Augmented Analytics Market is exhibiting growth at a 21.6% CAGR from 2022 to 2032

November 24, 2022November 24, 2022 ankush

The augmented analytics market is expected to reach US$ 7.2 Bn in 2022. With demand growing at a 21.6% CAGR, the market size will reach US$ 50.9 Bn by 2032.

As per FMI, the adoption of augmented analytics solutions across organizations for automatic data preparation, survey analysis and reducing manual processes will augment the growth in the market. These solutions facilitate data cleaning, insight generation and data collection with machine learning-augmented analysis processes.

Advanced analytics is quickly becoming an important tool for various sectors. Businesses no longer need to hire a data scientist to interpret data with the addition of augmented analytics. The solution democratizes data, allowing all businesses, regardless of size, to extract meaningful insight from their data sources.

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Augmented analytics solution finds patterns in data with ease and speed, this is a significant help when it comes to e-commerce personalization. Customers’ data is collected in large amounts by e-commerce and internet advertising companies.

Increased personalization and product recommendations, according to e-commerce firm Barilliance, boost a buyer’s average number of cart items. Retailers may use augmented analytics to follow online behavior across many platforms, including web browsers, mobile devices, and apps, and then integrate, analyze, and act on that data to better serve customers and enhance conversion rates. Thus, advanced personalization in retail/e-commerce is helping the augmented analytics market to grow in upcoming years.

While there are software tools available to help organizations visualize and communicate the analysis completed by data scientists to decision-makers in the organization, the majority of these tools do not analyze the data. Augmented analytics can do it all for any size of organization. As a result, this will spur the adoption of augmented analytics solution over the forecast period.

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Key Takeaways:

Based on solution, demand in the services segment is expected to grow at a CAGR of 24.6% through 2032.
In terms of enterprise size, the adoption of augmented analytics solution in small and mid-sized enterprises (SMEs) is anticipated to increase at a CAGR of 23.8% over the forecast period.
By industry, sales of augmented analytics solution in the BFSI sector are anticipated to grow at a CAGR of 25.8% between 2022 & 2032.
North America is expected to lead the market followed by Europe in 2022. South Asia & Pacific is anticipated to emerge as the fastest growing markets between 2022 & 2032.

Leading Companies Profiled in Augmented Analytics Market are