Market Research Report
Augmented Intelligence Market Forecasts to 2028 - Global Analysis By Type (Decision Support, Smart Products), Component (Hardware, Services), Technology, End User, and By Geography
|Augmented Intelligence Market Forecasts to 2028 - Global Analysis By Type (Decision Support, Smart Products), Component (Hardware, Services), Technology, End User, and By Geography|
Published: June 1, 2022
Stratistics Market Research Consulting
Content info: 200+ Pages
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According to Stratistics MRC, the Global Augmented Intelligence Market is accounted for $14.31 billion in 2021 and is expected to reach $61.32 billion by 2028 growing at a CAGR of 23.1% during the forecast period. Augmented intelligence is an alternative form of artificial intelligence that focuses on AI's assistive role. Augmented intelligence refines human abilities of reasoning in software or robotic system that includes expectancy, recollection & sequencing, business outlook, and problem-solving.
Increase in use of advanced technologies
The rise in the adoption of artificial intelligence, machine learning, and natural language processing technologies for solving complex business problems and improving revenue is driving market growth. The generation of a massive amount of data and the need to analyze it in real-time has compelled organizations to adopt new technologies. These technologies have eased the whole process of gathering insights from data. Usually, data analysis was done through graphs and charts. The data analysis was not user-friendly, and there was a risk of misinterpretation and poor decision-making.
Data security concerns
The backbone of augmented intelligence solutions, data, is a significant feature that most businesses find difficult to manage. The inefficiency of managing exabytes and petabytes of data has increased the risk of security breaches and data losses. Organizations are gathering information through multiple touchpoints and measuring them virtually. Such data is utilized in support and communication and may include a variety of data types. With the increasing IoT-enabled systems, the security and privacy issues will also increase, and every endpoint, gateway, sensor, and smartphone will become a potential target for hackers.
The rise in the use of digital technology
Digital technologies increase the speed of business growth as they let companies reach a wide audience and build lifelong relations with clients to boost brand reliability. Moreover, technology assists organizations to achieve numerous objectives which augment the growth of the market. Furthermore, the increase in the use of digital technology among business that works with distributors & suppliers, specialized & sub-contractor's consultants for producing a varied range of products and services provide ample opportunities for the market.
Integration of data from data silos
Extracting value from data has become the main thing for many organizations to successfully reduce risks, target valuable customers, and evaluate business performance. Monetizing these data assets needs the accessibility of enough amount of data. Though, data consolidation from distinct data sources into meaningful information can bring new challenges for organizations, particularly centralized business enterprises. Many augmented intelligence providers offer unified data aggregation and data analytics platforms that assist users in successfully aggregating and analyzing data from disparate data sources. As the need for data exchange increases, it needs to be balanced with risk mitigation capabilities.
The machine learning segment is expected to be the largest during the forecast period
The machine learning segment is estimated to have a lucrative growth as machine learning helps in the transformation of knowledge into expertise and the extraction of significant patterns from huge amounts of data. Augmented intelligence along with machine learning systems can detect patterns utilizing aggregated data with precise unit characteristics of each instance and numerous variables to be employed, allowing predictive models to be built.
The large enterprises segment is expected to have the highest CAGR during the forecast period
The large enterprises segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the high adoption of augmented intelligence and services among large enterprises as these enterprises use augmented intelligence solutions for specific use cases. They are faced with the troublesome task of effectively managing security because of the diverse nature of IT infrastructure, which is complex in nature.
Region with highest share:
North America is projected to hold the largest market share during the forecast period due to the increasing technological advancements, penetration of new industries and improvement in the economy, presence of a growing number of cloud augmented intelligence solution vendors, and the growing number of augmented intelligence players across regions.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period as the region 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 and 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.
Key players in the market
Some of the key players profiled in the Augmented Intelligence Market include TIBCO, Stradigi AI, Lucidworks, Sisense, Dataiku, Cosmo Tech, Salesforce, QlikTech International AB, NEORIS, MicroStrategy, SAP, Jumio, IBM, Google, Squirro AG, Microsoft, CognitiveScale, AWS, SAS and Schlumberger.
In March 2022, Schlumberger expanded its successful INNOVATION FACTORI network with the opening of a new center in Houston, Texas. INNOVATION FACTORI enables customers to accelerate the development and deployment of enterprise-scale AI and digital solutions, in the context of their unique business challenges, spanning exploration to production and new energy systems.
In April 2020, IBM released novel AI-powered technologies. IBM released novel AI-powered technologies to help the Health and Research Community accelerate the discovery of medical insights and treatments for COVID-19.
In June 2019, Salesforce acquired data visualization company Tableau Software. Along with Google Cloud's acquisition of Looker and Logi Analytics' purchase of Zoomdata, it's looking like the consolidation trend in big data and business analytics is back.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.