Meticulous Research®, a globally recognized market research firm, has released a comprehensive report titled, ‘Augmented Analytics Market by Offering (Software, Services), Deployment Mode, Organization Size, Application (Marketing & Sales, Financial Planning & Analysis), End-use Industry (Retail & E-commerce, BFSI), and Geography - Global Forecast to 2031.’
According to the latest findings by Meticulous Research®, the global augmented analytics market is anticipated to reach a staggering $104.4 billion by 2031, growing at an impressive CAGR of 27.4% from 2024 to 2031. The surge in market growth is largely driven by the increasing demand for data-driven decision-making and the rapid adoption of cloud computing, which enables the efficient deployment and scalability of augmented analytics solutions. However, the market's expansion is hindered by ongoing concerns regarding data privacy and security.
Opportunities and Market Dynamics
The augmented analytics market is ripe with opportunities, especially in the realm of marketing and sales. As businesses strive to enhance their customer engagement strategies, the demand for analytics tools that can process large volumes of data to reveal actionable insights is on the rise. Despite these opportunities, the integration of augmented analytics with existing business processes remains a significant challenge, necessitating continuous innovation and adaptation.
A notable trend within the market is the growing incorporation of machine learning (ML) and natural language processing (NLP) technologies. These advancements are making augmented analytics solutions more sophisticated and accessible, enabling businesses to leverage predictive insights and automate complex decision-making processes with greater ease.
Market Segmentation by Offering
The market is segmented into two primary offerings: software and services. In 2024, the software segment is expected to dominate the market with a share exceeding 64.0%. This dominance is attributed to the widespread adoption of augmented analytics software, which helps businesses reduce human errors, increase data accuracy, and enhance overall operational efficiency. Additionally, the integration of cloud-based solutions is further driving the adoption of software in the market, offering scalable and flexible deployment options.
On the other hand, the services segment, comprising training, consulting, deployment, integration, support, and maintenance services, is projected to experience the highest CAGR during the forecast period. The rising demand for expert services to maintain and optimize augmented analytics solutions, coupled with the need for regular updates and customizations, is fueling growth in this segment.
Market Segmentation by Deployment Mode
Deployment modes within the market are categorized into cloud-based and on-premise solutions. By 2024, the cloud-based segment is anticipated to hold the largest market share, accounting for over 66.0%. The preference for cloud-based solutions is driven by their cost-effectiveness, scalability, and ease of integration with existing IT infrastructure. Furthermore, cloud-based augmented analytics solutions often come equipped with advanced features such as real-time data processing and AI-driven insights, making them an attractive option for businesses of all sizes.
Moreover, the cloud-based segment is expected to register the highest CAGR during the forecast period, propelled by the increasing shift towards cloud computing across industries. This shift is further supported by advancements in cybersecurity, which have alleviated many concerns about data privacy and protection in cloud environments.
Market Segmentation by Organization Size
The augmented analytics market is also segmented based on organization size, into large enterprises and small & medium-sized enterprises (SMEs). In 2024, large enterprises are expected to account for the majority of the market share, with over 71.0%. The significant market share held by large enterprises is attributed to their extensive use of augmented analytics to manage complex data environments, optimize global strategies, and automate decision-making processes across multiple business units.
However, SMEs are projected to exhibit the highest growth rate during the forecast period. The increasing availability of affordable subscription-based augmented analytics solutions, coupled with the growing need for data security and privacy, is driving adoption among SMEs. Augmented analytics is enabling SMEs to compete on a more level playing field by providing them with the tools needed to analyze market trends, optimize operations, and make informed decisions.
Segmentation by Application
The applications of augmented analytics include marketing & sales analytics, financial planning & analysis, supply chain management, human resource management, business intelligence & reporting, predictive analytics, customer analytics, and others. In 2024, marketing & sales analytics is expected to be the largest application segment, accounting for over 24.0% of the market. This is driven by the need for businesses to analyze customer behavior and optimize marketing strategies to drive sales growth.
The financial planning & analysis segment is expected to witness the highest CAGR during the forecast period. The growing need for automated financial reporting and real-time data analysis to support strategic planning is driving this segment's growth.
Segmentation by End-use Industry
The market is further segmented by end-use industry into retail & e-commerce, healthcare, BFSI, manufacturing, government, automotive, transportation, media & entertainment, energy & utilities, IT & telecommunications, military & defense, and others. In 2024, the retail & e-commerce segment is projected to dominate the market with a share of over 22.0%. The use of augmented analytics in this sector helps automate data processing and improve inventory management and customer insights.
The BFSI sector is expected to experience the highest growth rate during the forecast period. The increasing need for automation in compliance tracking and risk management, coupled with the ability to provide personalized financial services, is driving the adoption of augmented analytics in this sector.
Geographical Segmentation
Geographically, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to hold the largest market share in 2024, accounting for over 33.0% of the global market. This is due to the high adoption rate of advanced analytics technologies and the growing need for data-driven decision-making across various industries in the region.
Asia-Pacific is expected to register the highest CAGR of over 29.0% during the forecast period. The rapid technological advancements and increasing adoption of augmented analytics tools in emerging economies such as China, Japan, and India are driving this growth. The focus on improving customer service and operational efficiency through advanced analytics is also contributing to the region's expansion.
Key Players
The key players operating in the augmented analytics market are Salesforce, Inc. (U.S.), SAP SE (Germany), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), MicroStrategy Incorporated (U.S.), Domo, Inc. (U.S.), SAS Institute Inc. (U.S.), QlikTech International A.B. (U.S.), Cloud Software Group, Inc. (U.S.), Sisense Ltd. (U.S.), ThoughtSpot, Inc. (U.S.), Yellowfin International Pty Ltd ( A Subsidiary of Idera, Inc.) (U.S.), Pyramid Analytics B.V. (Netherlands), and Alteryx, Inc. (U.S.).
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Key Questions Answered in the Report:
• Which are the high-growth market categories in terms of offering, deployment mode, organization size, application, and end-use industry?
• What is the historical market size for global augmented analytics?
• What are the market forecasts and estimates for 2024–2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global augmented analytics market?
• Who are the major players in the global augmented analytics market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global augmented analytics market?
• What do major market players adopt the different strategies?
• What are the trends and high-growth countries?
• Who are the local emerging players in the global augmented analytics market, and how do they compete with other players?
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