Augmented Analytics Market Size & Share Analysis - Growth Trends & Forecasts (2023–2028)

 Analysis of the Augmented Analytics Market:

The Augmented Analytics Market is estimated to have reached USD 18.17 billion in 2023 and is poised to reach USD 62.65 billion by 2028, displaying a substantial CAGR of 28.09% during the forecast period (2023–2028).

Augmented analytics encompasses automating data preparation, discovery, and insight sharing by integrating machine learning and natural language creation into business intelligence tools. This integration of artificial intelligence into analytics tools is streamlining operations for citizen data scientists and other business users in their analytics endeavors.

Market Dynamics:

The surge in the adoption of augmented analytics is attributed to the escalating complexity of organizational data. As data complexities grow, the analytical process becomes time-consuming, but the integration of artificial intelligence significantly enhances the speed and accuracy of analyses.

Key Attributes of Augmented Analytics:

Augmented analytics generates automated insights critical for assessing company performance, brand health, identifying growth opportunities, and benchmarking against competing products in the market. This comprehensive analysis forms the foundation for corporate strategies.

Moreover, augmented analytics swiftly identifies factors influencing production by analyzing vast data combinations, empowering business users to promptly access pertinent information without depending extensively on data analysts.

Impact of COVID-19:

The COVID-19 pandemic necessitated swift and innovative solutions, prompting advancements in AI models and technologies like augmented analytics. This acceleration towards innovative AI-driven solutions spurred revenue growth within the market.

Key Market Trends:

Retail Sector Growth:

Augmented analytics plays a pivotal role in the retail e-commerce landscape by analyzing data from in-store security cameras, social media insights, and historical data correlations. This integration of artificial intelligence enables rapid generation of critical insights, facilitating faster decision-making.

Today's retail industry demands a heightened focus on personalized consumer experiences, necessitating marketing strategies tailored to individual buying habits. Augmented analytics harnesses AI to personalize multi-level awards based on customer insights, aiding retailers in crafting more targeted business strategies.

The convergence of analytics and augmented analytics solutions is transforming decision-making in the retail sector. For instance, integrated systems now enable in-store personnel to seek advice on enhancing sales strategies, receiving detailed responses through augmented analytics and Natural Language Processing (NLP).

These trends highlight the transformative impact of augmented analytics in enhancing operational efficiencies and decision-making processes across diverse industry sectors, particularly in retail, by leveraging advanced data analytics and AI-driven insights.


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