12 May 2021
Visiongain has published a new report on Augmented Analytics Market Report to 2031: Forecasts by component (Solution, Services), by deployment type (Cloud, On-premises), by industry vertical (IT &Telecommunication, BFSI, Retail & E-commerce, Healthcare, Manufacturing, Others). PLUS Profiles of Leading Augmented Analytics Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Augmented analytics market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Augmented analytics is a technology which primarily uses machine learning, natural-language generation, and automating insights. It helps in automating data preparation, sharing, and insight discovery. Furthermore, with the using advanced machine learning & artificial intelligence algorithms, augmented analytics helps to supplement human intelligence across the entire analytics life-cycle.
Rise in awareness of augmented analytics & increased utilization towards streams of data and growing need for simplifying & automating building models are some of the major factors driving the market growth. On the contrary, rapid adoption of augmented analytics technology and expansion of existing products & services acts a major opportunistic factors to the market in the upcoming years.
COVID-19 Impact on Augmented Analytics Market
With becoming large scale implementation in across numerous industries, augmented analytics market has a positively impacted due to COVID-19 outbreak. Government across several countries has imposed lockdown measures and work from home has become major factor for the organizations to sustain in the market. Therefore, augmented analytics provides an incredible functions to automate routine analytics workflows during the pandemic situation.
Rise in awareness of augmented analytics & increased utilization towards streams of data
With rapid growth in adoption & awareness towards technologies, the demand for controlling & eliminating human error, and managing huge data via AI technology is continuing to rise in the market. Moreover, in order to provide real-time services to customers, the awareness for augment analytics has increased and becoming major factor fuelling the market growth.
Growing need for simplifying & automating building models
Augmented analytics provides several functionalities such as deciphering data patterns, building preparing data, distributing & operationalizing the data findings, and others. These major features provided by augmented analytics technology is helping organizations to simplify & automate business models, which as a result propelling the growth of augmented analytics market.
Rapid adoption of augmented analytics technology
In order to determine the information & appropriate reasoning for several analysis towards the growing need for data quality management across the enterprises. Therefore, this increased need for managing data is continuing to rise in the market, which is therefore anticipated to create lucrative opportunities to the augmented analytics market.
Expansion of existing products & services
The key players in the market have an opportunity to expand existing product & services in order to provide advance analytical tools depending on organizations requirements & personalized user experience to improve the customer engagement in the market. Therefore, expanding the solutions & developing platforms in AI are expected to boost the market growth.
Some of the companies profiled in the report include AT&T Intellectual Property, Amdocs, Huawei Technologies Co., Ltd., Nuance Communications, IBM Corporation, Microsoft, INFOSYS LIMITED, Intel Corporation, Google, and Cisco Systems, Inc.
In October 2020, Adverity, which is one of the leading force in marketing data intelligence, launched augmented analytics, an automated tool for marketers. In addition, this new launch will provide an access to hidden insight & deliver critical intelligence on data and maximize performance.
In December 2018, Microsoft has announced integration between Power BI data flows & Azure Data Lake Storage Gen2. Moreover, this integration enabled organizations to unify data across Power BI and Azure Data services.
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