Augmented Analytics Market Analysis

Augmented Analytics Market (Global, 2023)

Introduction

The Augmented Analytics Market is in a transformative phase, driven by the convergence of advanced technology such as artificial intelligence, machine learning, and natural language processing. The emerging trend of augmented analytics has a significant impact on the data analytics market. As more and more companies are adopting data-driven strategies, the demand for augmented analytics solutions is on the rise. This has led to a shift from the use of traditional analytic tools to more intuitive and automated tools. This shift not only enhances the analytic capabilities of organizations but also democratizes data access, enabling people with different skill levels to engage with complex data. Consequently, the augmented analytics market is characterized by the presence of a large number of vendors, ranging from established technology companies to emerging startups, who are vying to offer advanced solutions to meet the evolving needs of enterprises in the data-driven world.

PESTLE Analysis

Political

In 2023 the political scene affecting the augmented reality market is dominated by the government's digital transformation initiatives. For example, the European Union allocates a budget of one billion and a half million to promoting data-driven decision-making across its member states, which directly supports the use of augmented reality tools. Also, in several countries there are data protection regulations, such as the European General Data Protection Regulation (GDPR), which have a direct effect on the use of data analysis.

Economic

The market for augmented reality is characterized by an increased investment in technology solutions. IT spending is projected to reach $ 4.5 billion in 2023, with a significant portion going to business intelligence and analytics tools. In addition, the unemployment rate in the technology sector has stabilized at a low of 3.5%, which indicates a strong demand for skilled professionals capable of utilizing augmented analytics to improve business efficiency and performance.

Social

The social trends are largely in favour of the democratisation of statistics. In 2023, a survey showed that approximately 70% of employees in large companies believed that having access to augmented reality tools would improve their performance at work. A growing number of universities are offering courses in data science and business intelligence. The resulting workforce is more able to use these tools.

Technological

The market for augmented reality is quickly developing. In 2023, the integration of artificial intelligence and machine learning into business intelligence tools is already commonplace. Over 60% of business intelligence vendors are integrating these tools into their platforms. The rise of cloud computing has facilitated the deployment of augmented analytics solutions. Cloud services account for 30% of all IT spending this year, which means they are becoming more accessible and more widely used.

Legal

The augmented analytics market is governed by a number of legal considerations, especially in terms of data governance and compliance. In 2023, the Californian Consumer Privacy Act (CCPA) is expected to require more than 1,000 companies to review and modify their data collection and usage practices. In addition, organizations are increasingly subject to data usage regulations, with fines for non-compliance reaching up to $7,000 per infraction. This underlines the need for robust legal frameworks in the augmented analytics market.

Environmental

The environment is increasingly becoming an important factor in the market for augmented intelligence, particularly in the context of sustainable development. In 2023, about forty per cent of companies will use augmented intelligence to monitor and reduce their carbon footprint and to develop more sustainable practices. In the course of this year, the world’s drive towards zero emissions has led to a twenty-five per cent increase in the use of data-driven tools for measuring the impact of technology on the environment.

Porter's Five Forces

Threat of New Entrants

The barriers to entry into the augmented analytics market are moderate, mainly because of the need for advanced technology and expertise in data science. However, the market is already highly competitive, and the new entrants face significant competition from companies that have a strong brand and customer loyalty.

Bargaining Power of Suppliers

The bargaining power of suppliers in the market for augmented reality is relatively low. The market is characterized by a wide variety of technology suppliers and software suppliers, which limits the power of any one supplier. In addition, many companies can easily change suppliers without major costs.

Bargaining Power of Buyers

The market for augmented analytics has high buyer power because of the wide variety of products and the competitive price. There is a trend towards tailor-made solutions, which means that buyers can negotiate more favorable conditions. The offer of free trials and demonstrations makes it easier for buyers to make informed decisions.

Threat of Substitutes

The threat of substitutes in the market for analytic services is moderate. While business intelligence and other analytic tools could serve as substitutes, the unique capabilities of augmented analytics, such as the automation of insights and natural language processing, provide a significant competitive advantage.

Competitive Rivalry

Competition in the augmented analytics market is intense, with numerous competitors vying for a share of the market. Companies are constantly improving and innovating their offerings to gain a competitive edge. The pace of technological change and the growing demand for data-driven decision-making are further intensifying competition.

SWOT Analysis

Strengths

• Enhanced data visualization capabilities leading to better decision-making.
• Integration with existing business intelligence tools for seamless user experience.
• Ability to process large volumes of data quickly and efficiently.

Weaknesses

• High initial investment costs for implementation and training.
• Dependence on data quality and availability for accurate insights.
• Complexity in understanding and utilizing advanced analytics features.

Opportunities

• Growing demand for data-driven decision-making across various industries.
• Advancements in AI and machine learning technologies enhancing analytics capabilities.
• Potential for expansion into emerging markets with increasing digital transformation.

Threats

• Intense competition from established analytics providers and new entrants.
• Rapid technological changes leading to potential obsolescence of current solutions.
• Data privacy regulations and compliance issues impacting data usage.

Summary

In 2023, the market for augmented analytics will be characterized by strong data visualization and integration capabilities, but will be challenged by high costs and reliance on data quality. Opportunities will be based on the growing need for data-driven insights and technological innovations. The market will be threatened by competition and regulatory issues. In order to seize the opportunities and to counter the threats, companies must strengthen their strengths and overcome their weaknesses.