The Global Augmented Intelligence Market size is expected to reach $66.8 billion by 2028, rising at a market growth of 25.0% CAGR during the forecast period.
Augmented intelligence is a pattern for a human-centered partnership paradigm in which people and artificial intelligence (AI) collaborate to improve cognitive performance, such as learning, decision-making, and new experiences.
Artificial intelligence that emphasizes the assisting role of AI is known as augmented intelligence. Moreover, augmented intelligence is being created to assist organizations in making more accurate data-driven judgments in business and in daily life. Additionally, it improves employee performance in firms and aids in the understanding of the employees' weak points. Additionally, by delivering predictive analytics to businesses, augmented intelligence is the most effective approach to use and prioritize a big collection of security data.
Augmented Intelligence collects all types of data (structured & unstructured) from a variety of sources, including disparate and siloed systems, and converts it into useful information for consumers. For example, an Augmented Intelligence-assisted Visor can scan the environment, convert the real-time feed into multiple still frames (images-unstructured data), and then use complex algorithms and neural nets to classify and label all the objects in the line of sight, making it tactically safe and secure for soldiers to traverse across battlefields and hostile territory. This is only one example of how Augmented Systems can assist users.
Some industry experts have believed that the term artificial intelligence is closely associated with popular culture and science fiction, resulting in unrealistic concerns about AI and unrealistic expectations about how autonomous robots and other intelligent systems will change the workplace and society in general. Researchers and marketers hope that by using the phrase "augmented intelligence," which has a more neutral connotation, people would understand that AI software will just enhance products and services rather than substitute the humans who use them.
An alternative term for artificial intelligence more accurately reflects the current state of technology and research. While a powerful AI algorithm is capable of generating a conclusion based on patterns in big data sets, the decision is only as effective as the data those human beings provided to the program. IBM, which has put a lot of money into artificial intelligence with its Watson cognitive system, has embraced the term augmented intelligence and suggested the term intelligence augmentation (IA), not only to emphasize the technology's supportive role but also to avoid the ambiguity that comes with using AI as an abbreviation. Machine-augmented intelligence and cognitive augmentation are two more possibilities for replacing the title.
COVID–19 has changed the way people do business all over the world. Though the COVID–19 outbreak exposed flaws in business models across verticals, it also provided various chances for businesses to digitalize and expand beyond geographies as the use and integration of technologies like analytics, cloud AI, IoT, and blockchain grew throughout the lockdown time. The fight against COVID-19 has relied heavily on machine learning and data analytics. Almost every country has deployed augmented intelligence powered by machine learning, as well as AI analysis, in some form or another to estimate the rate of infection and death caused by the pandemic.
Organizations have been influenced to implement new technologies such as AI, ML, and NLP as a result of the vast amount of data generated and the requirement to evaluate it in real-time. These technologies have simplified the process of extracting information from data. Graphs and charts were commonly used to analyze data. The data analysis was not user-friendly to the untrained eye, and there was a potential risk of poor decision-making and poor decision-making. To assess data, augmented intelligence technologies such as natural language processing and machine learning are becoming increasingly popular (NLP). Within enterprises, augmented intelligence allows for the analysis of organized, semi-structured, and unstructured data collections. Due to the expansion of digital technology across company processes, the variety and volume of data created are likely to significantly increase in the coming years.
Digital technologies help businesses expand faster by allowing them to reach a larger audience and establish long-term relationships with customers, which increases brand trust. Additionally, augmented intelligence technology assists firms in achieving a variety of goals, including providing high-quality customer service, lowering operating costs, and raising revenues, all of which contribute to market expansion. In addition, the increased usage of augmented intelligence technology among businesses that collaborate with distributors and suppliers, as well as specialized and sub-contractor consultants, to produce a diverse variety of products and services, presents a lucrative opportunity for the market.
The firms must obtain value from data in order to properly mitigate risks, aim for valuable consumers, and analyze business performance. The availability of a substantial amount of data is required to monetize these data assets. This is a difficult task. The data consolidation from multiple data sources into relevant information, on the other hand, might present a number of new issues for companies, particularly centralized business firms. Tools for assessing the obtained data in one location and identifying and cross-checking business-critical components are provided by data interchange and data ecosystems.
Based on Component, the market is segmented into Software and Services. The software segment acquired the highest revenue share in the augmented intelligence market in 2021. To supply high-end services, sensible advancements in information storage capacity, parallel processing capabilities, and high computing power are responsible for the high proportion. In addition, this segment's capacity to extract data, provide real-time insight, and improve decision-making helped it grab the highest share of the market. In dynamic end-use verticals, AI software. Libraries for creating and implementing AI applications, including primitives, inference, sparse matrices, linear algebra, video analytics, and numerous hardware connection capabilities, are all included in artificial intelligence software packages.
Based on Technology, the market is segmented into Machine Learning, Natural Language Processing, Computer Vision and Others. The natural language processing segment procured a substantial revenue share in the augmented intelligence market in 2021. Human language is broken down into pieces in natural language processing so that the grammatical order of sentences and the definitions of words may be examined and comprehended in context. This enables computers to read and comprehend spoken and written language in the same way that people do.
Based on Deployment Model, the market is segmented into On-premise and Cloud. The on-premise segment acquired the highest revenue share in the augmented intelligence market in 2021. On-premise is a true or false assertion that aids in the formation of an argument's body, leading to a true or false conclusion. On-premise deployment ensures the safety of the data and protects from other cybersecurity threats.
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). The small & medium sized enterprises segment garnered a significant revenue share in the augmented intelligence market in 2021. Human Resources (HR) and supply chain departments of small and medium sized enterprises have started to deploy, for example, employ Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) to improve efficiency and save costs. Cloud deployment made it financially feasible to implement augmented intelligence.
Based on Vertical, the market is segmented into BFSI, Manufacturing, Government, Telecom & IT, Consumer Goods & Retail, Healthcare & Life Sciences, Energy & Utilities, Transportation & Logistics, and Others. The BFSI segment acquired the highest revenue share in the augmented intelligence market in 2021. Augmented intelligence is gaining popularity across all verticals to increase profitability and lower total costs. Risk assessment, financial analysis, and investment/portfolio management proposals are all part of the BFSI market. Because of the increased need for risk and compliance applications in the BFSI, artificial intelligence has gained a considerable share.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 14.3 Billion |
| Market size forecast in 2028 | USD 66.8 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 25% from 2022 to 2028 |
| Number of Pages | 341 |
| Number of Tables | 573 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Technology, Deployment Model, Organization Size, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America acquired the largest revenue share in the augmented intelligence market in 2021. The rising technological improvements in the region are key factors encouraging the growth of the augmented intelligence market in North America. Market growth is likely to be aided by the expanding number of augmented intelligence companies around the globe.
Free Valuable Insights: Global Augmented Intelligence Market size to reach USD 66.8 Billion by 2028
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Augmented Intelligence Market. Companies such as Amazon Web Services Inc., IBM Corporation, Sisense, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC, Amazon Web Services, Inc., IBM Corporation, SAP SE, Sisense, Inc., Microsoft Corporation, MicroStrategy, Inc., Tibco Software, Inc., Salesforce.com, Inc., and QlikTech International AB (Thoma Bravo).
By Component
By Technology
By Deployment Model
By Organization Size
By Vertical
By Geography
The augmented intelligence market size is projected to reach USD 66.8 billion by 2028.
Growth in the utilization of augmented intelligence for marketing are driving the market in coming years, however, unification of data from data silos growth of the market.
Google LLC, Amazon Web Services, Inc., IBM Corporation, SAP SE, Sisense, Inc., Microsoft Corporation, MicroStrategy, Inc., Tibco Software, Inc., Salesforce.com, Inc., and QlikTech International AB (Thoma Bravo).
Yes, Almost every country has deployed augmented intelligence powered by machine learning, as well as AI analysis, in some form or another to estimate the rate of infection and death caused by the pandemic.
The Machine Learning segment acquired maximum revenue share in the Global Augmented Intelligence Market by Technology in 2021, thereby, achieving a market value of $28.3 billion by 2028.
The North America market dominated the Global Augmented Intelligence Market by Region in 2021, and would continue to be a dominant market till 2028.
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