Augmented analytics market forecast
Growing demand for advanced analytics tools that can help businesses make sense of the vast amounts of data they generate is driving augmented analytics market.
PORTLAND, PORTLAND, OR, UNITED STATES, May 10, 2023 /EINPresswire.com/ — The global augmented analytics market was worth $4,094 million in 2017 and is expected to be worth $29,856 million by 2025, increasing at a CAGR of 28.4% between 2018 and 2025.
Some of the key factors that are expected to fuel the global market’s growth are an increase in the need to democratise analytics and increase productivity, an increase in enterprise awareness to use growing streams of data from various sources in innovative ways, and an increase in the need to make the work easier for citizen data scientists and business users. However, data security issues are projected to stymie market expansion.
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The augmented analytics market is being driven by several key factors. One of the main drivers is the growing demand for advanced analytics tools that can help businesses make sense of the vast amounts of data they generate. Augmented analytics solutions use machine learning and artificial intelligence to automate data preparation, analysis, and visualization, making it easier for non-technical users to extract insights from data. This democratization of analytics is enabling more business users to make data-driven decisions, which is becoming increasingly important in today’s competitive business landscape.
Another driver of the augmented analytics market is the need for faster, more agile decision-making. Traditional analytics solutions can be slow and require a high degree of technical expertise to operate effectively. Augmented analytics solutions are designed to be more user-friendly and accessible, enabling faster decision-making across the organization. This is particularly important in industries such as finance, healthcare, and retail, where decisions need to be made quickly to respond to changing market conditions. As a result, many organizations are turning to augmented analytics solutions to gain a competitive edge and stay ahead of the curve.
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The augmented analytics market is constantly evolving, with new trends shaping the future of the industry. One of the most significant trends is the growing adoption of natural language processing (NLP) and conversational analytics. NLP enables users to interact with analytics tools using natural language, making it easier for non-technical users to ask questions and get answers from data. Conversational analytics takes this a step further by enabling users to have a dialogue with analytics tools, allowing them to explore data in a more intuitive way. This trend is transforming the way people interact with data and is making analytics more accessible to a wider range of users.
Another trend in the augmented analytics market is the increasing focus on explainable AI. As AI and machine learning become more prevalent in analytics tools, there is a growing need for these tools to be transparent and understandable. Explainable AI enables users to understand how AI-driven insights are generated and to trust the results. This is particularly important in industries such as healthcare and finance, where decisions based on AI-driven insights can have significant consequences. As a result, explainable AI is becoming an important differentiator for augmented analytics vendors, and many are investing heavily in this area to stay ahead of the competition.
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Some of the key players operating in the augmented analytics market include IBM Corporation, Qlik, Tableau Software, Tibco Software, Salesforce, Sisense Inc., SAP SE, SAS Institute, Microsoft, and ThoughtSpot.
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David Correa
Allied Analytics LLP
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