoption of augmented analytics software in business operations, which minimizes human error and enhances accuracy. Companies are also increasingly investing in cloud computing to improve the scalability and deployment of augmented analytics software.
Despite the software segment's dominance, the services segment is forecasted to exhibit a higher CAGR throughout the projection period. The growth in this segment is fueled by the rising demand for support and maintenance services, which are essential for the continuous updating of algorithms and data processing pipelines, ensuring the optimal performance of augmented analytics solutions.
Insights into Deployment Mode
Deployment mode in the augmented analytics market is divided into cloud-based and on-premise solutions. The cloud-based segment is expected to lead in 2024, securing over 66.0% of the market share. This segment is also predicted to grow at the highest CAGR during the forecast period. The preference for cloud-based solutions is driven by their ability to alleviate the burden on IT staff by managing infrastructure, software updates, and security issues, while integrating advanced technologies such as ML and AI.
Furthermore, the increasing need for robust commercial data protection measures—such as encryption, access control, and threat detection—is propelling the demand for cloud-based augmented analytics solutions.
Organization Size Analysis
In terms of organization size, the augmented analytics market is categorized into large enterprises and small & medium-sized enterprises (SMEs). Large enterprises are expected to dominate in 2024, holding over 71.0% of the market share. The adoption of augmented analytics by large organizations is driven by the need to manage and optimize global strategies, as well as to automate data analysis and reporting processes.
Conversely, the SME segment is projected to witness a higher CAGR during the forecast period. This growth is attributed to the increasing adoption of on-premise infrastructure and subscription-based augmented analytics solutions, which help SMEs enhance data security and privacy while adapting to evolving business needs.
Application Segmentation
The augmented analytics market is further segmented by application, including marketing & sales analytics, financial planning & analysis, supply chain management, human resource management, business intelligence & reporting, predictive analytics, and customer analytics. Marketing & sales analytics is anticipated to be the largest segment in 2024, capturing over 24.0% of the market share. This is due to the rising demand for large-scale data analysis to understand customer behavior and preferences, which is critical forfine-tuning marketing and sales strategies. The increasing trend of utilizing augmented analytics to generate dashboards and reports for data collection and analysis is also contributing to the growth of this segment. Businesses are increasingly relying on these tools to assess the performance of marketing campaigns, determine ROI, and identify the most effective strategies.
Meanwhile, the financial planning & analysis segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by the increasing need to reduce manual effort and minimize the risk of errors in financial planning and analysis. Augmented analytics solutions are being adopted to leverage real-time data and predictive analytics, enabling businesses to make more informed financial decisions.
End-Use Industry Analysis
The end-use industry segment of the augmented analytics market is categorized into retail & e-commerce, healthcare, BFSI, manufacturing, government, automotive, transportation, media & entertainment, energy & utilities, IT & telecommunication, military &defense, and other industries. Among these, the retail & e-commerce sector is expected to dominate in 2024, accounting for over 22.0% of the market share. The significant share of this sector is due to the increasing use of augmented analytics to automate routine tasks, such as data entry and report generation, and to analyze customer behavior across various channels.
However, the BFSI sector is projected to witness the highest CAGR during the forecast period. The growth in this sector is attributed to the need to automate regulatory compliance processes, reduce the risk of financial operations, and offer personalized products and services based on customer preferences. Financial institutions are increasingly leveraging augmented analytics to enhance customer satisfaction, mitigate risks, and prevent fraud.
Regional Insights
Geographically, the augmented analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to lead the market in 2024, capturing over 33.0% of the market share. This dominance is driven by the widespread adoption of augmented analytics across various industries, particularly in retail, e-commerce, healthcare, and IT sectors. The integration of AI and ML in augmented analytics solutions is also helping businesses in the region to mitigate cyberattacks and enhance data security.
In contrast, the Asia-Pacific region is expected to register the highest CAGR of over 29.0% during the forecast period. This growth is driven by the rapid technological advancements in augmented analytics across countries like China, Japan, and India. The increasing adoption of augmented analytics tools in these countries, coupled with the growing demand for enhanced customer service and data-driven decision-making, is contributing to the region's significant market expansion.
Key Players
The key players operating in the augmented analytics market are Salesforce, Inc. (U.S.), SAP SE (Germany), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), MicroStrategy Incorporated (U.S.), Domo, Inc. (U.S.), SAS Institute Inc. (U.S.), QlikTech International A.B. (U.S.), Cloud Software Group, Inc. (U.S.), Sisense Ltd. (U.S.), ThoughtSpot, Inc. (U.S.), Yellowfin International Pty Ltd ( A Subsidiary of Idera, Inc.) (U.S.), Pyramid Analytics B.V. (Netherlands), and Alteryx, Inc. (U.S.).
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Key Questions Answered in the Report:
- Which are the high-growth market categories in terms of offering, deployment mode, organization size, application, and end-use industry?
- What is the historical market size for global augmented analytics?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global augmented analytics market?
- Who are the major players in the global augmented analytics market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global augmented analytics market?
- What do major market players adopt the different strategies?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global augmented analytics market, and how do they compete with other players?
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