According to the market research report published by P&S Intelligence, in 2021, the augmented analytics market valued $8,854.7 million, and it will grow at a rate of above 27%, to touch $78,229.7 million by 2030. This is because of the surging importance being given to systematize data collection and preparation, which eventually facilitates growth in revenue for companies.
Software had the larger share in the augmented analytics market in 2021. With the availability of a large amount of data across all sectors, there is an increasing requirement for augmented analysis solutions. Such software helps in the automation of the process of comprehending and examining data and obtaining valued insights and streamlines the whole process.
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The healthcare sector will have the fastest growth rate, of about 29%, by the end of this decade. This will be because major healthcare companies, including P&G and GE, are moving in the direction of digitalization to cope with the competition.
These enterprises are on the way to deploying augmented analytics to extemporize the performance of operations. For example, in March 2022, Kore.ai launched HealthAssist, an AI-driven experience optimization platform for health insurance companies, healthcare organizations, and life sciences establishments.
The major share, of over 24%, of the augmented analytics market was with BFSI companies. This is due to the surging desire of clients for flexibility and mobility during banking transactions.
Due to this, financial institutions are making use of AI-driven data tools for managing calls, transactions, and clients more efficiently. Upon implementation, these software tools let customers develop their solutions at scale, leveraging governance, projects, assets, and skill sets.
In 2021, North America had the largest share, of over 33%, because of the many R&D activities, along with the presence of industrial mavens who are continually updating their products for research. Furthermore, analytics software enables the finding of patterns in data and guarantees data understanding, thus making better business decisions a reality.
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The U.S had the highest demand for IT services and cloud computing in 2021, producing nearly $400 billion revenue. This is because of the surging acceptance of augmented analytics solutions, which have the capability of transforming big data into a smaller usable dataset, thus helping in getting valuable business understanding at a larger level and providing a centralized data platform.
The APAC region has the second-largest augmented analytics market size. In nations such as China, India, and Japan, organizations have begun to shift from conservative enterprise reporting tools to augmented analytics tools, with the intention of boosting data preparation and cleansing.
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