The Global Autonomous AI and Autonomous Agents Market size is expected to reach $51.2 billion by 2030, rising at a market growth of 40.7% CAGR during the forecast period.
Autonomous AI and autonomous agents revolutionized the financial institutions' function and provided services, profoundly impacting the BFSI (Banking, Financial Services, and Insurance) sector. Hence, the BFSI segment accounted for $821.2 million revenue in the market in 2022. These cutting-edge technologies present unparalleled opportunities for automation, superior decision-making, and increased customer service. In the BFSI industry, autonomous AI systems use machine learning algorithms to evaluate enormous volumes of financial data, detect trends, and make autonomous conclusions about fraud detection, risk management, and investment strategies.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. In May, 2023, SAP SE entered into a partnership with IBM Corporation to combine the latter’s Watson AI engine over their complete solutions portfolio, consisting of SAP Business One, S/4 HANA Cloud, SAP S/4 HANA, and SAP Business ByDesign. Additionally, In May, 2023, NVIDIA Corporation signed a partnership with ServiceNow, Inc. to create powerful, top-notch generative AI capabilities which can change business processes with quicker and highly intelligent workflow automation.
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation and Google LLC (Alphabet Inc.) are the forerunners in the Market. In February, 2023, Microsoft Corporation extended its partnership with OpenAI to independently market the advanced AI technology in AI supercomputing and research. Companies such as Oracle Corporation, NVIDIA Corporation and Salesforce, Inc. are some of the key innovators in the Market.
The rising tide of AI applications in a variety of disciplines is a major factor in the development of autonomous AI and agents. AI is being used to solve complicated problems and improve operations in a variety of industries, including healthcare, transportation, finance, and manufacturing. Autonomous AI systems and agents that can adapt and function independently without continual human interaction are becoming more and more necessary as the demand for effective and intelligent solutions increases. In light of this, it is correct to mention that the growing application of AI is estimated to support the market’s expansion.
The applications of autonomous AI that are most suitable are in the fields of administrative workflows, image analysis, robotic surgery, virtual assistants, and clinical decision support. To help medical personnel make an accurate diagnosis, autonomous AI may examine a tremendous amount of medical data, including patient records, test results, and medical imaging. As a result, it accomplishes a cognitive, challenging task previously carried out by ophthalmologists and optometrists with substantial, specialized training. Hence, their demand is growing rapidly in the market.
Several ethical issues emerge as autonomous AI systems and agents become more sophisticated and widespread. The potential for autonomous vehicles or robots to cause accidents or harm is a significant concern. Determining liability in an accident involving an autonomous agent can be difficult due to the interplay between the machine's decisions, the manufacturer's design, and human interaction. Additionally, a large number of autonomous agents are driven by AI algorithms, and these algorithms may inherit biases from the data they were trained on. Due to biases, decisions that unfairly discriminate against certain groups may be made. These ethical and legal issues with autonomous agents may prevent the market from growing.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
On the basis of vertical, the market is categorized into BFSI, healthcare & life sciences, IT & telecom, retail & e-commerce, media & entertainment, energy & power, automotive, transportation & logistics, government & defense, manufacturing, and others. In 2022, the retail & e-commerce segment covered a considerable revenue share in the market. The rise of autonomous shopping is a result of autonomous AI. Smart "grab-and-go" businesses, where customers pay with their smartphones, are quickly gaining popularity. Nanostores, smart cabinets, and completely autonomous stores are a few of the new strategies.
Based on technology, the market is fragmented into machine learning (ML), natural language processing (NLP), context awareness and computer vision. The computer vision segment recorded a remarkable revenue share in the market in 2022. Autonomous AI and autonomous agents use computer vision as a core technology to perceive & comprehend visual data from their surroundings. Algorithms for computer vision can analyze images and video streams, identify objects, recognize patterns, and derive meaningful features.
By offering, the market is classified into hardware, services and software. The Hardware market is expected to witness a CAGR of 40.9% during (2023 - 2030). Services are essential to effectively deploying and operating autonomous AI and agent systems. These services include consulting, implementation & integration, training and support & maintenance. The goal of service providers in the market is to provide value-added services that allow organizations to utilize their AI systems fully. The services are tailored to the specific requirements of organizations, fostering collaboration, knowledge transfer, and ongoing support to maximize the benefits derived from autonomous AI and agent technologies.
Under software type, the market is bifurcated into computational agents and robotic agents. In 2022, the computational agents segment witnessed the largest revenue share in the market. Computational agents exist exclusively in digital environments and are propelled by advanced algorithms and computing power. These agents use machine learning and artificial intelligence to evaluate enormous volumes of data, forecast outcomes, optimize processes, and make autonomous choices.
Under software deployment, the market is segmented into on-premise, and cloud. In 2022, the cloud segment dominated the market with maximum revenue share. Hosting AI and agent systems on distant servers offered by cloud service providers constitutes cloud deployment for autonomous AI and agents. This deployment strategy provides numerous benefits to organizations seeking to leverage the strength of AI and agents.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 3.4 Billion |
| Market size forecast in 2030 | USD 51.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 40.7% from 2023 to 2030 |
| Number of Pages | 393 |
| Number of Table | 593 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Offering, Technology, 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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Region wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. The United States and Canada are two nations in North America that are at the forefront of the development and application of autonomous AI and autonomous agents. The region is home to significant technology companies, research institutions, and cutting-edge startups in artificial intelligence. Autonomous AI is being used in various industries in North America, including transportation, healthcare, banking, manufacturing, and entertainment.
Free Valuable Insights: Global Autonomous AI and Autonomous Agents Market size to reach USD 51.2 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Oracle Corporation, Google LLC (Alphabet Inc.), Salesforce, Inc., SAP SE, NVIDIA Corporation, Baidu, Inc., Uber Technologies, Inc., Cogito Tech LLC.
By Vertical
By Technology
By Offering
By Geography
The Market size is projected to reach USD 51.2 billion by 2030.
Using Autonomous AI and Agents to Improve Healthcare are driving the Market in coming years, however, Significant Obstacles for Market from Ethical and Legal Considerations restraints the growth of the Market.
IBM Corporation, Microsoft Corporation, Oracle Corporation, Google LLC (Alphabet Inc.), Salesforce, Inc., SAP SE, NVIDIA Corporation, Baidu, Inc., Uber Technologies, Inc., Cogito Tech LLC.
The Software segment acquired maximum revenue share in the Market by Offering in 2022; thereby, achieving a market value of $24.0 billion by 2030.
The Machine Learning segment is leading the Market by Technology in 2022; thereby, achieving a market value of $20.9 billion by 2030.
The North America region dominated the Global Autonomous AI and Autonomous Agents Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $19.0 billion by 2030.
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