Globally, the market for augmented intelligence was valued at $11.73 billion in 2020 and is projected to grow at a CAGR of 26.4% from 2017 to 2027. It is developed to make AI assistive decision with reliable and effective management in everyday life and businesses. Additionally, it helps organizations to understand lacking areas of employee and boost their performance in organizations. In addition, augmented intelligence provides organizations with predictive analytics that can help them to prioritize a large collection of security information.
Industry Dynamics of the Augmented Intelligence Market
- The increased use of advanced technology, including big data, blockchain, artificial intelligence, and the internet of things by businesses and a rise in using digital technology to meet customer expectations drive global augmented intelligence market growth.
- An increase in demand bolstered the market for business intelligence tools. Factors such as software implementation issues and the limited number of experts in augmented intelligence will hinder the overall market growth.
- Market growth during the forecast period is expected to be fuelled by an increasing number of large players adopting artificial intelligence solutions and an increasing amount and variety of data in automated processes.
- Issues related to implementation of augmented intelligence software and availability of limited number of experts of augmented intelligence is expected to hinder the overall market growth.
Reginal outlook for Augmented Intelligence Market
In the year 2020, the North America augmented intelligence market is forecast to reign supreme during the forecast period. The economy has improved because of several factors, including the penetration of new industries. In addition, more vendors of cloud augmented intelligence applications will begin to appear in the U.S. and Canada, which will create lucrative opportunities for the market. Although global trends are expected to remain static during the forecast period.
The Asia-Pacific augmented intelligence market is expected to grow strongly due to the presence of small and medium-sized enterprises, which are turning towards hosted augmented intelligence systems to better manage their business processes, particularly in developing countries like China, India, and Singapore.
Aim of the Global Augmented Intelligence Market Report
The report presents the global augmented intelligence market overview based on component, technology, enterprise size, industry vertical, and region.
Segmentation based on Component
Segmentation based on Technology
- Machine learning
- Natural language processing
- Computer vision
Segmentation based on Enterprise Size
- Large enterprises
- Small enterprises
- Medium enterprises
Segmentation based on Industry Vertical
- IT & telecom
- Retail & e-commerce
Segmentation based on Region
- North America
Key Competitors of the Global Augmented Intelligence Market
There are several major players in the augmented intelligence industry, including:
- Amazon Web Services, Inc.
- Microsoft Corporation
- Samsung, SAP SE
- International Business Machines Corporation
- Micron Technology, Inc.
- QlikTech International AB
- Salesforce.com, Inc.
- Sisense Inc.
- TIBCO Software Inc.
As these players penetrate the market and achieve market leadership, they have adopted different strategies to enhance their position further. Some of the key strategies adopted by companies in the global marketplace are product launches, acquisitions, joint venture, and collaboration among others.