Meticulous Research®—a renowned global market research company—recently published 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.’

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As per the findings of Meticulous Research®, the global augmented analytics market is projected to surge to $104.4 billion by 2031, registering a robust CAGR of 27.4% from 2024 to 2031. The market's growth trajectory is largely fueled by the growing need for data-driven decision-making and the widespread adoption of cloud computing, which simplifies the deployment and scalability of augmented analytics solutions. However, the market is not without challenges, as concerns regarding data privacy and security continue to hinder its full potential.

Opportunities in Sales and Marketing

Augmented analytics is poised to play a pivotal role in revolutionizing sales and marketing strategies across industries. The market is set to benefit immensely from the growing application of these tools in understanding customer behavior and preferences, which are crucial for refining marketing strategies. Additionally, the complexity of integrating augmented analytics into existing business processes remains a significant hurdle, yet it also presents an opportunity for innovation and refinement in deployment strategies.

The integration of advanced technologies like machine learning (ML) and natural language processing (NLP) is also shaping the market, leading to more sophisticated and user-friendly analytics solutions.

Offering Segment Insights

The augmented analytics market is bifurcated into software and services based on offering. The software segment is anticipated to dominate the market in 2024, accounting for more than 64.0% of the market share. This is primarily due to the increasing adoption of software solutions in business operations, which help in minimizing human error and enhancing accuracy. Additionally, developments in cloud computing within the augmented analytics space are contributing to the scalability and easier deployment of software solutions.

The services segment, on the other hand, is expected to grow at a faster pace during the forecast period. This growth is driven by the increasing need for support and maintenance services, which are crucial for ensuring that algorithms and data processing pipelines remain up-to-date and functional.

Deployment Mode Insights

When segmented by deployment mode, the augmented analytics market is categorized into cloud-based and on-premise solutions. The cloud-based segment is projected to lead the market in 2024, capturing over 66.0% of the market share. This segment is also expected to exhibit the highest CAGR during the forecast period. The preference for cloud-based solutions stems from their ability to alleviate the burden on IT departments by handling infrastructure, software updates, and security concerns. These solutions also integrate advanced technologies such as ML and AI, making them more appealing to businesses.

The demand for cloud-based augmented analytics solutions is further bolstered by the need for robust data protection measures, including encryption, access control, and threat detection.

Organization Size Insights

The market is further segmented by organization size into large enterprises and small & medium-sized enterprises (SMEs). In 2024, large enterprises are expected to dominate the market, accounting for over 71.0% of the market share. This dominance is due to the extensive use of augmented analytics by large organizations for managing global strategies and automating data analysis and reporting processes.

Meanwhile, the SME segment is anticipated to grow at a higher CAGR during the forecast period. The growth in this segment can be attributed to the increasing adoption of on-premise infrastructure and subscription-based augmented analytics solutions by SMEs. These solutions are particularly valuable for improving data security and privacy, as well as for adapting to evolving market conditions.

Application Segment Insights

The augmented analytics market is also segmented by application, encompassing marketing & sales analytics, financial planning & analysis, supply chain management, human resource management, business intelligence & reporting, predictive analytics, and customer analytics. The marketing & sales analytics segment is expected to lead the market in 2024, capturing over 24.0% of the market share. This growth is driven by the increasing need for large-scale data analysis to better understand customer behavior and preferences, which are essential for refining marketing and sales strategies.

The financial planning & analysis segment, however, is expected to register the highest CAGR during the forecast period. This growth is fueled by the need to automate financial planning processes, reduce manual errors, and leverage real-time data for more accurate decision-making.

End-Use Industry Insights

The end-use industry segment of the augmented analytics market is divided into retail & e-commerce, healthcare, BFSI, manufacturing, government, automotive, transportation, media & entertainment, energy & utilities, IT & telecommunication, military &defense, and other industries. The retail & e-commerce sector is projected to dominate the market in 2024, accounting for over 22.0% of the market share. This sector's prominence is due to the increasing use of augmented analytics to automate routine tasks and analyze customer behavior across multiple channels, helping businesses optimize inventory levels and reduce stockouts.

Conversely, the BFSI sector is expected to record the highest CAGR during the forecast period. The growth in this sector is driven by the need to automate regulatory compliance processes, reduce financial risks, and offer personalized products and services based on customer preferences. Financial institutions are increasingly leveraging augmented analytics to enhance customer satisfaction, mitigate risks, and prevent fraud.

Geographic Insights

Geographically, the augmented analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to lead the market in 2024, capturing over 33.0% of the market share. This region's dominance is attributed to the widespread adoption of augmented analytics across various industries, particularly in retail, e-commerce, healthcare, and IT sectors. The integration of AI and ML in augmented analytics solutions is also helping businesses in the region to mitigate cyber threats and enhance data security.

In contrast, the Asia-Pacific region is expected to register the highest CAGR of over 29.0% during the forecast period. This growth is driven by rapid technological advancements in augmented analytics across countries like China, Japan, and India. The increasing adoption of augmented analytics tools in these countries, coupled with the growing demand for enhanced customer service and data-driven decision-making, is contributing to the region's significant market 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.).

To gain more insights into the market with a detailed table of content and figures, click here:https://www.meticulousresearch.com/product/augmented-analytics-market-5991

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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