Augmented Analytics Market Revenue Outlook by Component (Software, Service), Deployment Type (On Premise, Cloud), Organization Size (SMEs, Large Enterprises), Business Function (Sales and Marketing, Finance, IT, Operations), Industry Vertical (Retail, Healthcare, BFSI, Telecom and IT, Manufacturing, Government, Transportation and Logistics) - Forecast to 2030

Market Overview

The global augmented analytics market size was valued at $8,854.7 million in 2021, and it will grow at a CAGR of 27.4% during 2021–2030, to reach $78,229.7 million by 2030. This is driven by the surging importance to automate data collection and data preparation, which ultimately facilitate the increase in revenue of companies.

The APAC market is expected to experience the fastest growth in the coming years, due to the presence of major industry players in the region. Moreover, in terms of the rising adoption of artificial intelligence (AI)-based technologies in business intelligence (BI), the Indian market is expected to advance significantly. This can be attributed to the rising need to integrate and manage unstructured data by Indian enterprises and data scientists' experiments with real-time streaming data.

North America Accounts for the Largest Market Share

North America held the largest market share, of 33.3%, in 2021. This is due to a large number of research and development activities as well as the presence of significant industry players who are constantly updating their product offerings for the research. Moreover, the analytic software facilitates finding the pattern of data and ensures getting data insights, which make it possible for better business productivity.

For instance, in October 2021, IBM and Deloitte together announced an AI-enabled analytic solution, DAPPER. Through this, Deloitte and IBM can assist data scientists and business users in creating, organizing, and managing insight assets to help advance reliable internal reporting and AI solutions, so that businesses can concentrate on their core competencies.

As per the analysis, the U.S held a larger share in the IT services and cloud computing industry in 2021, generating almost $400 billion revenue, in North America. This is due to the surging adoption of augmented analytic solutions that have the ability to transform big data into a smaller usable dataset, which helps in getting useful business insights at a broader level and provides a centralized data platform.

In addition, the APAC region holds the second-largest augmented analytics market size. In APAC countries like India, Japan, and China, organizations have started to shift from conventional enterprise reporting tools to augmented analytic tools, in order to boost data preparation and cleansing.

In major IT cities in India (Bangalore, Hyderabad, Mumbai, Chennai), companies are increasingly investing in the automation of data processing. For instance, Subex Ltd. launched HyperSense, an end-to-end augmented analytic platform. This platform helps in turning data into insights by building, interpreting, and tuning AI models, and helps in delivering actionable insights from the data.

Rising Developments in Software

An augmented analytic approach uses emerging technologies, including advanced statistics, natural language processing (NLP), and machine learning (ML), to develop sophisticated and actionable insights from data. The software also helps analyze trends, makes future projections, and solves problems. It can evaluate organizational analytics by utilizing cutting-edge statistical and modeling tools. These realizations can be used to map out or alter the course of companies.

For instance, BI tools like Power BIQlikView, QlikSense, MicroStrategy, and SAP offer metrics, forecasting, dashboard, measure, scorecard, budgeting, planning, and visualization technologies, including advanced charts and graphs. These help in building reports with the use of statistical methods to project future forecasts.

As per the analysis, the value created by ML in analytics has the potential to spread across over 300 enterprise use cases and will be a major contributor to the market revenue in the forecast period. Moreover, businesses adopting ML as an analytic tool can contribute an average of 15% return on investment.

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Software Category Dominates the Market

The software category accounted for the largest market share in 2021. With the rise and accessibility of a large volume of data across all sectors, there is a surging demand for augmented analytic solutions. The software helps in automating the process of comprehending, analyzing data, and producing valuable insights, and simplifies the entire process. Also, it can spot patterns and shows trends and visualization. Software, such as AI, ML, and NLP, is used in this automation.

Healthcare Category Will Witness the Highest CAGR

The healthcare category is expected to record the fastest growth, advancing at a CAGR of 28.6%, during 2021–2030. This can be because big companies, such as Procter & Gamble and GE, are moving toward digitalization to sustain themselves in the competitive market. These enterprises have started deploying augmented analytics to improvise the performance of their operations. For instance, in March 2022, Kore.ai, a leading player for enterprise conversational AI software solutions, launched HealthAssist. It is an AI-powered experience optimization platform technology for health insurance payers, healthcare providers, and life sciences organizations.

Furthermore, with the rising demand for healthcare services across the globe, the requirement for scalable no-code platforms is increasing, which allows companies to build, design, deploy, and test customized and intuitive interactions with little technical support or expertise. Also, the innovative approach minimizes companies’ dependence on technical experts, improves efficiency, and accelerates the implementation process.

SMEs Category To Record Fastest Growth

The small and medium-sized enterprises (SMEs) category is projected to witness the highest growth rate, of 27.6%, between 2021 and 2030. This can be attributed to the mounting number of SMEs, which are embracing AI solutions increasingly. Moreover, smaller businesses have begun implementing cloud technology to lower costs associated with setup, upkeep, and upgradation. This enables simple integration with outdated legacy systems for increased efficiency as well as easy access to stored data from anywhere. For these businesses, cloud technology reduces operational expenses and time, which is a major driver for the augmented analytics market growth.

All companies, despite their size, generate a significant amount of data. Data analysis is expensive since it requires software installation for organizations. Previously, SMEs did not have admittance to modern BI tools, which were used by large enterprises. However, developments in cloud solutions have assisted SMEs in accessing several useful tools, which aid them in their professional procedures.

Moreover, a large number of players investing in the development of technologies that facilitate the reduction in operational costs. This is because the technologies partially eradicate the requirement of data science specialists, owing to which the deployment of augmented analytic solutions has surged among SMEs.

BFSI Sector Dominates the Market

The majority of the market share is held by BFSI companies. The category accounted for a revenue share of 24.3% in 2021. This is attributed to the surging desire from customers for mobility and flexibility when conducting banking transactions. Because of this, financial institutions are utilizing AI-powered data tools to manage calls, clients, and transactions more efficiently. These software tools when implemented, they allow clients to develop their solutions at scale within the bank leveraging governance, assets, projects, and skill sets. Also, leading players in the market are already invested in the technologies to automate the banking experience for their clientele.

To Increase Market Share, Companies Involved in Several Strategic Developments

The market is fragmented with the presence of major players. In recent years, they have been involved in partnerships, acquisitions, and product innovations, in order to stay ahead of their competitors.

• In June 2022, Kiya.ai announced the launch of India’s first banking metaverse Kiyaverse, which provides banks with CMO insights, product performance, risk analysis, and channel analytics.
• In November 2021, AWS introduced AI for data analytics (AIDA) partner solutions, which facilitate predictive analytic solutions in order to provide data insights to run the normal workflow of business experts, and also for those having limited data science experience.

Key Players in the Augmented Analytics Market Are:

• Microsoft Corporation
• Amazon Web Services,Inc.
• QlikTech International AB
• Salesforce,Inc.
• Microstrategy Incorporated.
• SAS Institute Inc.
• CognitiveScale
• Google LLC
• Sisense Inc.

Market Size Breakdown by Segment

The research offers market size of the Augmented analytics market for the period 2017–2030.

Based on Component

• Software
• Service

Based on Deployment type

• On Premise
• Cloud

Based on Organization size

• SME
• Large Enterprises

Based on Business function

• Sales and marketing
• Finance
• IT
• Operations

Based on Industry Vertical

• Retail
• Healthcare
• BFSI
• Telecom and IT
• Manufacturing
• Government
• Transportation and Logistics

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa