According to a recent report published by Allied Market Research, titled,"Augmented Analytics Market by Component, Deployment, Organization Size, Business Function, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global augmented analytics market was valued at $4,094 million in 2017, and is projected to reach $29,856 million by 2025, growing at a CAGR of 28.4% from 2018 to 2025.
Increase in need to democratize the analytics and increase productivity, rise in awareness of enterprises to utilize growing streams of data from various sources in innovative ways, and increase in need to make the work easier for citizen data scientists and business users are some of the key factors that are expected to fuel the growth of the global market. However, data security concerns are expected to hamper the growth of the market.
The cloud deployment segment is expected to grow at the highest CAGR during the forecast period due to greater prospect to facilitate real business value to the organization through reduced cost. In addition, direct IT control, internal data delivery & handling, faster data processing, efficient resource utilization, and cost-effectiveness of cloud deployment are some of the advantages offered by this deployment mode, which in turn are anticipated to boost the augmented analytics market growth.
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.
Key Findings of the Augmented Analytics Market:
- By component, services segment is expected to exhibit significant growth in the global augmented analytics market during the forecast period.
- In 2017, the on-premise segment accounted for the highest revenue in the deployment category.
- By organization size, SMEs are projected to the highest growth rate during the forecasting period.
- Based on business function, the IT segment generated the highest revenue in 2017.
- Based on industry verticals, BFSI segment generated the highest revenue in 2017.
- Based on region, North America led the market in terms of revenue in 2017.
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.