Last Updated on July 8, 2022 by Rashid Hassan
The augmented analytics market is expanding rapidly across the globe. The rising demand for augmented intelligence from all major industries, including BFSI, manufacturing, healthcare, retail, government, and transportation, substantiates market revenues. Augmented analytics is a vastly adopted technology in several enterprises, providing effective business intelligence required to implement low-cost operations and boost productivity.
Citing the growing uptake of augmented analytics in government, aerospace & defense, BFSI, aviation, and retail industries, MRFR expects the market to touch a valuation of USD 18 BN by 2028, growing at a 24% CAGR from 2021 to 2028. Augmented analytics provides groundbreaking technologies for various applications, from self-driving cars to video analytics solutions.
The innovative and powerful augmented analytics technology has enabled many scientific innovations concerning the COVID-19 treatment, offering a number of implications that leads to understanding the virus to advance patient care and important policy decisions protecting global public health. Besides, advancements in big data and technology integration in smart devices boost the augmented analytics market size.
Key Industry Trends
With growing technology intervention in improving various business processes, it has become imperative to enrich data sets, augment data pipelines, and enhance analytics for the most complex use cases across verticals. Especially, business processes like the management of emails and other customer-related information require all data to be processed and analyzed as well as smart search and conversational analytics at the same time.
Also, the use of natural language to streamline the interaction with data and comprehend user intent and data classification is important to make it easy to find the right data while knowing its source and journey. Therefore, organizations from a variety of sectors worldwide increasingly need futuristic solutions that can quickly provide insights from the information extracted from any unstructured language resource.
Further developments and advances in technologies, such as machine learning (ML) and natural language processing (NLP), create vast market opportunities. Growing sales of AI-enabled cameras that can enhance on-premise monitoring is another key trend observed in the market. The growing demand for AI-enabled solutions in airports, stadiums, malls, and office spaces to provide intelligent real-time parking insights to the operators influences market demand.
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Augmented analytics technology is ideal for various time-and-mission0crtical industries, such as O&G, electric utilities, military & defense, medical, and transportation. Furthermore, increasing developments of augmented video analytics and AI-based surveillance systems offering personalized services to their users through an app positively impact the market share.
COVID 19 impacted the augmented analytics industry positively, drastically increasing the adoption of automation and robotics in manufacturing sectors. Automation in healthcare help professionals deliver food & medications and measure the vitals while maintaining social distancing. The use of machine learning and augmented analytics technologies fostered the market value. Also, other industries like food & beverages, defense, and retail, deployed robotics.
The epidemic encouraged new applications and advancements in AI technologies, which increased their adoption in the healthcare, food, and manufacturing industries. Big technology players, including IBM, Google, and IBM, deployed AI to facilitate drug development, with improved remote communication between patients and healthcare and other service providers.
Besides, the integration of AI-powered machines in education sectors that can help educators automate administrative tasks and track students’ performances by bridging the gaps in teaching techniques propelled the market value further. Also, the rising uptake of AI in manufacturing plants to detect production line problems would contribute to market growth.
North America, the Largest Augmented Analytics Market
The strong presence of players, such as Salesforce, SAP, IBM, Microsoft, and Oracle, alongside the vast adoption of augmented analytics in small, medium, and large enterprises, drives the market growth. Moreover, the rapid adoption of integrated cloud platforms and new business models are major market trends. Also, rapid developments in IT infrastructure and manufacturing sectors influence the augmented analytics market size.
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The augmented analytics market would witness major strategic approaches, such as collaboration, expansion, mergers & acquisitions, and advanced technology integration. Matured market players invest strategically in driving research and development activities and fostering their expansion plans.
For instance, on Jun 27, 2022, Tellius, an AI-driven decision intelligence platform, announced a partnership with Databricks to deliver AI-powered decision intelligence for the data lakehouse. This will further give their joint customers the ability to run Tellius natural language search queries and automated insights directly on the Databricks Lakehouse Platform, powered by Delta Lake, without needing to move any data.