Augmented Analytics Market Trends

Introduction

In 2023, the Augmented Analytics Market is expected to experience a great deal of transformation due to several macroeconomic factors such as the fast technological advancement, changing regulatory environment, and changing consumer behavior. The integration of artificial intelligence and machine learning into analytic tools will improve the data interpretation and decision-making process, making insights available to a wider range of users. Meanwhile, regulatory pressures are forcing organizations to focus on data governance and compliance, which will further influence the analytic strategy. Moreover, as consumers demand more individualized and data-driven services, companies are being forced to use augmented analytics to meet their expectations. These trends are important for all market participants who want to successfully exploit the opportunities that the market offers.

Top Trends

1. Increased Adoption of AI and Machine Learning
   Machine learning and artificial intelligence are becoming an integral part of analytic solutions. For example, IBM’s Watson Analytics has enabled companies to gain insights from unstructured data, enabling a 30% speedup in decision-making. This trend is expected to lead to improved predictive analytics, enabling companies to more effectively anticipate changes in the market.
2. Self-Service Analytics for Non-Technical Users
   Self-service tools are giving non-technical users the ability to generate their own insights. Tableau has reported a 40% increase in user engagement. This democratization of data analytics is reducing the burden on the IT department and establishing a data-driven culture throughout the enterprise.
3. Integration of Natural Language Processing
   Natural language processing (NLP) is becoming a key feature of modern business intelligence tools, enabling users to query the data using natural language. Search-driven analytics, for example, is claimed to have improved the ease of use of data, with a reported 50% reduction in the time spent on data discovery. This trend is expected to improve the user experience and widen the range of people who can use the tools.
4. Focus on Data Governance and Security
   Data privacy regulations are becoming stricter. SAP has established a strong data governance system that has reduced the number of incidents by a quarter. This trend is likely to lead to an increase in investment in secure analytics solutions to mitigate the risks associated with data breaches.
5. Real-Time Analytics for Agile Decision-Making
   The need for real-time data is increasing. Companies want to make decisions faster. Domo and others report that real-time dashboards improve the performance of operations by as much as 35%. This trend is expected to drive the development of more sophisticated streaming analytics tools, which will enable companies to respond to market changes more quickly.
6. Collaboration and Data Sharing Across Departments
   IT is facilitating data sharing across departments, breaking down silos. Salesforce’s analytics cloud has seen an increase of twenty percent in cross-departmental projects. This is likely to lead to more innovation and to a better understanding of the strategic direction of the business.
7. Cloud-Based Analytics Solutions
   The move towards cloud-based analytics solutions is gaining momentum, driven by the need for scalability and flexibility. In its latest Azure Cloud Index, Microsoft reported that the percentage of companies using its cloud-based data analysis tools has increased by 45%. The trend is expected to continue as companies look to cloud-based data management and storage solutions.
8. Augmented Data Preparation
   Data preparation tools have become more powerful, simplifying the process of cleaning and transforming data. Automatic data preparation features in Alteryx, for example, reduce the preparation time by up to 50%. This trend will increase data quality and enable more time to be spent on analysis rather than data preparation.
9. Integration of IoT Data into Analytics
   The integration of IoT data into the data warehouse has gained momentum, giving deeper insights into operational performance. TIBCO, for example, has found that IoT analytics can increase efficiency by 30 percent. This trend is expected to drive the development of solutions that can process a large amount of real-time data from connected devices.
10. Emphasis on Visual Analytics
    VISUAL ANALYTICS ARE BECOMING IMPORTANT FOR ENTREPRENEURS INTERESTED IN PRESENTING DATA IN A MORE INTERESTING FORM. LOOKER QUOTES A SIGNIFICANT INCREASE IN USER SATISFACTION WHEN DATA IS WELL PRESENTED. This will probably lead to the development of more sophisticated tools for the visualisation of data, to aid both storytelling and data interpretation.

Conclusion: Navigating the Augmented Analytics Landscape

In 2023, the augmented analytics market will be characterized by fierce competition and significant fragmentation, with the presence of both old and new players. Regional trends show that augmented analytics solutions are in demand in North America and the Asia-Pacific region, where the vendors are forced to adjust their offers to local needs. The old players will be able to use their reputation and the trust of their customers, while the newcomers will be able to rely on innovations such as machine learning and automation to differentiate themselves. The ability to integrate sustainable practices and offer flexible solutions will be crucial for vendors that want to take a leadership position in the market. The decision-makers will have to focus on cooperation and investment in these key capabilities to overcome the complexity of this rapidly changing market.