New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Augmented Analytics Global Market Report 2023" - https://www.reportlinker.com/p06319902/?utm_source=GNW
The global augmented analytics market grew from $9.53 billion in 2022 to $11.35 billion in 2023 at a compound annual growth rate (CAGR) of 19.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The augmented analytics market is expected to grow to $27.21 billion in 2027 at a CAGR of 24.4%.
The augmented analytics market includes revenues earned by entities by providing tools and solutions that make it simpler for company users and executives to discover relevant information.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Augmented analytics refers to the application of technology like AI and machine learning to increase human curiosity and facilitate the preparation, analysis, and visualization of data for business users.Users discover insights more quickly by conversing with their data, while algorithms propose contextually relevant insights.
Augmented analytics assists with data preparation, insight generation, and explanation that augments experts and data scientists with the automation of developing, managing, and deployment of data science machine learning and artificial intelligence models.
North America was the largest region in the augmented analytics market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the augmented analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main component of augmented analytics are software and services.Software consists of advanced driven analytics applications such as artificial intelligence that provide advanced insights into business performance and market conditions which are used to make business decisions and strategies.
The deployment types are on-premises and cloud.The services offered by augmented analytics are training and consulting, deployment and integration, support and maintenance which are used in large enterprises, small and medium-sized enterprises (SMEs).
The verticals using augmented analytics includes banking, financial services, and insurance (BFSI), telecom and IT, retail and consumer goods, healthcare and life sciences and other verticals.
The increasing demand for the adoption of business intelligence (BI) tools is expected to propel the growth of the augmented analytics market.The adoption of business intelligence tools is used to simplify more frequent data-driven decision-making.
It is used from the data scientists to employees on the front lines where the departments and teams will gain insights into the data, which helps to promote data democratization all over the organization.According to a survey report of over 5,000 organizations on the business intelligence market by Dresner Advisory Services, LLC, in June 2021, executive adoption of business intelligence is significantly high at 64%, followed by middle and line managers at 40%.
Therefore, the increasing demand for the adoption of business intelligence (BI) tools drives the augmented analytics market growth.
Technology advancement is gaining popularity in the augmented analytics market.Major players in the augmented analytics market focus on innovative products to obtain an edge in the market against their competitors.
For instance, In April 2022, India-based Smarten Augmented Analytics company announced the addition of sentiment analysis features and functionality to its cutting-edge augmented analytics solution. This addition provides businesses with tools for understanding what customers, stakeholders, and others think, allowing organizations to enhance their products and services.
In October 2021, Qlik, a Sweden-based business analytics company announced the acquisition of Big Squid for an undisclosed amount.Through this deal, Qlik aims to expand its data and analytics team’s ability to used advanced augmented analytics capabilities such as key driver analysis, predictive analytics.
Big Squid Inc., is a US-based Predictive Analytics software company offering augmented analytics.
The countries covered in the augmented analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The augmented analytics market research report is one of a series of new reports that provides augmented analytics market statistics, including augmented analytics industry global market size, regional shares, competitors with a augmented analytics market share, detailed augmented analytics market segments, market trends and opportunities, and any further data you may need to thrive in the augmented analytics industry. This augmented analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06319902/?utm_source=GNW
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