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

The Augmented Analytics Market was valued at $15.1 billion in 2023. This market is expected to reach $104.4 billion by 2031 from an estimated $19.2 billion in 2024, at a CAGR of 27.4% during the forecast period from 2024 to 2031.

Augmented Analytics Market Size & Forecast

The growth of the augmented analytics market is driven by the rising demand for data-driven decision-making and the growing adoption of cloud computing for the deployment and scalability of augmented analytics solutions. Furthermore, the rising integration of augmented analytics solutions in sales and marketing is expected to generate growth opportunities for the players operating in this market.

Augmented Analytics Market Growth Drivers

Rising Demand for Data-driven Decision-making

Augmented analytics refers to the use of artificial intelligence (AI) and machine learning (ML) for data analysis. Augmented analytics enables data preparation, analysis, and insight derivation without the requirement for data scientists to convert data into decisions. Businesses have increasingly relied on data-driven decision-making solutions to boost their advertising strategies, staff development, and supply chain management. With the growing demand, more firms are incorporating augmented analytics solutions into their operations, allowing them to evaluate data based on multiple business criteria and improve their decision-making abilities.

Moreover, the augmented analytics solutions integrate machine learning technology into analytics, giving business leaders greater insight into the context of their data. This allows businesses to determine the types of changes that will lead to massive improvements in business operations. Additionally, augmented analytics solutions enable businesses to acquire real-time data-driven insights that help them determine future business strategies. With the increasing adoption, various solutions providers provide augmented analytics solutions for businesses to provide meaningful data quality insights.

For instance, in November 2023, Datactics Ltd. (U.K.) launched an upgraded data quality solution. The platform automates data profiling, cleaning, matching, and remediation and uses AI to deliver significant data quality insights on data breaks, causes, and outlier detection. Such changes are expected to raise demand for augmented analytics solutions for data-driven decision-making during the forecast period.

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Growing Adoption of Cloud Computing for Deployment and Scalability of Augmented Analytics Solutions

Businesses constantly utilize data to obtain insights and make informed decisions. However, companies frequently need help to use the created data due to the vast number of data and the complexity of the analytical process. Businesses are using augmented analytics solutions more frequently in response to this difficulty, which enables them to employ a variety of strategies for data analysis and decision-making. Thus, the strength of advanced analytics combined with the scalability and flexibility of cloud computing is being used extensively in augmented analytics solutions.

Cloud computing of augmented analytics solutions leverages ML, NLP, and AI to automate and enhance various stages of the data analysis process, such as data preparations, pattern detection, insight generation, and data visualization. These expanding advantages encourage firms to use cloud computing for the deployment and scalability of augmented analytics systems.

Traditional infrastructure, on the other hand, presents a challenge for firms with significant expenditures in hardware, software licensing, and information technology resources. This rigidity impairs firms' capacity to adapt to changing demand, resulting in missed opportunities and limited innovations for data analysis. As a result, many firms are turning to cloud computing to improve their analysis while also increasing scalability, flexibility, and cost-efficiency in managing their IT infrastructure. With the rising need for cloud computing, more suppliers are introducing cloud-based augmented analytics solutions for businesses.

For example, in June 2023, GoodData Corporation (US), a leader in cloud-based analytics, partnered with Arria NLG Limited (US) to update augmented analytics. Using an integrated application programming interface (API), GoodData will use Arria's technology to give self-service natural language insights to its worldwide client base directly within existing systems. Such advances help to increase the demand for cloud computing in augmented analytics.

Augmented Analytics Market Opportunities

Rising Integration of Augmented Analytics Solutions in Sales & Marketing

Augmented analytics uses advanced technologies such as AI and ML to improve data analysis and deliver actionable insights for better sales strategies and outcomes. Businesses have progressively integrated augmented analytics technologies into their sales processes in recent years, allowing them to boost efficiency, precise forecasting, customized client interaction, and gain a competitive advantage in the market. In businesses, sales professionals are increasingly using augmented analytics to gain a better understanding of consumer behavior, sales patterns, and predictive analytics. With streamlined data, businesses can easily spot opportunities and personalize consumer interactions, hence improving the customer experience.

In addition, marketing managers are increasingly relying on augmented analytics solutions to monitor campaign effectiveness and optimize strategies in real-time for optimal impact. With the growing use of augmented analytics solutions in sales and marketing, a number of organizations are offering solutions to improve corporate operations.

 For instance, in April 2023, Trinity (US) partnered with Whizdotai, Inc. (US) to provide data infrastructure, services, and augmented analytics technologies. WhizAI's augmented analytics may be placed on top of Trinity's enterprise reporting systems to provide insights to more stakeholders across the organization. Commercial life sciences teams can use the combined technologies for a range of applications, including field sales analytics, longitudinal patient claims analytics, market access analytics, patient services analytics, and more. Such improvements contribute to a rise in demand for augmented analytics in sales and marketing over the forecast period.

Augmented Analytics Market Analysis: Key Findings

By Offering: In 2024, the Software Segment to Dominate the Augmented Analytics Market

Based on offering, the augmented analytics market is software and services. In 2024, the software segment is expected to account for a larger share of over 64.0% of the augmented analytics market. This segment's large market share is due to the growing adoption of augmented analytics software to eliminate human error, improve accuracy, and make informed decisions in business operations, the increasing integration of augmented analytics software to provide predictive insights and prescriptive recommendations, and the growing adoption of cloud computing for augmented analytics solution deployment and scalability.

However, the services segment is expected to register a higher CAGR during the forecast period. The growth of this segment is attributed to the growing implementation of augmented analytics services to automate tasks and help to improve business operations efficiently, the growing need for support & maintenance services for augmented analytics software to update algorithms, data processing pipelines, and integration points to ensure data quality, and the rising need to check software updates and upgrades to ensure compatibility and access to the latest features and improvements.

By Organization Size: In 2024, the Large Enterprises Segment to Dominate the Augmented Analytics Market

Based on organization size, the augmented analytics market is large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of over 71.0% of the augmented analytics market. This segment's large market share is due to the increasing adoption of augmented analytics in large enterprises to automate data preparation, analysis, and reporting tasks, reducing the time and effort required for manual data handling. Additionally, the integration of augmented analytics in large enterprises allows for the customization of analytics models and dashboards to meet the specific needs of different departments or business units. Furthermore, augmented analytics solutions provide insights particular to regions or markets, assisting multinational organizations in controlling and improving their global plans.

However, the small & medium-sized enterprises segment is estimated to register a higher CAGR during the forecast period. This segment's growth is attributed to SMEs' increasing use of augmented analytics solutions to adjust their analytics solutions to changing business needs, such as new data sources or evolving market conditions, as well as the growing integration of augmented analytics to manage compliance with data protection regulations via built-in security and privacy features. Furthermore, due to subscription-based pricing, SMEs are increasingly adopting cloud-based augmented analytics solutions, which are less expensive than investing in on-premise infrastructure.

By Deployment Mode: In 2024, the Cloud-based Segment to Dominate the Augmented Analytics Market

Based on deployment mode, the augmented analytics market is cloud-based and on-premise. In 2024, the cloud-based segment is expected to account for the largest share of over 66.0% of the augmented analytics market. This segment's large market share is attributed to the growing adoption of cloud-based augmented analytics due to its robust protections such as encryption, access controls, and threat detection, the increasing integration of advanced technologies such as machine learning and AI in cloud-based augmented analytics for efficient data analysis, and the rising use of cloud-based augmented analytics to reduces the burden on IT teams by managing infrastructure, software updates, and security concerns.

Moreover, the cloud-based segment is also anticipated to register a higher CAGR during the forecast period.

By Application: In 2024, the Marketing & Sales Segment to Dominate the Augmented Analytics Market

Based on application, the augmented analytics market is 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 segment is expected to account for the largest share of over 24.0% of the augmented analytics market. This segment's significant market share is attributed to the increasing use of augmented analytics in marketing and sales to detect customer behavior patterns and preferences by analyzing massive amounts of data from diverse sources. Furthermore, augmented analytics aids in tracking the efficacy of marketing efforts by providing precise data that allows for ROI calculation and the identification of viable methods.

However, the financial planning & analysis segment is expected to register the highest CAGR during the forecast period. This segment's growth can be attributed to the growing use of augmented analytics in financial planning and analysis to generate financial reports and dashboards, reducing manual effort and lowering the risk of errors. Businesses are increasingly adopting augmented analytics solutions for financial planning, which use more accurate and dynamic budgeting processes by incorporating real-time data and predictive analytics. Furthermore, augmented analytics assists in monitoring and assuring compliance with financial regulations and reporting standards by automating compliance checks and audits.

By End-use Industry: In 2024, the Retail & E-commerce Segment to Dominate the Augmented Analytics Market

Based on end-use industry, the augmented analytics market is retail & e-commerce, healthcare, BFSI, manufacturing, government, automotive, transportation, media & entertainment, energy & utilities, IT & telecommunications, military & defense, and other end-use industries. In 2024, the retail & e-commerce segment is expected to account for the largest share of over 22.0% of the augmented analytics market. This segment's large market share is due to the increasing use of augmented analytics to analyze customer behavior across multiple channels, such as online and in-store, to identify patterns and preferences and the growing use of augmented analytics to automate routine operational tasks, such as data entry and report generation to reduce manual workload. Furthermore, retailers and e-commerce companies use augmented analytics to forecast future product demand based on historical sales data in order to manage inventory levels and reduce stockouts.

However, the BFSI segment is anticipated to register the highest CAGR during the forecast period. This segment's growth is attributed to the increasing use of augmented analytics solutions in BFSI to offer financial products and services based on customer preferences, as well as the development of more advanced algorithms to predict risks such as fraud and credit defaults, allowing institutions to take preventative measures. Furthermore, augmented analytics helps to automate the tracking and reporting of regulatory obligations, reducing the risk of non-compliance and simplifying the process.

Geographical Analysis

In 2024, Asia-Pacific Region to Dominate the Augmented Analytics Market

In 2024, North America is estimated to account for the largest share of over 33.0% of the augmented analytics market. North America’s significant market share can be attributed to the growing adoption of augmented analytics solutions in retail & e-commerce businesses for data-driven decision-making, increasing technological advancement and government initiatives to minimize the cyberattacks in businesses in the region, and the rising need for personalized and self-service analytics.

However, Asia-Pacific is expected to register the highest CAGR of over 29.0% during the forecast period. The growth of this regional market is attributed to the increasing shift of enterprises from traditional tools to augmented analytics tools in countries such as China, Japan, and India, the growing adoption of augmented analytics solutions using ML and AI in the IT and telecommunications industries to improve customer service and rising technological advancements such as cloud computing for deployment and scalability of augmented analytics solutions in the region.

Augmented Analytics Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last three to four years. Some of 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.).

Augmented Analytics Industry Overview: Latest Developments from Key Industry Players

• In March 2023, AG Labs, LLC (U.S.) launched Max, a conversational AI assistant that assists enterprises in exploring, analyzing, and uncovering data insights. Max integrates AnswerRocket's augmented analytics platform with OpenAI's GPT-4 large language model to provide a simple conversational AI experience for gaining insights.
• In January 2023, Seerist Inc. (U.S.), a leading augmented analytics solution for threat and security professionals, introduced additional features to enhance its value proposition. The company has also largely finished integrating human analysis information that was previously exclusively available through its CORE service.

Augmented Analytics Market Research Summary

Key questions answered in the augmented analytics market report: