The integration of artificial intelligence (AI) and machine learning (ML) technologies is a major driver for the augmented analytics market.
PORTLAND, OREGON, UNITED STATES, June 19, 2023/EINPresswire.com/ — Augmented analytics market size was estimated to be worth $4,094 million in 2017. By 2025, it is expected to have grown to $29,856 million, with a CAGR of 28.4%.
Some of the key factors that are anticipated to drive the growth of the global market include an increase in the need to democratise analytics and boost productivity, an increase in enterprises’ awareness of the need to creatively use the expanding streams of data from various sources, and an increase in the need to facilitate the work of citizen data scientists and business users. However, it is anticipated that worries over data security may impede market expansion.
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Organizations across industries are recognizing the value of data-driven insights in making informed business decisions. Augmented analytics, powered by artificial intelligence and machine learning, offers advanced data analysis capabilities that enable users to extract actionable insights from complex datasets. The growing demand for augmented analytics solutions is driven by the need to optimize decision-making processes, improve operational efficiency, and gain a competitive edge in the market.
The integration of artificial intelligence (AI) and machine learning (ML) technologies is a major driver for the augmented analytics market. These technologies enhance data analysis processes by automating data preparation, pattern recognition, and predictive modeling. AI-powered algorithms can analyze vast amounts of data in real-time, uncover hidden patterns and trends, and provide intelligent recommendations to users. The combination of AI and ML with analytics tools empowers users with more accurate insights and reduces the manual effort required for data analysis.
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The rise of self-service analytics and the emergence of citizen data scientists are significant trends in the augmented analytics market. Self-service analytics empowers business users with easy-to-use tools that allow them to explore and analyze data without relying heavily on IT or data science teams. Citizen data scientists, who possess domain expertise but may not have formal data science training, are leveraging augmented analytics platforms to independently conduct advanced analysis. This trend democratizes data analytics and empowers a broader range of users to make data-driven decisions.
Natural language processing (NLP) is playing a crucial role in the evolution of augmented analytics. NLP enables users to interact with analytics platforms using natural language queries, making data analysis more accessible and intuitive. Conversational analytics, powered by NLP, allows users to have interactive conversations with the analytics system, enabling them to ask questions, receive real-time responses, and gain deeper insights. This trend enables a broader user base to leverage analytics capabilities, fostering better collaboration and enabling faster decision-making processes.
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Some of the key players operating in the augmented analytics market include IBM Corporation, Qlik, Tableau Software, Tibco Software, Salesforce, Sisense Inc., SAP SE, SAS Institute, Microsoft, and ThoughtSpot.
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