Augmented Intelligence Market Forecast (2024-2031)
The augmented intelligence market size is projected to reach US$ 151.01 billion by 2031 from US$ 23.67 billion in 2023. The market is expected to register a CAGR of 26.1% in 2023–2031. The growing digitalization and evolution of blockchain technology are likely to remain a key augmented intelligence market trend.
Augmented Intelligence Market Analysis
The augmented intelligence market is growing at a rapid pace due to the growing number of large volumes of complex business data and expanding BFSI, IT & telecom, and retail and e-commerce industries. The market is expanding steadily, driven by the growing adoption of augmented intelligence among SMEs. Moreover, the rising usage of advanced technologies and increasing adoption of cloud-based solutions among businesses are providing lucrative opportunities for market growth.
Augmented Intelligence Market Overview
Augmented intelligence is a type of artificial intelligence that focuses on AI's assistive capabilities. In addition, augmented intelligence is being created to support organizations in making more accurate data-driven decisions in business and daily life. Furthermore, augmented intelligence is used by companies to improve their employee performance and assists the organization in understanding the employees' areas for improvement is driving the market. Additionally, augmented intelligence is the most effective technique to use and prioritize a big collection of security data by giving predictive analytics to enterprises.
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Augmented Intelligence Market: Strategic Insights
Market Size Value in US$ 8948.4 Million in 2020 Market Size Value by US$ 74619.2 Million by 2027 Growth rate CAGR of 35.4% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Augmented Intelligence Market: Strategic Insights
| Market Size Value in | US$ 8948.4 Million in 2020 |
| Market Size Value by | US$ 74619.2 Million by 2027 |
| Growth rate | CAGR of 35.4% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Augmented Intelligence Market Drivers and Opportunities
Growing Number of Large Volume of Complex Business Data is Driving the Market
Augmented intelligence technologies, such as machine learning and natural language processing, are becoming increasingly important for data analysis. Augmented intelligence enables the analysis of organized, semi-structured, and unstructured data sources stored within companies. The variety and high volume of data created are projected to rise significantly in the coming years associated with the expanding industries and evolution of digital technologies across company operations. This increases the demand for augmented intelligence solutions among companies for effectively and efficiently managing their large volume of data. However, the growing volume of complicated data is projected to fuel the augmented intelligence market during the anticipated time period.
Rising Usage of Advanced Technologies – An Opportunity in the Augmented Intelligence Market
Rising usage of advanced technologies such as artificial intelligence, machine learning, and natural language processing technologies are creating opportunities for market growth during the forecast period. Many industries, such as IT and telecommunication, retail and e-commerce, BFSI, healthcare, and others, are generating vast volumes of data and require advanced technologies for analyzing this data in real-time, which increases the demand for augmented intelligence solutions. Industries are adopting new technologies such as artificial intelligence, machine learning, and natural language processing for analyzing vast data by making effective decisions in real time. These tools have simplified the process of extracting insights from data, which increases its adoption and creates opportunities in the market.
Augmented Intelligence Market Report Segmentation Analysis
Key segments that contributed to the derivation of the augmented intelligence market analysis are technology, enterprise size, and end-user
- Based on technology, the augmented intelligence market is divided into machine learning, natural language processing, machine vision, context-aware computing, and others. The machine learning segment held a larger market share in 2023.
- In terms of enterprise size, the market is segmented into large enterprises and SMEs. The SMEs segment held a larger market share in 2023.
- In terms of end-user, the market is categorized as IT and telecommunication, retail and e-commerce, BFSI, healthcare, and others. The BFSI segment held a larger market share in 2023.
Augmented Intelligence Market Share Analysis by Geography
The geographic scope of the augmented intelligence market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, North America accounted for the largest augmented intelligence market share, due to the technological advancement and presence of key players, including IBM Corporation, Microsoft Corporation, TIBCO Software Inc., Salesforce.com, Inc., and MicroStrategy Incorporated. These players are significantly investing in adopting advanced technologies such as AI, ML, and NLP and are continuously engaged in developing these technologies by adding additional features. Rising demand for cloud-based augmented intelligence among industries including IT & telecommunication, BFSI, retail & e-commerce, healthcare, and others are projected to boost the market in North America.
Augmented Intelligence Market Report Scope
Augmented Intelligence Market News and Recent Developments
The augmented intelligence market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for augmented intelligence and strategies:
- In September 2023, Oracle Corp today showcased new AI-powered capabilities within Oracle Analytics Cloud. The new self-service AI capabilities, including generative AI assistants and augmented analytics, help organizations improve how data impacts decision-making. (Source: Oracle Corp, Press Release, 2023)
Augmented Intelligence Market Report Coverage and Deliverables
The “Augmented Intelligence Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology , Enterprise Size , End-User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global augmented intelligence market was estimated to be US$ 23.67 billion in 2023 and is expected to grow at a CAGR of 26.1% during the forecast period 2023 - 2031.
The growing number of large volumes of complex business data and expanding BFSI, IT & telecom, and retail and e-commerce industries are the major factors that propel the global augmented intelligence market.
The growing digitalization and evolution of blockchain technology to play a significant role in the global augmented intelligence market in the coming years.
The key players holding majority shares in the global augmented intelligence market are IBM Corporation, Microsoft Corporation, SAP SE, TIBCO Software Inc., and Sisense Inc.
The global augmented intelligence market is expected to reach US$ 151.01 billion by 2031.
The incremental growth expected to be recorded for the global augmented intelligence market during the forecast period is US$ 127.34 billion.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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