Augmented Intelligence Market
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 include increase in use of advance technologies such as big data, blockchain, artificial intelligence and internet of thing among businesses and rise in use of digital technology to fulfill the customer’s expectations boosting the growth of the global augmented intelligence market.
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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.
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.
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The report offers detailed segmentation of the global retro-reflective materials market based on component, technology, enterprise size, industry vertical and region.
Based on components, 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.
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.
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.
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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 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.
Impact of COVID-19 on Augmented Intelligence Market:
1. 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.
2. Various IT & telecom industries are adopting augmented intelligence solutions for compensating the loss suffered due to the pandemic situation and improving their market share.
3. 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.
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