Augmented Analytics Market Analysis

Augmented Analytics Industry Insights

Component Insights

• The software category accounts for the largest market share in 2024, of 65%.
• 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.
• The services bifurcation is predicted to witness the faster growth during the forecast period.
• As augmented analytics is an evolving field, only a handful of companies with high technical expertise and finances are aware of it.
• Even they require external help in implementing these solutions, starting with consulting on which exact software to purchase. Further in the software lifecycle, companies need help with deployment, operations, and data backup & recovery.
• Further, the evolving nature of this technology necessitates regular upgrades, thus driving the demand for related managed and professional IT services.

The segment is bifurcated as follows:

• Software (Larger Category)
• Service (Faster-Growing Category)

Organization Size Insights

• Large enterprises dominate the market currently as only they have the financial and technical capabilities to procure augmented analytics solutions and use them to their full potential.
• Additionally, they have large workforces and clientele, which means they gather millions of bytes of data every second.
• Accurately analyzing this massive amount of information is vital for them to enhance customer experiences, optimize operations, and augment revenue.
• Multinational banking, retail & e-commerce, IT, telecommunications, and consumer goods companies are notable examples of users of such software.
• The small and medium-sized enterprises (SMEs) category is projected to witness the highest growth rate, of 29%.
• 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• This enables simple integration with outdated legacy systems for increased efficiency as well as easy access to stored data from anywhere.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.

Organizations of these sizes have been considered:

• SMEs (Faster-Growing Category)
• Large Enterprises (Larger Category)

Industry Insights

• The BFSI category dominates the market in 2024 with 25% revenue.
• 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.
• The healthcare category is expected to record the fastest growth. 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.
• Kore.ai as launched HealthAssist, 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.

We have studied the following industries:

• Retail
• Healthcare (Fastest-Growing Category)
• BFSI (Largest Category)
• Telecom and IT
• Manufacturing
• Government
• Transportation and Logistics
• Others

Deployment Mode Insights

• The cloud bifurcation is the larger, and it will also witness the higher CAGR during the forecast period, of 28.0%.
• This is attributed to the numerous benefits the cloud provides over on-premises software, the biggest being cost-effectiveness.
• Since cloud-based solutions are hosted by a third party on its servers, users need not procure the expensive IT components themselves.
• This deployment approach also enables automative updates and the ability to scale the storage and processing power up or down, as needed.
• Additionally, cloud computing has become critical for companies that have geographically dispersed workforces as it allows for anytime, anywhere collaboration. This is because the offsite cloud servers and the software stored in them are accessible round the clock via the internet.
• All these benefits cloud computing lucrative and feasible for smaller companies and those with limited financial resources to spend on on-premises software.
• Moreover, with the evolving government mandates for data privacy, cloud service providers are bolstering their servers with robust cybersecurity measures, thus alleviating users concerns earlier associated with cloud technologies.

The following deployment modes are studied:

• On Premises
• Cloud (Larger and Faster-Growing Category)

Business Function Insights

• The sales and marketing category holds the largest share in 2024, of 35%, and it is also the fastest-growing category.
• This is because of the criticality of effective sales and marketing data analysis for business growth.
• Analyzing what people search for and buy, when they are the most active online, and other such stuff enables companies to offer better recommendations and create strategies for customer engagement.
• Currently, almost all digital marketing initiatives depend on such information, which companies use to better plan their social media campaigns, adjust product pricing, suggest value-added services, and target particular groups of people with compelling advertisements.
• Moreover, an analysis of sales data allows companies to better align their resources and assess their performance, which also helps with promotions and appraisals.

The report offers analysis on the below-mentioned business functions:

• Sales and Marketing (Largest and Fastest-Growing Category)
• Finance
• IT
• Operations
• Others