Allied Market Research published a new report, titled, ” The Augmented Intelligence Market Reach USD 121.5 Billion by 2030, Registering with CAGR of 26.4%.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
Rise in usage of advanced technologies such as big data, blockchain, artificial intelligence, and internet of thing among the businesses, rise in usage of digital technology, and surge in demand of business intelligence tools drive the growth of the global augmented intelligence market. Increase in advancements to adopt augmented intelligence solutions and rise in variety of data within automated processes present new opportunities in the upcoming years.
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The global augmented intelligence market size was valued at USD 11.73 billion in 2020, and is projected to reach USD 121.57 billion by 2030, growing at a CAGR of 26.4% from 2021 to 2030.
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.
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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.
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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.
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.
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Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the total 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.
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 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.
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