Rapid market growth driven by advanced AI, increasing data complexity, rising demand for intelligent insights, and digital transformation initiatives.
PORTLAND, OREGON, UNITED STATES, July 7, 2023/EINPresswire.com/ — In 2017, the Global Augmented Analytics Market was estimated to be worth $4,094 million. 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 democratize 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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Adoption of AI-powered Natural Language Processing (NLP): Natural Language Processing is gaining prominence in augmented analytics solutions. NLP enables users to interact with data through conversational interfaces, making it easier for non-technical users to extract insights and generate reports. AI-powered NLP algorithms can understand and interpret complex queries, enabling users to access data and insights using everyday language.
Integration of Machine Learning and Automation: Augmented analytics leverages ML algorithms to automate data preparation, analysis, and visualization processes. This integration enables organizations to quickly process large volumes of data and identify patterns, correlations, and anomalies. By automating routine analytical tasks, augmented analytics empowers analysts and business users to focus on strategic decision-making rather than spending time on manual data crunching.
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Democratization of Analytics: Augmented analytics is driving the democratization of data and analytics within organizations. Traditionally, data analysis was limited to data scientists and analysts with technical expertise. However, augmented analytics tools are designed to be user-friendly, enabling business users across departments to access and analyze data independently. This democratization fosters a data-driven culture and empowers employees at all levels to make data-informed decisions.
Enhanced Data Visualization and Storytelling: Augmented analytics emphasizes the importance of data visualization and storytelling to communicate insights effectively. Advanced visualization techniques, such as interactive dashboards and infographics, enable users to explore data visually and gain deeper insights. Additionally, augmented analytics tools provide storytelling capabilities, allowing users to create compelling narratives around data, making it easier to communicate insights and drive actionable outcomes.
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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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