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The market for augmented analytics is expected to reach $7.2 billion by 2022. The market will be worth $50.9 billion by 2032, growing at a CAGR of 21.6%.
According to FMI, the market will rise as more organisations employ augmented analytics solutions for autonomous data preparation, survey analysis, and the elimination of manual operations. These tools make data cleaning, insight production, and data collecting easier by augmenting analysis processes with machine learning.
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A number of sectors are finding great value in advanced analytics. Businesses no longer need to engage a data scientist to understand data with the advent of augmented analytics. The solution democratises data, enabling all companies, regardless of size, to gain valuable information from their data sources.
When it comes to e-commerce personalisation, augmented analytics solutions’ ability to quickly and easily identify trends in data is very helpful. E-commerce and internet advertising businesses gather a lot of customer data.
According to e-commerce company Barilliance, increased personalisation and product recommendations increase a buyer’s average number of products in their shopping cart. In order to better serve their customers and increase conversion rates, retailers can utilise augmented analytics to track online behaviour across a variety of platforms, such as web browsers, mobile devices, and applications. Thus, enhanced personalization in retail and e-commerce will contribute to the market’s expansion in the years to come.
While there are software tools available to help organizations visualize and communicate the analysis completed by data scientists to decision-makers in the organization, the majority of these tools do not analyze the data. Augmented analytics can do it all for any size of organization. As a result, this will spur the adoption of augmented analytics solution over the forecast period.
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Leading Companies Profiled in Augmented Analytics Market are
Augmented Analytics Outlook by Category
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