According to the latest market research study published by P&S Intelligence, the global augmented analytics market is witnessing significant growth, driven by the increasing need to automate data collection and preparation processes. In 2024, the market is valued at USD 9.2 billion and is projected to reach USD 39.2 billion by 2030, advancing at a compound annual growth rate (CAGR) of 27.2% during the forecast period.
This surge is largely attributed to the widespread digitization across various sectors, which has amplified the demand for advanced analytics solutions. By integrating artificial intelligence (AI) and machine learning (ML) technologies, augmented analytics tools enhance decision-making processes, leading to improved efficiency and productivity. As organizations strive to navigate complex data landscapes, the adoption of these sophisticated tools becomes increasingly critical.
Key Insights
Component Analysis:
In 2024, the software segment holds a dominant market share. This prominence is due to the software’s ability to automate data comprehension and analysis, providing valuable insights and streamlining operations. Technologies such as AI, ML, and natural language processing (NLP) are integral to these solutions.
The services segment is anticipated to witness faster growth during the forecast period. As augmented analytics continues to evolve, organizations seek external expertise for implementation, deployment, and ongoing support, driving demand for professional and managed IT services.
Deployment Mode:
Cloud-based solutions are both the largest and fastest-growing deployment mode, with an expected CAGR of 28.0%. The benefits of cost-effectiveness, automatic updates, scalability, and remote accessibility make cloud deployment particularly attractive to businesses of all sizes.
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Organization Size:
Large enterprises currently dominate the market, leveraging augmented analytics to process vast amounts of data for enhanced customer experiences and operational efficiency.
Small and medium-sized enterprises (SMEs) are projected to experience the highest growth rate. The increasing adoption of cloud technologies and AI solutions enables SMEs to access advanced analytics tools, reducing operational expenses and improving decision-making processes.
Industry Verticals:
The Banking, Financial Services, and Insurance (BFSI) sector leads with a significant revenue share in 2024. Financial institutions are utilizing AI-powered data tools to enhance transaction efficiency and customer service.
The healthcare industry is expected to record the fastest growth. Major companies are adopting augmented analytics to improve operational performance and patient outcomes. For instance, Kore.ai launched HealthAssist, an AI-powered platform for healthcare organizations.
Regional Insights:
North America holds the largest market share, driven by extensive research and development activities and the presence of industry leaders continually enhancing their analytics offerings.
The Asia-Pacific (APAC) region is anticipated to witness the fastest growth, with a CAGR of 27.7%. Companies in countries like China, India, and Japan are increasingly adopting digital transformation services and advanced analytics tools to remain competitive.
Business Function:
Sales and marketing functions hold the largest share in 2024 and are also the fastest-growing category. Effective analysis of customer behavior and market trends enables businesses to enhance engagement strategies and drive revenue growth.
The augmented analytics market is poised for substantial expansion as organizations across various industries recognize the value of integrating AI and ML into their data analysis processes. This trend underscores the growing emphasis on data-driven decision-making to achieve competitive advantage and operational excellence.
