In 2022, the market for augmented analytics is anticipated to reach US$7.2 billion. By 2032, the market will be worth US$ 50.9 Bn, with demand expanding at a 21.6% CAGR.
As more companies use augmented analytics solutions to automate data preparation, survey analysis, and minimize human procedures, the industry will grow, claims FMI. These technologies facilitate data cleaning, insight development, and data collection through the application of machine learning-enhanced analysis techniques.
Across industries, the usage of sophisticated analytics is growing quickly. Businesses are no longer required to hire a data scientist to analyze data thanks to the addition of augmented analytics. The system allows all businesses, regardless of size, to gain useful insight from their data sources by democratizing access to data.
When it comes to e-commerce personalization, augmented analytics solutions’ ability to quickly and easily identify trends in data is very helpful. E-commerce and internet advertising businesses gather a lot of customer data.
According to e-commerce company Barilliance, increased personalization and product recommendations increase a buyer’s average number of products in their shopping cart. To better serve their customers and increase conversion rates, retailers can utilize augmented analytics to track online behavior across a variety of platforms, such as web browsers, mobile devices, and applications. Therefore, enhanced personalization in retail and e-commerce will contribute to the market’s expansion in the years to come.
The majority of these tools do not analyze the data, however, there are software tools available to help firms visualize and communicate the analysis carried out by data scientists to decision-makers in the organization. Any size of business can accomplish everything with augmented analytics. As a result, during the forecast period, augmented analytics solutions will become more popular.
- Based on the solution, demand in the services segment is expected to grow at a CAGR of 24.6% through 2032.
- In terms of enterprise size, the adoption of augmented analytics solutions in small and mid-sized enterprises (SMEs) is anticipated to increase at a CAGR of 23.8% over the forecast period.
- By industry, sales of augmented analytics solutions in the BFSI sector are anticipated to grow at a CAGR of 25.8% between 2022 & 2032.
- North America is expected to lead the market followed by Europe in 2022. South Asia & Pacific is anticipated to emerge as the fastest growing markets between 2022 & 2032.
Augmented Analytics Outlook by Category
- Augmented Analytics Software
- Deployment and Integration
- Support and Maintenance
By Enterprise Size:
- Large Enterprises
- Small and Mid-Sized Enterprises (SMEs)
- IT & Telecom
- North America the
- Latin America
- East Asia
- South Asia & Pacific
- the Middle East and Africa (MEA)