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According to The Business Research Company’s Augmented Analytics, The augmented analytics market size has grown exponentially in recent years. It will grow from <b>$11.36 billion in 2023 to $13.9 billion in 2024 at a compound annual growth rate (CAGR) of 22.4%. </b> The growth in the historic period can be attributed to the focus on automated insights and recommendations, user-centric design and adoption, cloud-based analytics platforms, focus on explainable AI and transparency, need for real-time and contextual insights.
The augmented analytics market size is expected to see exponential growth in the next few years. It will grow to <b>$32.46 billion in 2028 at a compound annual growth rate (CAGR) of 23.6%. </b> The growth in the forecast period can be attributed to continue data complexity and volume, increasing demand for simplified analytics solutions, advancements in ai and machine learning, and expansion of self-service analytics. Major trends in the forecast period include convergence of ai and analytics, automated machine learning (automl), natural language processing (nlp) advancements, explainable ai (xai) and transparency, embedded analytics in business applications, predictive and prescriptive analytics adoption..The increasing demand for the adoption of business intelligence (BI) tools is expected to propel the growth of the augmented analytics market.
The adoption of business intelligence tools is used to simplify more frequent data-driven decision-making. It is used from the data scientists to employees on the front lines where the departments and teams will gain insights into the data, which helps to promote data democratization all over the organization. According to a survey report of over 5,000 organizations on the business intelligence market by Dresner Advisory Services, LLC, in June 2021, executive adoption of business intelligence is significantly high at 64%, followed by middle and line managers at 40%. Therefore, the increasing demand for the adoption of business intelligence (BI) tools drives the augmented analytics market growth.
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The augmented analytics market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Type: On-Premises, Cloud
3) By Services: Training And Consulting, Deployment And Integration, Support And Maintainance
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
5) By Vertical: Banking, Financial Services, And Insurance (BFSI), Telecom And IT, Retail And Consumer Goods, Healthcare And Life sciences, Other VerticalsTechnology advancement is gaining popularity in the augmented analytics market.
Major players in the augmented analytics market focus on innovative products to obtain an edge in the market against their competitors. For instance, In April 2022, India-based Smarten Augmented Analytics company announced the addition of sentiment analysis features and functionality to its cutting-edge augmented analytics solution. This addition provides businesses with tools for understanding what customers, stakeholders, and others think, allowing organizations to enhance their products and services.
The augmented analytics market report table of contents includes:
1. Executive Summary
2. Augmented Analytics Market Characteristics
3. Augmented Analytics Market Trends And Strategies
4. Augmented Analytics Market – Macro Economic Scenario
5. Global Augmented Analytics Market Size and Growth
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31. Global Augmented Analytics Market Competitive Benchmarking
32. Global Augmented Analytics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Augmented Analytics Market
34. Augmented Analytics Market Future Outlook and Potential Analysis
35. Appendix
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