Sigma Recognized as a Representative Vendor in the 2023 Gartner® Hype Cycle™ for Analytics and Business Intelligence
Yes, the much-awaited 2023 Hype Cycle for Analytics and Business Intelligence from Gartner is out. And, we’re thrilled to be recognized as a Representative Vendor in the ‘Cloud Analytics’ category that has solid momentum with a market penetration of upward of 50 percent.
Packed with insights, this Hype Cycle examines artificial intelligence (AI) and analytics and business intelligence (ABI) technologies and their expected progression from innovation to productivity and mainstream adoption, over a period of time. A must-have for every data and analytics leader, the report empowers them to evaluate the maturity of innovations across the ABI spectrum to inform their strategic visions. To help organizations prioritize investments in relation to their level of impact, Gartner also provides a Priority Matrix that depicts “the degree of benefit attainable from an innovation relative to its progression along the Hype Cycle.”
Gartner has recognized Sigma as a Representative Vendor for the first time in the ‘Cloud Analytics’ category that emerged as a frontrunner with a high benefit rating.
“Adoption of cloud analytics is growing, with most analytics deployments originating in the cloud,” according to the Gartner report. “The high computational power needed to process tasks such as ML and advanced analytics can be more easily accessed and scaled in the cloud. Cloud deployment offers faster time to value and more targeted analytics for specific business areas.”
To better leverage scalability and elasticity from the cloud, while most platforms have rearchitected themselves to be cloud-native, Sigma has been purpose-built for the cloud. Organizations like Blackstone, DoorDash, and Moffitt Cancer Center are leveraging Sigma to perform data analytics at cloud scale. Sigma is a uniquely scalable and performant cloud-native data analytics platform that has the ability to analyze billions of rows of data within seconds with an unprecedented ability to write data to the cloud data warehouse and lakehouse. We’re able to leverage the power of the cloud with the ease of a spreadsheet.
The report also makes extensive reference to Generative AI, an up-and-coming field that has been a huge innovation trigger in the recent months. “The ongoing collision of the data science and machine learning and the ABI worlds is intensifying as the world awakens to the possibilities of generative AI. This trend explains the crowded peak of this Hype Cycle,” explain authors Edgar Macari and Peter Krensky.
To meet the market demand, we introduced Sigma AI to accelerate analysis and enhance our customers’ ability to work with data in three vital areas namely, productivity, usability, and helpfulness. Users can now collaborate with cutting edge GPT-powered components and get to insights faster, using natural language.
The Hype Cycle also sheds a light on the rise of embedded analytics and self-service analytics. These technologies are characterized by Gartner as “climbing the slope” with a market penetration of 20-50 percent. Embedded analytics also commands a high benefit rating.
“Embedded analytics are delivered within a user’s natural workflow, without the need to toggle to another application,” as per Gartner. “The embedded analytics market definition is changing as the availability of low-/no-code interfaces increases, drawing on the services originally exposed via APIs to support embedding.”
At Sigma, we’re deeply vested in making our customers successful in their embedded analytics strategy. Raptive—an ad management platform for more than 4,000 creators and independent publishers—enables its creators to generate their own insights through Sigma’s embedded capabilities and dashboards, 50% faster compared to its previous BI solution. Slope Software—a cloud-native financial projection ecosystem for the actuarial community—was able to land its biggest deal and achieve a 150% YoY revenue growth in FY 23 partly due to enhanced Sigma capabilities including embedded analytics.
Want to learn how these companies achieved the business outcomes that they did? Schedule a Sigma demo today and get your complimentary copy of the Gartner Hype now.
Gartner, Hype Cycle for Analytics and Business Intelligence, 27 July 2023, Edgar Macari, Peter Krensky
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