By 2025, augmented analytics will have a far-reaching impact, especially on the US economy. The country will witness a shortage of more than 200,000 data scientists. This shortage along with the higher hiring cost will demand for the use of citizen data science. It will permit businessman to leverage data without having earlier experience or expertise. “Through 2020, the number of citizen data scientists will grow five times faster than the number of expert data scientists. Organizations can use citizen data scientists to fill the data science and machine learning talent gap caused by the shortage and high cost of data scientists,” said an official from renowned organization.
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Furthermore, studies anticipate that in the coming next two years, almost 40% of the tasks that are currently based on data science will get automated. This will surge the application of augmented analytics market in software segment. Among all other applications, software segment will dominate and grow fastest by 2025. It held the highest share in 2017, accounting 3/5th of the share out of total revenue and is expected to continue its dominance in the forthcoming years. Service segment is anticipated to grow at the fastest CAGR of more than 30% through 2025 owing to aggrandized demand for planning, maintenance, training and support services and personnel associated with augmented analytics market.
The on premise deployment segment accounted the largest share in 2017, holding a value of three-fifths of the total market revenue. However, the cloud segment is anticipated to grow at the fastest pace with CAGR of 31.4% during the forecast period. Due to higher preference coming from small and medium organizations due to the direct IT control, low capital cost & maintenance, faster data processing, improved internal data delivery & handling and efficient resource utilization.
The amount of data generated now-a-days is endless, data analysis has become an imperative component of business advancement. To be on the side of competitive advantage, businesses requires to remain updated with the up gradation of business analytics. In 2017, the expression “smart data discovery” emerged and at present it is dominant as differentiator crosswise over various businesses. To get a clear overview and understanding over the topic, most organizations are currently focusing on creation of models and bring together comprehensive information for streamlining it and tasks automation. This has opened gates of immense opportunity for the skilled data scientists, widely in the market. Most of these data scientists opt for Augmented Analytics Market as it repetitively develop the data into more useful information like interpreting data, assembling data and building models, and operationalizing and disseminating the data findings. It is a time and assets saver strategy for getting key business insights from the available data.
Augmented Analytics Market uses natural language processing and machine learning to automate data analysis and representing the insights. This has facilitated non-technical users to automate key aspects of their data analytics by amalgamating artificial intelligence (AI) with business intelligence (BI). These platforms have benefited end-users on two fronts. First, data scientists and technical analysts are freed from basic reports and running routine. This has empowered them handle complex data science projects and queries. Second, similar to interacting with Siri and google, non-technical users have augmented analytics market solutions by asking questions and getting answers instantly. Thereby, drastic reduction in reporting time and accelerating performance and strategy.
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The technology has major benefits for marketers and non-technical users as all their daily operations are transformed with help of augmented analytics market. Brand managers, chief marketing officers and other employees rely on an analytics team for data analysis and reporting. Beginning with one-off questions to profound research and planning, all these users depend on third parties and outsourcing which is costly and inefficient. Augmented solutions have transferred the power back to the marketing users. As explained in “CPG Analytics: The Definitive Guide,” “From opportunity analysis to churn analytics to attribution studies and even customer journey mapping, new advancements in business intelligence make it so that you can make quick and effective decisions.”
Business enterprises have adopted AA to drive technological disruption. Chevron Corp. is an early adopter of Google’s AutoML technology. The technology was designed to aid users who lack of machine learning expertise to create and analytical models. Chevron’s seismic imaging and processing team implemented alpha version of AutoML Vision image analysis tool to see through internal documents to evolve new opportunities for oil drilling.
Due to the propelling benefits of augmented analytics, industry verticals are highly adopting the technology. BFSI accounted largest market share in 2017, predicted to be near one-fourth share of the total revenue. This segment is expected to be dominant up to 2025, owing to increasing demand for augmented analytics in the sector to leverage the power of AI to increase revenue, reduce costs and comply with regulations. The application of augmented analytics has surged with the increasing market player’s participation. The leading market players include Tableau Insights, IBM Corporation, Qlik, Tibco Software, SAP SE, SAS Institute, Microsoft Corporation, Salesforce.com, Inc., Sisense Inc. and ThoughtSpot, Inc. These companies have uplifted the competition among themselves by implementing different strategies including partnerships, joint ventures, expansions, mergers & acquisitions, collaborations to gain a stronghold in the market.
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