Global Augmented Intelligence Market Size, Share & Industry Trends Analysis Report By Component, By Technology, By Deployment Model, By Organization Size, By Vertical, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Augmented Intelligence Market
Market Report Description
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 Impact Analysis
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.
Market Growth Factors:
The growing use of AI, machine learning, machine learning, and language processing technologies
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.
Growth in the utilization of augmented intelligence for Marketing
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.
Marketing Restraining Factor:
Unification of Data from Data Silos
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.
Deployment Model Outlook
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.
Organization Size Outlook
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.
|Market size value in 2021||USD 14.3 Billion|
|Market size forecast in 2028||USD 66.8 Billion|
|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|
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
KBV Cardinal Matrix - Augmented Intelligence Market Competition Analysis
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).
Recent Strategies Deployed in Augmented Intelligence Market
» Partnerships, Collaborations and Agreements:
- Mar-2022: SAP SE came into a partnership with Consilium Software, a leader in providing customer engagement solutions. Under this partnership, Consilium becomes an SAP PartnerEdge partner, serving both companies as a gateway to build new markets, boost innovation, and deliver customer success. This partnership would allow Consilium as an independent software vendor (ISV) to advance the design, development, and commercialization of its software and directly integrated solutions with the used APIs from SAP software business applications.
- Mar-2022: Google came into a partnership with Impactsure Technologies. Built on Google Cloud, Impactsure would serve financial institutions and corporate customers with the potential to execute artificial intelligence (AI) and machine learning (ML) solutions that can raise operational efficiency and lower risk related to compliances.
- Feb-2022: Sisense joined the hands with Yieldbroker, the leading Tier 1 licensed electronic trading platform. The collaboration aimed to help Yiledbrokers expand its geographical footprints in Australian and New Zealand Market.
- Sep-2021: Amazon Web Services joined hands with National Institution for Transforming India (NITI Aayog) and Intel. The collaboration aimed to incorporate a new experience studio at the NITI Aayog Frontier Technologies Cloud Innovation Center (CIC). The studio would boost open innovation and deliver as a hub for government, education, healthcare, and nonprofit startups from India to present their solutions. In addition, it would also provide startups with an option to access the necessary assistance to improve and scale their solutions.
- Sep-2021: Microsoft entered into a Memorandum of Understanding with the University of Adelaide's Australian Institute for Machine Learning, to explore advanced cloud computing, AI, computer vision, and machine learning that can be applied in space, beyond the Earth's surface. Project AI Off Earth would emphasize the cutting edge of innovation in space.
- Sep-2021: Tableau came into a partnership with dotData, a leader in full-cycle enterprise AI automation solutions. The partnership aimed to allow Tableau users to increase the power of dotData's AI Automation Capabilities. With this partnership, Tableau users would be able to create personalized predictive analytics solutions faster and more easily. By combining Tableau's data preparation and visualization capabilities with dotData's augmented insights discovery and predictive modeling capabilities, Tableau users can perform full-cycle predictive analysis from raw data through data preparation and insight discovery through AI-based predictions and actionable dashboards.
- Jun-2021: SAP SE formed a partnership with TeamViewer, a leading global provider of remote connectivity and workplace digitalization solutions. The partnership aimed to boost the digital transformation of workplaces and processes in industrial environments. This partnership would assist to improve addressing the fast-growing need of customers for enhanced, outcome-based services.
- Jun-2020: Microsoft came into a partnership with SAS, an American multinational developer of analytics software. Under this partnership, Microsoft would come as a preferred cloud provider for SAS analytics products and vendors will migrate SAS analytics tools into Microsoft Azure.
» Acquisitions and Mergers:
- Mar-2022: Microsoft took over Nuance Communications, a leader in conversational AI & ambient intelligence over industries comprising financial services, healthcare, retail, and telecommunications. This acquisition would integrate Nuance’s best-in-class conversational AI and ambient intelligence with Microsoft’s safe and trusted industry cloud offerings.
- Feb-2022: IBM took over Neudesic, a leading U.S cloud services consultancy specializing primarily in the Microsoft Azure platform, also bringing skills in multicloud. Under this acquisition, IBM’s portfolio of hybrid multi-cloud services & further advances in the company’s hybrid cloud and AI strategy would expand.
- Jan-2021: TIBCO Software took over Information Builders. This acquisition aimed to mark the inclusion of Information Builders data management and analytics capabilities to the advanced TIBCO Connected Intelligence platform.
» Product Launches and Product Expansions:
- Feb-2022: Salesforce released Revenue Intelligence, Tableau CRM, and CDP Direct Data for Net Zero Cloud as part of its Spring '22 release, and each brings improved analytics functionality to Salesforce tools with the use of Tableau. Tableau's spring platform update comprised the inclusion of Einstein Discovery, a no-code tool within Salesforce's Einstein Analytics platform that allows predictive modeling and prescriptive recommendations using augmented intelligence and machine learning.
- Sep-2021: TIBCO Software unveiled its data quality capabilities in the new TIBCO DQ product family. In addition, key enhancements have been made to TIBCO Data Virtualization and TIBCO EBX products under the Unify portfolio. This product launch has been made to aid organizations create a data fabric on any cloud platform unrestricted by siloed data.
- Jun-2021: Tableau expanded its product line by bringing data analytics and AI combined in a suite of new and expanded augmented analytics features. This new release would strengthen more people with the right technology to make smarter and faster decisions irrespective of their role and skill level. New IDC research found that a strong data culture brings numerous benefits comprising increased collaboration, innovation, and measurable values like trust and accountability, irrespective of industry or region.
- May-2021: Google unveiled Vertex AI. It is a managed machine learning (ML) platform that permits companies to fasten the deployment and maintenance of artificial intelligence (AI) models. Vertex AI needs about 80% fewer lines of code to train a model versus competitive platforms, allowing data scientists and ML engineers overall levels of expertise the ability to execute Machine Learning Operations (MLOps) to efficiently create and handle ML projects throughout the complete development lifecycle.
- Apr-2020: Amazon Web Services unveiled the Amazon Augmented Artificial Intelligence (A2I). It is a fully handled service that makes it easy to add a human review to machine learning predictions to enhance model and application precision by persistently identifying and bettering low confidence predictions.
Scope of the Study
Market Segments Covered in the Report:
- Software and
- Machine Learning
- Natural Language Processing
- Computer Vision and
By Deployment Model
- On-premise and
By Organization Size
- Large Enterprises and
- Small & Medium-sized Enterprises (SMEs)
- Telecom & IT
- Consumer Goods & Retail
- Healthcare & Life Sciences
- Energy & Utilities
- Transportation & Logistics, and
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Google LLC
- Amazon Web Services, Inc.
- IBM Corporation
- SAP SE
- Sisense, Inc.
- Microsoft Corporation
- MicroStrategy, Inc.
- Tibco Software, Inc.
- Salesforce.com, Inc.
- QlikTech International AB (Thoma Bravo)
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