According to a research report "Augmented Intelligence Market with COVID-19 Impact Analysis by Component, Technology (Machine Learning, Natural Language Processing, and Computer Vision), Organization Size, Deployment Mode, Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets, the Augmented intelligence market size is projected to grow from USD 17.9 billion in 2022 to USD 54.7 billion in 2027, at a Compound Annual Growth Rate (CAGR) of 25.1% during the forecast period. The Augmented intelligence industry is driven by increasing volume of complex business data, however, rising in adoption of advanced augmented intelligence and analytics tools, and adoption and scaling of digital initiatives.
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Augmented intelligence (AI), also known as intelligence augmentation (IA), cognitive augmentation, decision support, human augmentation, machine augmented intelligence, and enhanced intelligence, is essentially artificial intelligence with a twist. While artificial intelligence is the creation of machines to work and react like humans, augmented intelligence is the use of those same machines in a different way – to augment the human worker. Augmented intelligence entails humans and machines collaborating to maximize business value by playing to their respective strengths. In other words, the primary goal of IA is to enable humans to work more efficiently and effectively.
The evolution of digital technologies, such as cloud computing, big data and analytics, mobility/social media, blockchain, artificial intelligence (AI), Internet of Things (IoT), robotics, and cybersecurity, has created the need for digitalization across several industries. These technologies are used by enterprises to improve or add more features to their traditional business processes while also helping enhance customer relationships.
The machine learning technology to hold the largest market size during the forecast period
Among technologies, the machine learning is estimated to hold the largest market size during the forecast period. Augmented intelligence with machine learning aids in the transformation of knowledge into expertise and the extraction of relevant patterns from massive amounts of data. Augmented intelligence with machine learning systems can detects patterns using aggregated data with precise unit characteristics of each instance and numerous variables to be employed, allowing predictive models to be built.
BFSI vertical to have the largest market size during the forecast period
Based on vertical, the BFSI segment is expected to have the largest market size during the forecast period, Augmented intelligence are gaining acceptance among all verticals to improve profitability and reduce overall costs. The major verticals adopting Augmented intelligence are include BFSI, IT & Telecom, Retail & Consumer Goods, Healthcare & Life Sciences, Manufacturing, Government & Defense, Energy & Utilities, Transportation & Logistics, Media & Entertainment, Others (Travel, Hospitality, Research and Academia).
SMEs segment to have higher CAGR during the forecast period
Among the organization size, the large enterprises are projected to dominate the market, while the SMEs segment is projected to record a higher growth rate during the forecast period. The adoption of Augmented intelligence and services among large enterprises is high as large enterprises use augmented intelligence solutions for specific use cases. For instance, Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) are used by the Human Resources (HR) and supply chain departments. As all the departments are generating a significant amount of data, augmented intelligence solutions help large enterprises combine the data and create useful insights using advanced data analytics. Large enterprises are leveraging augmented intelligence platforms coming from various sources; for instance, in social media feeds or sensors and cameras, each record needs to be processed in a way that preserves its relation to other data and sequence in time.
Asia Pacific to hold higher CAGR during the forecast period
The Augmented Intelligence market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, which would be looking forward to acquiring new customers and gaining customer trust by involving new paradigms of advanced analytics to have a competitive advantage over the established players. China, Japan, and India have displayed ample growth opportunities in the Augmented Intelligence market.
The major vendors in the global Augmented Intelligence market include AWS (US), Microsoft (US), Salesforce (US), SAP (Germany), IBM (US), SAS (US), CognitiveScale (US), QlikTech International AB (US), TIBCO (US), Google (US), MicroStrategy (US), Sisense (US), NEORIS (US), Dataiku (US), Cosmo Tech (France), Jumio (US), Lucidworks (US), Squirro AG (US), DataRobot (US), Tellius (US), EazyML (US), Stradigi AI (US), Aible (US), Pecan.ai (Israel), CausaLens (US), BioXplor (US), Pryon (US), Augmented Intelligence (US), Bondi Labs (Australia), and binah.ai (US).
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