Augmented Analytics Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Augmented Analytics market in 2021?

The augmented analytics market is experiencing substantial growth, with a CAGR of 15.3% in 2021. The market size is estimated to reach USD 18.4 billion by the end of the year. Augmented analytics combines artificial intelligence and machine learning to enhance data analysis, providing organizations with actionable insights for decision-making.

COVID-19 Impact on the Augmented Analytics Market

The COVID-19 pandemic had a significant impact on the augmented analytics market. As organizations shifted to remote work and digital transformation accelerated, the demand for advanced analytics tools, including augmented analytics, increased. Companies sought insights to adapt to changing consumer behavior and market dynamics during the pandemic, driving the growth of the augmented analytics market.

Augmented Analytics Dynamics

The augmented analytics market is driven by the increasing volume of data generated by organizations, coupled with the need for real-time insights to drive business decisions. Businesses are adopting augmented analytics tools to gain a competitive edge through data-driven decision-making. The integration of AI and ML technologies in analytics platforms is revolutionizing how organizations extract value from their data.

Segments and Related Analysis

The augmented analytics market can be segmented based on deployment type, organization size, industry vertical, and region. By deployment type, cloud-based augmented analytics solutions are witnessing higher adoption rates due to their scalability and cost-efficiency. In terms of organization size, large enterprises and SMEs are investing in augmented analytics to improve operational efficiency and drive growth.

By Region Analysis

The augmented analytics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America leads the market in terms of revenue, driven by the presence of major technology companies and early adoption of advanced analytics solutions. However, the Asia Pacific region is expected to witness the highest growth rate due to increasing digitization initiatives in emerging economies.

Key Market Players and Competitive Landscape

Key players in the augmented analytics market include Microsoft Corporation, IBM Corporation, Salesforce, SAP, and Tableau Software. These companies are constantly innovating to enhance their augmented analytics offerings and gain a competitive edge in the market. The competitive landscape is characterized by partnerships, acquisitions, and product launches to cater to the evolving needs of customers.

Recent Happenings in the Augmented Analytics Market

In recent developments, Microsoft announced the integration of augmented analytics capabilities in its Power BI platform, enabling users to generate insights from their data more effectively. IBM launched Watson Discovery, an augmented analytics tool that leverages natural language processing to extract actionable insights from unstructured data. These advancements highlight the growing importance of augmented analytics in empowering organizations to make data-driven decisions.