Redding, California - August 13, 2024
Augmented Analytics Market to be Worth $104.4 Billion by 2031
Augmented Analytics Market Size, Share, Forecast, & Trends Analysis by Offering (Software, Services), Deployment Mode, Organization Size, Application (Marketing & Sales, Financial Planning & Analysis), End-use Industry (Retail & E-commerce, BFSI), and Geography - Global Forecast to 2031
Meticulous Research®—leading global market research company, published a research report titled, ‘Augmented Analytics Market by Offering (Software, Services), Deployment Mode, Organization Size, Application (Marketing & Sales, Financial Planning & Analysis), End-use Industry (Retail & E-commerce, BFSI), and Geography - Global Forecast to 2031.
According to this latest publication from Meticulous Research®, the global augmented analytics market is expected to reach $104.4 billion by 2031, at a CAGR of 27.4% from 2024 to 2031. The augmented analytics market is experiencing growth driven by the increasing demand for data-driven decision-making and the expanding adoption of cloud computing, which facilitates the deployment and scalability of these solutions. Nonetheless, concerns regarding data privacy and security are constraining market expansion.
Conversely, the growing application of augmented analytics in sales and marketing is expected to open new opportunities for market participants. However, the complex integration with existing business processes poses a significant challenge. Additionally, the market is witnessing a notable trend with the rising incorporation of machine learning and natural language processing (NLP) technologies.
The augmented analytics market is categorized by offering (software and services [training & consulting services, deployment & integration services, and support & maintenance services]), deployment mode (cloud-based and on-premise), organization size (large enterprises and small & medium-sized enterprises), application (marketing & sales analytics, financial planning & analysis, supply chain management, human resource management, business intelligence & reporting, predictive analytics, customer analytics, and other applications), end-use industry (retail & E-commerce, healthcare, BFSI, manufacturing, government, automotive, transportation, media & entertainment, energy & utilities, IT & telecommunication, military & defense, and other end-use industries), and geography. This study also evaluates industry competitors and analyzes the market at the country and regional levels.
On the basis of offering, this market is categorized into software and services. In 2024, the software categorized is expected to account for the larger share of over 64.0% of the augmented analytics market. The significant market share of this category can be attributed to factors such as the growing adoption of augmented analytics solutions in business operations to reduce human error and increase accuracy, growing developments by companies for cloud computing in augmented analytics to improve scalability and software deployment; and an increasing need for augmented analytics software in businesses to provide insights and recommendations based on customer preferences.
However, the services category is expected to register a higher CAGR during the forecast period. The increasing need for support and maintenance services to update the algorithms and data processing pipelines of augmented analytics solutions on a regular basis, as well as the growing adoption of augmented analytics services to check software updates for the latest features and improvements, are driving this category's growth.
On the basis of deployment mode, this market is categorized into cloud-based and on-premise modes. In 2024, the cloud-based category is expected to account for the largest share of over 66.0% of the augmented analytics market. The cloud-based category is also expected to register a higher CAGR during the forecast period.
The significant market share of this category is attributed to the growing need to lessen the workload of employees in managing infrastructure, software updates, and security concerns by utilizing cloud-based augmented analytics solutions that incorporate cutting-edge technologies like machine learning (ML) and artificial intelligence (AI). The demand for cloud-based augmented analytics is partly driven by the growing requirement for strong commercial data protection measures, including encryption, access control, and threat detection.
On the basis of organization size, this market is categorized into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises category is expected to account for the larger share of over 71.0% of the augmented analytics market. The expanding usage of augmented analytics in large companies to manage and optimize worldwide strategy, as well as the growing requirement to automate data analysis and reporting to decrease time and effort for manual data processing, are credited with the category's substantial market share. Furthermore, major organizations have multiple departments and business units, and augmented analytics enables them to tailor analytics models and dashboards to the individual needs of the company.
However, the small & medium-sized enterprises category is expected to register a higher CAGR during the forecast period. The increased development of on-premise infrastructure for subscription-based augmented analytics solutions in SMEs is responsible for this category's growth. Additionally, SMEs are adopting augmented analytics solutions at an increasing rate to improve the security and privacy of their corporate data. Furthermore, SMEs can study shifting market conditions and business needs with the aid of augmented analytics solutions.
On the basis of application, this market is categorized into marketing & sales analytics, financial planning & analysis, supply chain management, human resource management, business intelligence & reporting, predictive analytics, customer analytics, and other applications. In 2024, the marketing & sales analytics category is expected to account for the largest share of over 24.0% of the augmented analytics market. The significant market share of this category can be attributed to the growing demand for large-scale data analysis to identify customer behavior patterns and preferences in order to improve business marketing and sales. Additionally, there is a growing trend toward the use of augmented analytics solutions for marketing, which produce dashboards and reports for data collection and analysis to improve decision-making. Moreover, businesses are employing augmented analytics more often to evaluate performance marketing initiatives in order to determine ROI and highlight effective strategies.
However, the financial planning & analysis category is expected to register the highest CAGR during the forecast period. The increasing need to decrease manual labor and lower the risk of errors in financial planning and analysis to generate reports and dashboards, coupled with the growing adoption of augmented analytics in businesses for financial planning using real-time data and predictive analytics, is responsible for the category's growth.
On the basis of end-use industry, this market is categorized into retail & e-commerce, healthcare, BFSI, manufacturing, government, automotive, transportation, media & entertainment, energy & utilities, IT & telecommunication, military & defense, and other end-use industries. In 2024, the retail & e-commerce category is expected to account for the largest share of over 22.0% of the augmented analytics market. The category's large market share is attributed to the growing need to reduce manual workload by automating routine operational tasks such as data entry and report generation and the increasing use of augmented analytics solutions in retail and e-commerce to analyze future demand for their products using historical data to improve inventory levels and reduce stockouts. Furthermore, because retail and e-commerce include both online and in-store channels, augmented analytics enables businesses to study customer behavior across various channels in order to find patterns and preferences.
However, the BFSI category is anticipated to register the highest CAGR during the forecast period. This category's growth is attributed to the increasing need to automate regulatory requirement tracking and reporting in order to reduce compliance risk and simplify processes in the BFSI industry, as well as the growing use of augmented analytics solutions in banks and financial institutions to provide products and services based on customer preferences. Furthermore, advances in augmented analytics algorithms enable financial institutions to take proactive measures to reduce risk, fraud, and loan defaults.
On the basis of geography, this market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 33.0% of the augmented analytics market. This regional market's significant share is attributed to the growing adoption of augmented analytics in various industries to provide personalized and self-services to their customers, as well as the increasing use of AI and ML in augmented analytics solutions to reduce cyberattacks in the region's businesses. Additionally, there is an increase in the use of augmented analytics solutions for data-driven decision-making in a variety of industries, including retail and e-commerce, healthcare, and information and technology.
However, APAC is expected to register the highest CAGR of over 29.0% during the forecast period. This category’s growth is attributed to the increasing development of technological advancement in augmented analytics for deployment and scalability in the region, and growing countries such as China, Japan, and India are increasingly adopting augmented analytics tools to replace conventional tools in enterprises. Moreover, the IT & telecommunication industry is adopting augmented analytics solutions using ML & AI to enhance customer services in APAC.
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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