Qlik, a major provider of analytics and business intelligence solutions, has recently announced a partnership with DataRobot, an AI-based predictive solution provider, to implement technological advancements in predictive modeling. The collaboration would integrate machine learning (ML) capabilities of DataRobot directly into Qlik workflow solutions. The integration would enable business users to gain deeper insights from current and historical data for better predictions and informed decision-making.
MarketsandMarkets™ View Point:
Saurabh Shukla, Team Lead, Research: Information & Communication Technology at MarketsandMarkets™, shares his views on the collaboration:
Key verticals such as Banking & Financial Services, Telecom & IT, Retail, Energy & Power, and Healthcare have been adopting augmented analytics solutions to enhance operational efficiency, improve their understanding of customer expectations, enrich customer experience, and achieve resource optimization. MarketsandMarkets™ forecasts the global Augmented Analytics market size to grow from USD 4.8 billion in 2018 to USD 18.4 billion by 2023, at an impressive CAGR of 30.6% during the period 2018–2023. The services segment is expected to grow at a faster pace, owing to an increasing demand for solution integration, deployment, training and consulting services.
Source: MarketsandMarkets™ Analysis
Impact on Market:
Organizations are increasingly looking for various solutions to analyze vast volumes of unstructured data for informed decision-making. Generation of multiple data forms has been increasing rapidly due to the digitalization across all industries. The Qlik–DataRobot partnership would help Qlik to meet customer expectations on simplified data analysis. Qlik customers would use advancements in AI and ML to simplify data analysis while reducing risk of data misinterpretation and misinformed decision-making. AI-enabled capabilities of Qlik solutions would help users to ensure faster data processing for streamlining and improving business processes continuously. These solutions would also help reduce enterprises’ dependency on expensive data scientists for interpreting the data and deriving significant insights.
Leading analytics solution providers are enhancing their AI and ML capabilities through technology partnerships. Similar to the Qlik–DataRobot partnership, there are other collaborations including Oracle and NVIDIA; Tableau and Google; and SAS and Viya. Solution providers would continue to form such partnerships to address growing demands for augmented analytics solutions across verticals.
Qlik has been offering ML features through cognitive engine platform: Insights Advisor. The company’s strategic partnership with DataRobot would strengthen its predictive modeling capabilities. It would help to expand the adoption of AI by a wider spectrum of business users (and not just data scientists/senior management) among Qlik customers. It would also enable Qlik to strengthen its presence in the SME (Small and Medium-sized Enterprises) segment.