What Has Been The Evolution of the Augmented Intelligence Market in Recent Years?
The augmented intelligence market has seen considerable growth due to a variety of factors.
• In the past few years, the market size for augmented intelligence has seen exponential growth. Its projected escalation from a worth of $27.56 billion in 2024 to approximately $35 billion in 2025, signifies a compound annual growth rate (CAGR) of 27.0%.
Factors contributing to the growth during the historical period include the evolution of the data ecosystem, incorporation with pre-existing systems, the increasing complexity of business functions, dealing with cognitive load, and the rise of applications specific to various industries.
How Will the Augmented Intelligence Market?
The augmented intelligence market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for augmented intelligence is projected to undergo significant expansion in the upcoming years, reaching $90.19 billion in 2029, with a compound annual growth rate (CAGR) of 26.7%.
This upward trend during the forecast timeframe is primarily due to the progressive advancements in natural language processing (NLP), the rapid proliferation of IoT data, improved user experience personalization, the rising focus on ethical AI, and the capacity for continuous learning and adaptability. The forecast period is also set to witness crucial trends like collaborations across various industries, a surge in digital transformation efforts, human-AI cooperation, context-aware computing, and predictive analytics and forecasting.
Which Factors Are Boosting Growth In The Augmented Intelligence Market?
The rise in e-commerce is projected to stimulate the augmented intelligence market's expansion. E-commerce, which denotes online purchase and sale of goods and services, creates a platform for the practical usage of augmented intelligence. This enables businesses to utilize AI's capabilities to enhance customer interactions, streamline processes, and maintain a competitive edge in the fast-changing virtual marketplace. As an illustration, in August 2024, the Quarterly Retail E-Commerce Sales report released by the United States Census Bureau, an agency in the United States, estimated the total retail sales for 2024's second quarter to be around $1,826.9 billion. This reflected a surge of about 0.5 percent (±0.2) as compared to 2024's first quarter. Concurrently, e-commerce sales for the same quarter grew by 6.7 percent (±1.2) compared to the second quarter of 2023, whilst total retail sales recorded a 2.1 percent (±0.4) growth. E-commerce made up 16.0 percent of the total retail sales in the second quarter of 2024. Hence, the increasing e-commerce demand is propelling the growth of the augmented intelligence market.
What Key Areas Define The Segmentation Of The Global Augmented Intelligence Market?
The augmented intelligence market covered in this report is segmented –
1) By Component: Solution, Services
2) By Technology: Machine Learning, Natural Language Processing, Computer Vision, Other Technologies
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
4) By Industry Vertical: IT And Telecom, Retail And E-Commerce, BFSI, Healthcare, Manufacturing, Automotive, Other Verticals
Subsegments:
1) By Solution: Data Analytics Solutions, Cognitive Computing Solutions, Natural Language Processing (NLP) Solutions, Machine Learning Solutions
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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Which Emerging Market Trends Are Altering The Augmented Intelligence Industry?
Primary players in the augmented intelligence market are concentrating on creating unique, technologically advanced solutions, like digital assistants, to cement their market presence. Digital assistants are software agents that execute specified tasks based on voice prompts or user input, offering aid in multiple facets of daily life or work routines. For Example, in december 2023, Squirro AG, a software firm based in Switzerland, unveiled its new generative AI application, SquirroGPT, aimed at revolutionizing the way consumers engage online. This AI-driven digital assistant incorporates RAG (Retrieval-Augmented Generation) and aims to offer dynamic and instant interaction with internet users. It capitalizes on the power of artificial intelligence, enabling protected and confidential chat communications, intended to shift the way institutes interact with their online consumers. The launch of SquirroGPT highlights a considerable progression digital assistants and AI-mediated user interaction fields.
Who Are the Key Players In The Augmented Intelligence Market?
Major companies operating in the augmented intelligence market report are:
• Google
• Microsoft Corporation
• Facebook
• Amazon Web Services Inc.
• International Business Machines Corporation
• Oracle
• SAP SE
• NVIDIA
• Salesforce Inc.
• Clarifai
• OpenAI
• TIBCO
• MicroStrategy Inc.
• DeepMind
• ThoughtSpot Inc.
• SS&C Blue Prism
• DataRobot
• AlphaSense
• Builder.ai
• Sisense Inc.
• Accubits
• GoodData Corporation
• Transmetrics
• People.ai
• Synthesia
• Charles River Analytics
• CognitiveScale
• BenevolentAI SA SA
• Altoida AG
• Virtualitics
What Is The Most Dominant Region In The Augmented Intelligence Market?
North America was the largest region in the augmented intelligence market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the augmented intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
