With the advent of advanced technologies, enterprises are focusing on augmented analytics to gain a competitive market edge. Augmented analytics helps in reducing operational costs, identifying data patterns and trends, and enabling analysts to take smarter decisions for business growth. These benefits are expected to drive the growth of the Augmented Analytics Market.
Augmented analytics solutions would witness major technological changes and advancements. Enterprises are rapidly adopting digital transformation initiatives, wherein augmented analytics helps in increasing performance at a low cost.
In the augmented analytics market, the component segment comprises software and services. Augmented analytics software helps enterprises achieve actionable insights, which assist them in taking appropriate business decisions and generating maximum profits. The augmented analytics services provide the support needed to improve efficiency of business processes, increase enterprises’ growth, and reduce unwanted operating expenses.
Small and Medium-sized Enterprises (SMEs) are adopting augmented analytics software, which enables their business to grow faster. Augmented analytics solutions would help the SMEs in increasing their revenues, achieving desired outcomes, and improving business efficiency. Augmented analytics helps the SMEs monitor the health of their businesses and generate insights for dealing with their future prospects. However, the SMEs are unable to deal with a huge amount of data sets due to budget constraints, which leave them with limited ways to market themselves and gain visibility. Therefore, they are investing in cloud-based augmented analytics. The trend of adopting augmented analytics solutions and the associated services is expected to continue among the SMEs during the forecast period.
The retail and consumer goods vertical are becoming more customer-centric with its continual focus on leveraging the advantages of the internet technologies. It is expected to be one of the fastest-growing industry verticals, due to the rising consumers’ purchasing power. The organizations in this vertical deal with a large amount of customer data, as they have to provide personalized experiences to their customers. Augmented analytics plays a major role in determining customers’ shopping pattern that helps organizations drive their business’ operational efficiency. Moreover, factors such as demographics, volatile commodity prices, disruptive competition, and stringent regulations are expected to drive the market growth in this industry vertical. Augmented analytics analyzes vast amounts of disparate data, builds knowledge, understands the natural language, and generates actionable insights, which enable retail and consumer goods companies to fully utilize their customer data pools, gain competitive knowledge, and create a more personalized communication channel for effectively targeting existing customers and prospects at a more granular level.