Augmented Analytics Market size worth $ 62.5 Billion, Globally, by 2028 at 29.8% CAGR: Verified Market Research®

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Global Augmented Analytics Market Overview

Rise in need to democratize the analytics and increase productivity, growth in awareness of enterprises to utilize growing streams of data from various sources in innovative ways, and increase in need to make the work easier for citizen data scientists and business users are some of the factors driving the growth of the Global Augmented Analytics Market. Currently, the adoption of augmented analytics is major in the BFSI industry. A huge amount of data is stored in organizations and to convert that raw data into actionable insights, certain technical steps are needed to be taken.

These analytical skills are only performed by hiring dedicated individuals usually called data scientists or data analysts. However, there is a scarcity of data scientists which restricts the organizations, especially, smaller businesses to leverage the advantage of actionable insights generated by utilizing the analytics. For instance, the U.S. economy alone could be short as many as 250,000 data scientists by 2024. Thus, organizations face the need for democratizing analytics and increasing their productivity.

This can be possible by utilizing artificial intelligence, machine learning, and natural language generation, which generates automated insights for any non-technical user. One feature of augmented analytics that is different from other technologies is the ability to carry out natural-language generation, which undoes complex jargon and delivers insights in simple terms. Furthermore, the citizen data scientist creates or generates models that use advanced diagnostic analytics or predictive and prescriptive capabilities, but whose primary job function is outside the field of statistics and analytics.

Key Developments

Key Players

The major players in the market are Salesforce, SAP, IBM, Microsoft, Oracle, Tableau, MicroStrategy, SAS, Qlik, TIBCO Software, among others.

Verified Market Research has segmented the Global Augmented Analytics Market On the basis of Component, Deployment Type, Organization Size, Vertical, and Geography.

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