According to the report published by Allied Market Research, the global augmented intelligence market generated $11.73 billion in 2020, and is projected to reach $121.5 billion by 2030, witnessing a CAGR of 26.4% from 2021 to 2030.
The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in usage of advanced technologies such as big data, blockchain, artificial intelligence, and internet of thing among businesses, rise in usage of digital technology, and surge in demand of business intelligence tools drive the growth of the global augmented intelligence market. However, implementation issues of augmented intelligence software and limited number of experts restrain the market to some extent. On the other hand, increase in advancements to adopt augmented intelligence solutions and rise in variety of data within automated processes present new opportunities in the upcoming years.
Augmented intelligence, also referred to as intelligence amplification and is similar to artificial intelligence but its main goal is to assist humans in their task instead of replacing human labor. Moreover, augmented intelligence involves people and machines working together for improving their strength and to achieve greater business value.
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Key Industry Developments
February 2023: IBM announced the expansion of its AI-powered Watson Augmented Intelligence solutions to the European healthcare sector. The move aims to assist healthcare professionals in making more informed decisions through AI-driven data analysis and diagnostics, particularly in the U.K. and Germany.
May 2023: Microsoft launched its Azure-based augmented intelligence solutions targeting financial institutions in North America. The solutions aim to improve decision-making in risk management and fraud detection by combining human expertise with advanced AI analytics.
July 2023: China’s Baidu revealed the integration of augmented intelligence into its autonomous driving platform, Apollo, allowing drivers to benefit from AI-enhanced decision-making processes. This development highlights the growing use of augmented intelligence in Asia-Pacific’s automotive industry, particularly in China and Japan.
August 2023: SAP announced a strategic partnership with South African companies to integrate augmented intelligence into supply chain management systems. The partnership focuses on helping African enterprises improve decision-making and operational efficiency by leveraging AI-driven insights.
Impact of COVID-19 on Augmented Intelligence Market:
- The augmented intelligence market is projected to prosper in the COVID-19 situation, owing to various government, public, and other organizations adopting work from home culture for their employees.
- Various IT & telecom industries are adopting augmented intelligence solutions for compensating the loss suffered due to the pandemic situation and improving their market share.
- Moreover, COVID-19 created a sudden requirement of remote working for the industry. Various companies across the globe have adopted work from home culture, which is increasing the adoption of internet services. This, in turn, is expected to drive the growth of the augmented intelligence market.
Augmented Intelligence Market Segmentation:
The report offers detailed segmentation of the global retro-reflective materials market based on component, technology, enterprise size, industry vertical and region.
Based on component, the solution segment held the highest market share in 2020, holding nearly four-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the service segment is estimated to register the highest CAGR of 27.9% from 2021 to 2030.
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Based on enterprise size, the large enterprises segment held the largest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. However, the SMEs segment is projected to register the highest CAGR of 28.3% from 2021 to 2030.
Depending on industry vertical, the IT & telecom segment dominated the market share in 2020, and is expected to continue this trend in the upcoming years. This is attributed to rise in adoption of cloud-based augmented intelligence software by various telecommunication industries to improve their business efficiency and to enhance the quality of the product. However, the healthcare industry is expected to witness the highest growth rate during the forecast period, as it is used to help physicians and nurses analyze large volumes of electronic medical records, thereby helping in diagnosing and treating patients more effectively.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the total augmented intelligence market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 29.2% during the forecast period.
Top Augmented Intelligence Market Players:
Leading players of the global augmented intelligence market analyzed in the research include Amazon Web Services, Inc., International Business Machines Corporation, Micron Technology, Inc., Microsoft Corporation, QlikTech International AB, Salesforce.com, Inc., Samsung, SAP SE, Sisense Inc., and TIBCO Software Inc.
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Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global augmented intelligence market forecast along with the current trends and future estimations to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on the global augmented intelligence market is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.
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