In 2021, the augmented analytics market generated $8,854.7 million, and it is projected to contribute $78,229.7 million in 2030, advancing at a 27.4% rate from 2021 to 2030, attributed to the growing importance of the data collection and preparation, that results in rising profits of the companies.
Moreover, APAC is predicted to experience the highest sales in the augmented analytics market in the near future, due to the penetration of the key industry players. In addition, the increased adoption of AI technologies and Business Intelligence in India is projected to grow tremendously causing a market boom. It is due to the surging requirement for the integration and data management in the experiments performed by data scientists, in Indian enterprises, along with real-time streaming data.
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| Augmented Analytics Market Revenue Outlook Forecast to 2030 |
North America captures the significant augmented analytics market share, accounting for 33.3%, ascribed to the presence of key players in the industries, and massive research and development activities in the region. In addition, the analytic software provides support in detecting the data patterns in unstructured data and facilitates data insights, to make better decisions that increase the business profitability.
For example, IBM and Deloitte partnering together announced an AI-enables analytic solution, Dapper in October 2021. It provides assistance to data scientists, and business users in the management of insight assets, along with creating and organizing them to support reliable internal reporting and AI solutions to further help businesses to focus on core competencies.
In addition, APAC is the next significant contributor to the augmented analytics market, led by the shift from conventional enterprise reporting tools to augmented analytic tools in India, China, and Japan, to further boost data preparation and cleansing.
The major IT cities of India such as Bengaluru, Mumbai, Chennai, and Hyderabad are experiencing a surge in investments made by companies in the automation of data processing. For example, Subex Ltd. launched an end-to-end augmented analytic platform. It facilitates the convergence of data into insights, by building, interpreting, and tuning AI models, and further supports actionable insights delivery from the data.
Moreover, augmented analytics uses emerging technologies such as natural language processing, advanced statistics, and machine learning to derive actionable insights from the data. It also helps in analyzing present and past trends to make future predictions, and resolve problems. It further helps in evaluating organizational analytics with the help of cutting-edge modeling, and statistical tools.
For example, BI tools such as Power BIQlikView, MicroStrategy, SAP, and QlikSense provide metrics, dashboards, forecasting, measure, budgeting, planning, scoreboard, and visualization technologies, along with graphs and advanced charts. It further helps in developing reports by utilizing statistical methods to make predictions for future projects.
In addition, the software category holds the extensive augmented analytics market share, attributed to the presence of the massive amount of data and its accessibility across all the sectors, along with the increasing requirement for augmented analytic solutions. It further helps in automating the comprehension processes, data analysis, and deriving insights by simplifying the entire process. Moreover, it can also identify patterns, showcase trends, and visualization.
Therefore, the emergence of advanced technologies, such as AI, BI, ML, and NLP that derive actionable insights from the data results in the market boom.
