Financial Service Providers to Adopt Augmented Analytics Software to Gain a Competitive Edge
" The global augmented analytics market expected to witness a CAGR above 30% to exceed $30 billion revenue by 2025 "
Bangalore, India, July 26, 2019: With its recently published study “Global Augmented Analytics Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for augmented analytics is expected to grow owing to the increasing need for cutting-edge technology to extract data and assist in data discovery for strategic decision making.
Augmented analytics is expected to reign supremacy from across industry verticals, especially in the North American and European regions. Owing to stiff competition, enterprises invest exhaustively in sourcing better business intelligence software tools and master analytical capabilities leveraging various technologies. Moreover, the trend of data consumption is likely to pace up in Asia Pacific and Middle East Africa during the forecast period 2019–2025. Hefty data consumption is expected to fuel the implementation of augmented analytics, offering more customer insights to understand respective buying patterns. Such conducive market movements will lead the market to grow at a CAGR of above 30% surpassing the $30 billion revenue mark by 2025. Preventive maintenance, diagnostic maintenance, and predictive maintenance are the key application areas in the manufacturing sector that foresees massive adoption rates. Likewise, the BFSI segment is also expected to adopt augmented analytics while executing target marketing strategies and customizing promotional offers.
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North America is the market leader in terms of revenue contribution, followed by Europe and Asia Pacific. Investments in data discovery are poised to scale up to facilitate sustainable growth strategy, and also to understand the trends and growth drivers. Large enterprises are expected to invest more in this software and boost customer retention. Asia Pacific, on the other hand, is poised to grow at the highest CAGR due to its immense potential, indicated largely by the increasing rate of smartphone adoption and huge data generation.
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BFSI is garnering the major revenue of this market, and all major companies are trying to explore revenue generation streams to cater to the customized requirements of its customers. The telecom and IT segments are the next best adopters, mainly focusing on easy access to networks and less call drops and increased data speed, directed to serve the consumer group as well as business enterprises.
“Augmented analytics is in its early phase of adoption and will be mainstream in the near future. To ensure better customer relationship and understand their preferences explicitly, augmented analytics will be more broadly used across industry verticals in the coming years.” pointed out Swarup Bhowal, Research Analyst, Infoholic Research
Segmentation of the Report Include:
- Support and Maintenance
- Training and Consulting
- Deployment Type:
- Telecom and IT
- Healthcare and Life Sciences
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East Africa
- South Africa
- Rest of Middle East Africa
- Latin America
- Rest of Latin America
- North America
- Industry outlook: Market trends, drivers, restraints, and opportunities