According to a recent report published by Allied Market Research, titled, “Augmented Intelligence Market by Component, Technology, Enterprise Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030,” 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, 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. Furthermore, the key factor that drives the market includes increase in use of advance 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 customer’s expectation boost the growth of the global augmented intelligence market. In addition, surge in demand of business intelligence tools positively impacts the augmented intelligence market growth. However, factors such as implementing issues of augmented intelligence software and limited number of augmented intelligence experts is expected to hamper the growth of the augmented intelligence market. 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.
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.
Augmented intelligence for healthcare help medical experts in analyzing data to identify trends that may lead to better diagnoses and treatment which drives the growth of the market in this 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. The key factors that drive the North America market include growth in demand for automated intelligence for customer behavior analytics, fraud and risk identification, and improved decision making for productivity as well as improvisation of businesses. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, to the growing penetration of mobility and early adoption of AI-driven analytics and rising augmented intelligence market application in business intelligence.
The outbreak of COVID-19 is anticipated to have a positive impact on growth of augmented intelligence market. In addition, healthcare is one of the main industries where COVID-19 has driven significant increase in usage of augment decision making to replace manual processes with analytics applications that augment their ability to make timely decisions. Moreover, banking sector is rapidly adopting augmented intelligence to process and analyze key data such as their customer acquisition cost, customer lifetime value as well as to find the trends of products that are growing in popularity. In addition, the gained insights will allow banks to correctly promote the right services to the right customer demographic utilizing an optimized budget to capture more market share.
Key Findings Of The Study
- By component, the solution segment accounted for the largest augmented intelligence market share in 2020.
- Region wise, North America generated highest revenue in 2020.
- Based on industry vertical, the healthcare segment is expected to attain the significant growth during the forecasted period.
The key players profiled in the augmented intelligence market analysis 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.