The global augmented analytics market has the potential to grow by USD 17.44 billion during 2020-2024. However, the market’s growth momentum will decelerate during the second half of the forecast period.
This report provides a detailed analysis of the market by geography (APAC, Europe, MEA, North America, and South America) and deployment (on-premises and cloud-based). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., Oracle Corp., Qlik Technologies Inc., Salesforce.com Inc., SAP SE, SAS Institute Inc., Sisense Inc., and TIBCO Software Inc.
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The market is fragmented, and the degree of fragmentation will increase during the forecast period. The companies are focusing on and investing in R&D to develop new products for enterprises from industries, such as telecommunications and manufacturing. To expand their market reach, established vendors are adopting strategic alliances. International Business Machines Corp., Microsoft Corp., Oracle Corp., and Qlik Technologies Inc. are some of the major market participants. The interoperability issues with other software solutions will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this augmented analytics market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this augmented analytics market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading augmented analytics companies, including:
International Business Machines Corp.
Qlik Technologies Inc.
SAS Institute Inc.
TIBCO Software Inc.
Augmented Analytics Market: Segmentation by Region
North America is an early adopter of technologies across industries and has become an attractive market for augmented analytics. Because of its benefits, there is an adoption of augmented analytics among enterprises in the healthcare industry.
About 44% of the market’s growth will originate from North America during the forecast period. The region is witnessing an increasing volume of data in the healthcare industry because of the rising adoption of virtual care options and the increasing adoption of electronic medical records. This will subsequently drive the demand for augmented analytics for specific applications, thus fueling augmented analytics market growth. The US and Canada are the key markets for augmented analytics in North America. Market growth in this region will be slower than the growth of the market in APAC, MEA, and South America.
Augmented Analytics Market: Segmentation by Deployment
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On-premise augmented analytics solutions are managed and maintained by the enterprises and are considered highly secure. Because of monitored and restricted access, enterprises have complete control over on-premise solutions, and they can be customized according to the requirement of enterprises. These benefits will increase the usage of on-premise augmented analytics.
However, market growth in this segment will be slower than the growth of the market in the cloud-based segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the augmented analytics market size.
Augmented Analytics Market: Key Drivers and Trends
service-oriented architecture (SOA) provides enterprises with the IT framework to manage their IT infrastructure with flexibility. The IT expenditure of end-users is reduced by the SOA model and allows small businesses to grow exponentially. The loosely coupled architecture and design applications, services, and codes are offered by the SOA architecture, which can be reused. Loosely coupled architecture enables cost efficiency because of the reduced need for human resources for business process management and reworks operations. Because of the cost advantage, there is rising adoption of SOA among end-users, which will significantly boost augmented analytics market growth over the forecast period.
Vendors in the market are making R&D investments in developing products for enterprises in the telecommunication and manufacturing sectors.
The introduction of new products will help vendors in expanding their business operations and their presence in the global market.
For instance, Kyligence Inc. has launched Enterprise v4.0, that uses ML capabilities to support augmented analytics.
Tellius has also announced plans to launch Intelligent Conversational Analytics that will help users collaborate and accelerate ML modeling and data exploration.
The increasing number of product launches is one of the significant augmented analytics market trends that will affect the market landscape.
As a result of such factors, the market will register a CAGR of about 30% during 2020-2024.
However, the market’s growth momentum will decelerate during the forecast period because of the decline in year-over-year growth.