Augmented Analytics Market By Deployment Model (On-Premise, Cloud), By Organization Size (Large Enterprises and Small and Medium Enterprises), By Function (Data Mining, Forecasting & Econometrics, Text Analytics and Optimization & Simulation), By Department (HR, Finance, Marketing, Operations and Sales), By End-Use Industry (Banking, Financial Services and Insurance (BFSI), Media, Telecom, Retail, Healthcare, Education, Government and Public Sector, and Travel and Transportation) – Global Analysis & Forecast 2020-2030
Report ID : 373 | Published Date : Jul 2020 | Pages : 150 | Region : Global | Report Code : ICT-35
Augmented Analytics Market Overview and Introduction
Augmented analytics leverages machine learning and AI techniques to automate data preparation, insight discovery, and sharing. This is achieved by automating data preparation tasks, data analysis, insight generation, and explanation within analytics and BI platforms (ABI), as well as different aspects of data science and machine learning (DSML) model development.
With the evolution of technology, built by business intelligence and big data, usage of augmented analytics is on a rise at it helps to combine different emerging technologies such as machine learning and helps to deliver insights in an automated way with high level of speed and accuracy. As businesses continue to swamp with data, augmented analytics is becoming more crucial for users to make a decision or take prompt action. The augmented analytics paradigm accelerates the time it takes to get accurate insights for business users. It augments their analysis by using ML algorithms to automate the preparation of data, finding patterns in the data and build models and sharing and operationalizing findings from the data. Moreover, empowered by cloud technologies, augmented analytics will be expected to gain exponential popularity.
However, factors such as lack of skilled workforce and availability of quality data are some of the challenges faced in this industry. Lack of proper data management, quality checks, and data governance on artificial intelligence and machine learning projects will lead to failure of derive strategic insights and results.
Augmented Analytics Market By Deployment Model
Based on deployment model, cloud based deployment stands to expected to witness high growth in the coming years. While cloud infrastructure spending continues to grow in the coming years, global cloud spending is expected to reach around US$ 70 billion by year-end. Leading companies, such as SAP, Oracle, and IBM, among others, offers cloud-based augmented analytic solutions for pacing up the data analytics to harness more value from the provided data. For instance, Oracle Analytics Cloud offers integrated data presentation, data discovery with augmented analytics, interactive dashboards. The service includes augmented visualization using machine learning to identify key statistical correlations and inconsistencies.
Augmented Analytics Market By Organization Size
Based on organization size, large enterprises dominated the market in 2019. The management of high volumes of data, high capital requirements, and usage of complex BI tools are some of the key drivers for the high adoption of augmented analytics market among large enterprises. For instance, Pepsico, is tapping into the power to augmented intelligence to generate greater customer and strategic insights. Similarly, AG Real Estate, one of the leading real estate companies in Belgium uses SAP Augmented Analytics to maximize revenue by helping shopping center managers to develop enhanced customer experience.
Augmented Analytics Market By Department
Based on department, the augmented analytics market is segmented to Human Resource, Finance, Marketing, Operations and Sales. Among these, the marketing department is expected to witness high growth in the coming years as it helps in maximizing marketing ROI for marketers. With augmented analytics, the automation process speeds up offering marketers to optimize campaign performance by gaining immediate insights and enabling real-time changes. Furthermore, there is also rising adoption of augmented analytics in the HR department as it is helping in reducing attrition, improve hiring and screening process, optimize compensation, and improve training programs and employee loyalty and satisfaction. For instance, Jindal Stainless deployed augmented analytical tools for recruitment, onboarding, learning and development, employee lifecycle management and performance management purposes.
Augmented Analytics Market By End-Use Industry
Based on industrial applications, the market has been segmented into Banking, Financial Services and Insurance (BFSI), Media, Telecom, Retail, Healthcare, Education, Government and Public Sector, and Travel and Transportation and others. Among these, the Banking, Financial Services, and Insurance (BFSI) segment is expected to witness considerable growth in the coming years as augmented analytics is helping to improve customers’ access and utilization of banking products and services. For instance, in 2020, Deutsche Bank partnered with Google by overhauling its technical infrastructure in phased segments and thereby client value. Deutsche Bank plans to access to Google’s artificial intelligence, machine learning and data science capabilities and would enable include cash flow forecasting, augmented risk analytics and superior security for customer accounts. Additionally, adoption from other industries, such as healthcare, retail & consumer goods, and others, are further driving the demand. For instance, the predictive analytics platform from NextHealth Technologies, Inc. is used by healthcare institutions for population health management by identifying opportunities for risk-reduction. Through the platform, healthcare institutions can identify high-risk populations and develop personalized treatment plans and recommendations for them to reduce costs and improve outcomes.
Augmented Analytics Market By Region
The global augmented analytics market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America stands to be the largest market owing to high adoption of augmented analytics among organizations across various end-use industries. Presence of leading companies such as IBM, Oracle, SAP, SAS among others with continuous new offerings are creating demand among the customers. For instance, US based Graphic Packaging International, Inc. uses cloud based augmented analytics solution to optimize sales forecasting and offering greater visibility and better decision making processes. Asia Pacific will witness the fastest growth of augmented analytics in the coming years owing to rising growth in IT spending, use of big data among large and medium scale enterprises leveraging analytical tools to derive quicker and accurate results. For instance, in India, Federal Bank uses Oracle Analytics with Oracle Autonomous Database to improve ATM experience, and also improving operational efficiencies.
Augmented Analytics Market Prominent Players
Some of the prominent players in the global augmented analytics market are IBM, SAP, SAS Institute Inc., QlikTech International AB, TABLEAU SOFTWARE, LLC, Salesforce.com, Inc, Sisense Inc., ThoughtSpot, TIBCO Software Inc., MicroStrategy Incorporated and others.