Increase in need to democratize the analytics and increase productivity, rise in awareness of enterprises to utilize growing streams of data from various sources in innovative ways, and increase in need to make the work easier for citizen data scientists and business users are some of the key factors that are expected to fuel the growth of the global Augmented Analytics Market. However, data security concerns are expected to hamper the growth of the market.
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The cloud deployment segment is expected to grow at the highest CAGR during the forecast period due to greater prospect to facilitate real business value to the organization through reduced cost. In addition, direct IT control, internal data delivery & handling, faster data processing, efficient resource utilization, and cost-effectiveness of cloud deployment are some of the advantages offered by this deployment mode, which in turn are anticipated to boost the augmented analytics market growth.
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The IT business function segment dominated augmented analytics market share in 2017, and is projected to maintain its dominance during the forecast period. However, finance and sales & marketing segments are anticipated to witness the high growth rates during the forecast period due to the growing usage of machine learning and natural language generation in analytics for these functions.
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North America contributed more than one-third of the total market revenue in 2017 and is anticipated to continue its dominance during the forecast period, as the region is one of the early adopters of augmented analytics solutions. The key market players analyzed in the report include IBM Corporation, Qlik, Tableau Insights, Tibco Software, Salesforce.com, Inc., Sisense Inc., SAP SE, SAS Institute, Microsoft Corporation, and ThoughtSpot, Inc.
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Key Findings of the Market:
- By component, services segment is expected to exhibit significant growth in the global augmented analytics market during the forecast period.
- In 2017, the on-premise segment accounted for the highest revenue in the deployment category.
- By organization size, SMEs are projected to the highest growth rate during the forecasting period.
- Based on business function, the IT segment generated the highest revenue in 2017.
- Based on industry verticals, BFSI segment generated the highest revenue in 2017.
- Based on region, North America led the market in terms of revenue in 2017.
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