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2021
Augmented Intelligence Market

Augmented Intelligence Market by Component (Solution and Services), Technology (Machine Learning, Natural Language Processing, Computer Vision and Others), Enterprise Size (Large Enterprises and Small & Medium Sized Enterprises (SMEs)), and Industry Verticals (IT & Telecom, Retail & E-Commerce, BFSI, Healthcare, Manufacturing, Automotive and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030
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A12523
Pages: 382
Jul 2021 | 3275 Views
Author(s) : Pramod Borasi, Vaibhav Modi , Vineet Kumar
Tables: 197
Charts: 84
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COVID-19

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Augmented Intelligence Market Statistics - 2030

The global augmented intelligence market size was valued at $11.73 billion in 2020, and is projected to reach $121.57 billion by 2030, growing at a CAGR of 26.4% from 2021 to 2030. Augmented intelligence is an alternative form of artificial intelligence that focuses on AI's assistive role. In addition, augmented intelligence is developed for helping organization to make more accurate data-driven decisions in business, and everyday life. In addition, it elevates the employee’s performance in organizations and also helps the organization to understand the lacking areas of the employees. Furthermore, augmented intelligence is the strongest way to use and prioritize a large collection of security data by providing predictive analytics to the organizations.

COVID-19 pandemic is expected to positively impact the growth rate of the augmented intelligence market, owing to increased shift towards work from home culture across various industries and rapid adoption of augmented intelligence tools for performing critical jobs across the globe.

Increase in use of advanced technologies such as big data, block chain, artificial intelligence and internet of thing among the businesses and rise in use of digital technology to fulfill the customers expectation boost the growth of the global augmented intelligence market. In addition, surge in demand of business intelligence tools positively impacts the growth of the market. However, factors such as implementing issues of augmented intelligence software and limited number of augmented intelligence experts is expected to hamper the market growth. On the contrary, increase in advancement by large players to adopt augmented intelligence solutions and growing volume and variety of data within an automated process is expected to offer remunerative opportunities for the expansion of the market during the forecast period.

Augmented-Intelligence-Market,-2021-2030

Based on software and platform, the on-premise segment garnered the largest augmented intelligence market share and is expected to maintain its dominance in the upcoming years as on-premise software is considered widely useful in large enterprises as software can be implemented on IT infrastructure of a company itself and it provides more security as compared to cloud. However, the cloud segment is expected to witness highest growth, owing to a paradigm shift in deployment methods from on-premise to cloud-based models. This is the major factor that propels adoption of cloud-based augmented intelligence among SMEs and some large-scale organizations. In addition, leading market vendors of augmented intelligence have introduced strategies to help enterprises move their on-premise augmented intelligence to cloud-based models, which further fuels the growth of the segment.

Region wise, the augmented intelligence market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to number of factors such as penetration of new industries and improvement in economy. In addition, presence of growing number of cloud augmented intelligence solution vendors across the U.S. and Canada is expected to provide lucrative opportunities for the market. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to wide presence of small-and medium-scale enterprises, which are turning toward hosted augmented intelligence solutions to efficiently manage their business processes, particularly in developing countries such as China, India, and Singapore.

The report focuses on growth prospects, restraints, and trends of the global augmented intelligence market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global augmented intelligence market share.

Segment review

The global augmented intelligence market is segmented on the basis of component, technology, enterprise size, industry vertical, and region. By component, the market is bifurcated into software and services. By technology, it is categorized as machine learning, natural language processing, computer vision and others. On the basis of enterprise size, it is classified into large enterprises and small & medium enterprises. Depending on industry vertical, it is fragmented into IT & telecom, retail & e-commerce, bfsi, healthcare, manufacturing, automotive and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the augmented intelligence industry are 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the augmented intelligence industry.

Augmented Intelligence Market
By Component

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Solution segment is projected as one of the most lucrative segments.

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Impact of COVID-19 on Augmented Intelligence Market-

The COVID-19 pandemic has impacted all the industries globally. 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. In addition, various IT & telecom industries are adopting augmented intelligence solution for improving the loss suffered owing to the pandemic situation and to improve their market share. The augmented intelligence provides numerous benefits to various industries in this pandemic situation such as improving standards of corporate governance, and increasing efficiency of workforce. 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 positively impacting the growth of the market. This rapid increase in adoption of internet services is expected to drive the growth of augmented intelligence.

Top Impacting Factors

Increase in use of advance technologies such as big data, block chain, artificial intelligence and internet of things among the businesses

Several businesses across the globe have been using the advanced technologies such as big data, block chain artificial intelligence and internet of things, for solving the complex business problem and improving their revenue. In addition, artificial intelligence technology provides numerous applications to business, which includes transferring and cross-referencing data, predicting consumer’s behaviors and personalized advertising and marketing products. Moreover, big data analytics using augmented intelligence help companies develop a strong and determined approach to human resource management. In addition, it provides support in various applications ranging from appointment decisions to training and development of the employees. Moreover, internet of things technology used in various connected devices of several industries such as aviation, manufacturing, agriculture, healthcare, logistics, and many other industries, helps them to collect and organize the data from different data streams and organize it efficiently. In addition, it helps companies gain much superior insights into their business operations and their customer’s services or products. All these factors are encouraging businesses to use advance technology, which drives the growth of the market globally.

Augmented Intelligence Market
By Enterprise Size

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Large Enterprises is projected as one of the most lucrative segments.

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Rise in use of digital technology to fulfill the customer’s expectation

Digital technologies accelerate business growth as it allows companies to reach extensive audience and build lifelong relationships with clients to boost brand reliability.  In addition, technology helps businesses to achieve several objectives such as delivering a good level customer services, reducing operational costs and increasing revenues, which enhances the growth of the market. Moreover, increase in use of digital technology among business that works with distributors & suppliers, specialized & sub-contractor’s consultants for producing a various range of products and services provide lucrative opportunity for the market.

Furthermore, several companies have been using the digital marketing to expand business into a new geographical location using innovative marketing strategies, which enhances the growth of the market. It also helps customers to receive more useful and accurate information about the product. Thus, increase in use of digital technology among the business to fulfill the customer expectation is an important factor to boost the global augmented intelligence market.

Augmented Intelligence Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 29.2% during 2021-2030.

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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 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.

Key Market Segments

By Component

  • Solution
  • Hardware
  • Software Platform
  • On-Premise
  • Cloud
  • Services

By Technology

  • Machine Learning
  • Natural Language Processing
  • Computer Vision 
  • Others

By Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises

By Industry Vertical

  • IT & Telecom
  • Retail & E-Commerce
  • BFSI
  • Healthcare
  • Manufacturing
  • Automotive 
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe 
    • Germany 
    • UK
    • France
    • Italy
    • Spain
    • Netherlands
    • Rest of Europe
  • Asia-Pacific 
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America 
    • Middle East 
    • Africa

Key Market Players

  • Amazon Web Services, Inc.
  • International Business Machines Corporation
  • Micron Technology, Inc.
  • Microsoft Corporation
  • QlikTech International AB
  • Salesforce.com, Inc.
  • Samsung
  • SAP SE
  • Sisense Inc.
  • TIBCO Software Inc.
 

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Adoption of augmented intelligence solutions has increased over the years to boost manufacturing processes, to help organizations monitor production processes, and to provide enhanced customer services. In addition, augmented intelligence tools are being used across a number of fields to help drive productivity, improve efficiency and save people time and organizational funds. Furthermore, augmented intelligence tools are used to clean data sets, give predictions, improve decision-making, and to respond to customer service needs which are expected to fuel the market growth. In addition, surge in adoption of cloud as well as mobile applications is expected to drive the growth of the market.

Key providers of augmented intelligence market such as Amazon Web Services, Inc., International Business Machines Corporation, Micron Technology, Inc., and Microsoft Corporation account for a significant share in the market. For instance, Bitvore, a leading provider of AI-powered intelligence for financial institutions has integrated with Microsoft Azure Synapse Analytics. With the integration, clients can quickly and easily use continuously updated Bitvore Cellenus datasets in Azure and integrate them with new and existing data sources to enhance predictive models and build augmented intelligence into their applications. According to the industry experts, the augmented intelligence market is expected to witness increased adoption in the coming years, owing to digital transformation in industries and rapid adoption of IoT among various sectors. North America is expected to dominate the market during the forecast period, while emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities.

Moreover, augmented intelligence is a joint partnership between AI and human worker to complete complex decision making task without any human error. For instance, Hippo is using augmented intelligence with thorough knowledge to make the right decision at the right time for each and every customer. This helps Hippo to provide precise support to their clients at moment’s notice. Furthermore, augmented intelligence is also being used by dentists and other healthcare doctors in evaluating digital information such as radiographs, photographs and patients' electronic health records, to help make proper diagnoses of the disease and to accurately find the infected area. In addition, according to Dr. Faiella, ex-president and trustee of the American Dental Association, dentists are changing their management and delivery of treatment associated by adopting augmented intelligence tools, which is driving the growth of the market.

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