Market Analysis:
The Global Augmented Intelligence Market is projected to grow at a compound annual growth rate of CAGR of 25.5% during the forecast period of 2022-2030.
Important influencing elements affecting the expansion of the augmented intelligence market 2020 is the rising establishment of increasing demand for smart virtual assistants, increasing usage of big data analytics and cloud-based products and services. However, the existence of a limited number of professionals skilled with technology is one of the biggest obstacles to market expansion. On the basis of region, the market in Asia-Pacific is estimated to show growth at a high speed due to the increasing integration of profound learning as well as NLP technologies in particular sectors such as marketing, agriculture, finance, and law applications.
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Key Players:
Augmented Intelligence Market Top Players,
• Intel
• Nvidia
• Samsung Electronics
• Xilinx
• Micron Technology
• IBM
• Microsoft
• Google
• Amazon Web Services (AWS)
• Facebook
• Baidu
• Oracle
Augmented intelligence executes a crucial role in financial institutions as this humans-machines pair will allow them to make effective business decisions assuring the better flow of conversation of their employees with customers. Similarly, the healthcare industry also asks operational efficiency while dealing with patients, hence, augmented intelligence will allow them to increase their traditional settings. The global augmented intelligence market is estimated to expand at a considerable rate during the review period due to the rising demand for studying and analyzing great volumes of unstructured data among the enterprises. The global augmented intelligence market expansion is also estimated to be affected by the rising R&D investments by established players to adopt augmented intelligence solutions. Additionally, enterprises are estimated to involve in mergers and acquisitions to utilize the most of technology in favor of their organization.
Global Augmented Intelligence Market Segmentation:
The Global Augmented Intelligence Market has been classified on the grounds of End-Use Industry, offering, Region, and Technology.
On the basis of the End-Use Industry, the market has been classified into fintech, agriculture, human resources, manufacturing, automotive, healthcare, retail, and others. The healthcare vertical is estimated to expand considerably over the forecast period, followed by the BFSI vertical.
On the basis of offering, the market has been classified into software, hardware, and services. The hardware segment has been further classified into network, processors, and memory. The software segment consists of AI solutions and AI platforms. The services vertical has been classified into support & maintenance and deployment & integration.
On the basis of geography, the market has been classified into North America, Asia-Pacific, the Middle East, and Africa, Europe, and South America.
On the basis of technology, the market has been classified into context-aware computing, natural language processing, computer vision, and machine learning. Natural language processing is estimated to achieve the maximum market share during the assessment period due to its capability to process natural language interactions. Moreover, the natural language processing technology segment is expected to be followed by machine vision segments and machine learning.
Regional Market Analysis:
On the basis of region, the Global Augmented Intelligence Market has been divided into four regions, namely Europe, North America, Middle East & Africa, Asia-Pacific, and South America.
North America is estimated to acquire the maximum share in the global augmented intelligence market during the forecast period owing to the existence of various small, medium, and large organizations across the region.
Crucial factors like quick adoption of the establishment of new business models and integrated cloud platform affecting the market expansion. Asia Pacific is estimated to record the highest CAGR over the forecast period due to the establishment of a manufacturing sector and IT infrastructure.
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Augmented Intelligence Industry Developments:
January: Microsoft announced that it would be acquiring Nuance Communications, a leading provider of conversational AI and ambient intelligence solutions. This acquisition is expected to help Microsoft expand its augmented intelligence capabilities in the healthcare, customer service, and enterprise markets.
February: Google Cloud launched a new augmented intelligence platform called Cloud AutoML Vision Edge. This platform allows developers to build and deploy custom machine learning models on edge devices, such as smartphones and laptops.
March: IBM announced the general availability of its Watson Assistant for Contact Centers. This new offering combines Watson Assistant with IBM's Contact Center Suite to provide businesses with a more intelligent and personalized customer experience.
April: Salesforce launched a new augmented intelligence feature called Einstein Discovery. This feature uses machine learning to help users discover hidden insights in their data.
May: SAP announced the release of its new augmented intelligence solution called SAP HANA Live. This solution uses machine learning to help businesses make better decisions in real time.
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