augmented intelligence Market

The augmented intelligence market was valued at US$ 7,084.4 million in 2019 and is projected to reach US$ 74,619.2 million by 2027; it is expected to grow at a CAGR of 35.4% from 2020 to 2027.

Rise in adoption of augmented intelligence by enterprises to gain best outcomes and increase in implementation of augment analytics in business intelligence tools are a few key driving factors for the global augmented intelligence market. However, limited number of expertise in implementation of augmented intelligence may hinder the growth of the market in some applications. Despite some limitations, adoption of augmented intelligence for digital intelligence and development of fully automated convenience stores are anticipated to drive the growth of the augmented intelligence market in the near future.

Augmented intelligence is a complex system. Companies need employees with certain skill sets for developing, implementing, and managing augmented intelligence solutions. For instance, employees dealing with augmented intelligence solutions should be aware of technologies, such as machine learning, cognitive computing, natural language processing, spatial navigation, and machine vision. Additionally, the incorporation of augmented intelligence solutions into the existing systems is a difficult task, as it needs extensive data processing for replicating the behavior of the human brain. Even minor errors may result in malfunctioning of a certain solution or system failure, and this may radically affect the desired result. As augmented intelligence technology is still in the early stage of the product life cycle, a limited workforce with in-depth knowledge of this technology is available. Thus, the limited number of expertise in implementing augmented intelligence across different sectors is expected to hinder the growth of the augmented intelligence market.

The augmented intelligencemarket is segmented into technology, enterprise size, end-user, and geography. Based on technology, the market is segmented into machine learning, natural language processing, context-aware computing, machine vision, and others. In 2019, the machine learning segment held the largest share of global augmented intelligence market. In terms of enterprise size, the augmented intelligence market is divided into SMEs and large enterprises. The SMEs segment is expected to be the fastest growing segment duringthe forecast period. Based onend-user, the market is segmented into IT and telecommunication, retail and e-commerce, BFSI, healthcare, and others. The IT & telecommunication segment helda substantial share of the market in 2019.In terms of geography, the market is broadly segmented into North America, Europe, Asia Pacific,Middle East &Africa (MEA), and South America (SAM). Asia Pacific is expected to be the fastest growing region during the forecast period.

The overall augmented intelligence market size has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the augmented intelligence market with respect to all the segments.It also provides the overview and forecast for the global augmented intelligence market based on all the segmentation provided with respect to five major regions—North America, Europe, AsiaPacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data,as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the augmented intelligence market.

Major players operating in the global augmented intelligence market include IBM Corporation, Microsoft Corporation, SAP SE, TIBCO Software Inc., Sisense Inc., Salesforce.com, Inc., QlikTech International AB, MondoBrain Inc., Cosmo Tech, and CognitiveScale.