Augmented Analytics Driving ‘Smart’ Data Market
Emerging tools like augmented analytics are expected to drive the “smart data” market to more than $30 billion over the next several years, a market forecaster predicts.
Frost & Sullivan pegs the smart data analytics market at $31.5 billion by 2022 in an estimate released Monday (March 11). The analyst said a number of analytics startups have already coalesced around the nascent platform technology as key regional markets heat up.
They include the U.S., U.K., India and Dubai, which have all announced AI initiatives designed to develop improved data analytics tools based on AI with a particular focus on open data, according to research analyst Naga Avinash. Meanwhile, industry smart data efforts are targeting applications such as predictive maintenance and product development while helping users reduce data losses.
The industry watcher notes the rise of smart and self-service analytics tools that are expanding the market beyond data scientists while seeding new business models such as a “shared data economy.”
Those efforts are being augmented by government initiatives that use open data for smart cities and water conservation projects.
Along with augmented analytics, an approach that uses machine learning, natural language processing and other automation tools, Frost & Sullivan noted that other self-service tools also are emerging. In one example, it noted that users could collaborate on issues like technical skill shortages or establishing open data strategies.
Other analysts have recently issued similarly bullish forecasts for the augmented analytics market. “By 2020, augmented analytics will be a dominant driver of new purchases of analytics and business intelligence, data science and machine learning platforms and embedded analytics,” Gartner Inc. (NYSE: IT) predicted last month.
Beginning next year, half of analytical queries “either will be generated via search, natural language processing or voice, or will be automatically generated,” it added in a business intelligence market survey.