Augmented Analytics Market to Surpass US$50.9 Billion by 2032 as Demand for Cloud-Based Solutions Continues to Grow

North America is expected to dominate the global augmented analytics market, followed by Europe in 2022. South Asia & Pacific has become a fast-growing region, with a projected growth rate between 2022 and 2032 greater than any other area during this period!

NEWARK, Del, July 4, 2022 /PRNewswire/ — The augmented analytics market is expected to reach US$7.2 billion in 2022. With growing demand at a 21.6% CAGRthe market size will reach US$50.9 billion by 2032.

According to FMI, adoption of augmented analytics solutions across organizations for automatic data preparation, survey analysis, and reduction of manual processes will increase market growth. These solutions facilitate data cleansing, insight generation, and data collection through analytics processes enhanced by machine learning.

Advanced analytics is quickly becoming an important tool for various industries. Businesses no longer need to hire a data scientist to interpret data with the addition of augmented analytics. The solution democratizes data, enabling all businesses, regardless of size, to extract meaningful insights from their data sources.

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The augmented analytics solution finds patterns in data with ease and speed, it is a significant help in e-commerce personalization. Customer data is collected in large quantities by e-commerce and Internet advertising companies.

According to e-commerce company Barilliance, increased personalization and product recommendations increase the average number of items in a shopper’s cart. Retailers can use augmented analytics to track online behavior across many platforms, including web browsers, mobile devices, and apps, then integrate, analyze, and act on that data to better serve customers and improve conversion rate. Thus, advanced personalization in retail/e-commerce is helping the augmented analytics market grow in the coming years.

While there are software tools available to help organizations visualize and communicate the analysis performed by data scientists to organizational decision makers, the majority of these tools do not analyze the data. Augmented Analytics can do it all for any size organization. As a result, it will drive the adoption of augmented analytics solution over the forecast period.

“The growing need to accelerate data collection and preparation in large enterprises and advances in natural language processing are likely to drive demand for augmented analytics solutions and services” IMF analyst says.

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Key points to remember:

  • Based on the solution, the demand in the services segment is expected to grow at a CAGR of 24.6% until 2032.
  • In terms of business size, adoption of an augmented analytics solution in small and medium-sized enterprises (SMBs) is expected to grow at a CAGR of 23.8% over the forecast period.
  • By segment, sales of augmented analytics solutions in the BFSI segment are expected to grow at a CAGR of 25.8% between 2022 and 2032.
  • North America is expected to dominate the market, followed by Europe in 2022. South Asia & Pacific is expected to become the fastest growing market between 2022 and 2032.

Augmented analytics insights by category

By Solution:

  • Augmented analysis software
  • Services
    • Consultant
    • Deployment and integration
    • Support and maintenance

By business size:

  • Large companies
  • Small and medium-sized enterprises (SMEs)

By industry:

  • BFSI
  • Detail
  • IT & Telecom
  • Manufacturing
  • Health care
  • Government
  • Others

By region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (SOUL)

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More Valuable Insights on Augmented Analytics Market

The IMF’s Augmented Analytics Industry Research Report is segmented into five major sections – by solution (augmented analytics software (on-premises and cloud), services (consulting, deployment and integration, and support and maintenance )), company size (large enterprises, and small and medium enterprises (SMEs)), industry (BFSI, retail, IT and telecommunications, manufacturing, healthcare, government and others) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa), to help readers understand and evaluate the lucrative opportunities in the prospect of augmented analytics demand.

Main companies featured in The augmented analytics market is

  • Selling power
  • SAP
  • IBM
  • Microsoft
  • Oracle
  • softener
  • MicroStrategy
  • SAS
  • Qlik
  • TIBCO Software
  • Sisens
  • Pyramid Analytics
  • Albacore
  • ThoughtSpot
  • Dom

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SOURCE Future Market Outlook

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