Augmented Intelligence Market Size to Worth Around USD 206.91 BN by 2032

Ottawa, June 07, 2023 (GLOBE NEWSWIRE) -- As per Precedence Research, the global augmented intelligence market size will expand to USD 128.73 billion by 2030. Artificial intelligence that emphasizes the helper function is known as augmented intelligence. In addition, augmented intelligence is being created to assist organizations in making data-driven decisions that are more accurate in both business and daily life. Also, it improves employee performance in firms and aids management in identifying individuals' weak points. Moreover, augmented intelligence, which gives organizations access to predictive analytics, is the best approach to use and prioritize a sizable collection of security data.

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The global augmented intelligence market is growing as organizations increasingly leverage cutting-edge technologies like big data, blockchain, artificial intelligence, and the internet of things to meet customer expectations. Also, the market's expansion is positively impacted by the spike in demand for business intelligence products. However, factors including software implementation challenges and a shortage of augmented intelligence specialists are anticipated to restrain market expansion. In contrast, it is anticipated that throughout the forecast period, significant companies would advance their use of augmented intelligence solutions and the volume and variety of data will expand within an automated process, providing lucrative chances for the market's growth.

Regional Insight

North America held a dominant position in the augmented intelligence market by region in 2022, and it is anticipated that it will continue to do so throughout the forecast period. This is ascribed to a variety of factors, including the emergence of new sectors and economic growth. Moreover, the market is anticipated to benefit from the increasing number of cloud-based providers offering augmented intelligence solutions across North America. A large number of small and medium-sized businesses are turning to hosted augmented intelligence solutions to effectively manage their business processes, especially in developing nations like China, India, and Singapore. As a result, Asia-Pacific is predicted to experience significant growth during the forecast period.

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Scope of the report

Report Highlight

By Technology

The machine learning, natural language processing, geographical navigation, machine vision, and logical reasoning segments make up the global market for augmented intelligence. Due to its capacity to process natural language interactions, natural language processing is the most widely used technology. Machine learning and machine vision segments are projected to come after the natural language processing technology segment.

By End-user

The global market for augmented intelligence is divided among many industries, including manufacturing, energy & utilities, BFSI, retail & marketing, healthcare, and IT & telecommunication. The adoption of augmented intelligence technologies in the healthcare industry is phenomenal. The rising use of the sector in medical imaging is primarily responsible for the market expansion. Over the forecast period, the BFSI segment is anticipated to increase reasonably. The financial industry's access to vast amounts of unstructured information is likely to have an impact on growth. It is anticipated that the use of NLP will enable staff to complete tasks considerably more quickly and accurately, driving industry expansion.

By Organization size

Small and medium-sized businesses and large businesses make up the two segments of the global market for augmented intelligence. Both large and small and medium-sized businesses have primarily used augmented intelligence solutions to improve rather than replace the performance of their staff. Throughout the upcoming years, it is projected that small and medium-sized businesses would expand significantly. In 2022, the segment of Big Businesses accounted for the majority of the market.

Based on deployment, the global market for augmented intelligence is divided into cloud and on-premises segments. Due to recent advancements in cloud computing and data storage sites, such as cloud platform storage facilities, cloud-based solutions are expected to grow at the fastest rate over the coming years.

Market Dynamic

Market Drivers: Increasing volume of complex business data

A growing demand for augmented intelligence technologies, such as machine learning and natural language processing, is there to analyze the data (NLP). Analysis of organized, semi-structured, and unstructured data sets that are accessible within organizations is made possible through augmented intelligence. Due to the development of digital technology across company processes, it is anticipated that the variety and volume of data generated will significantly rise in the coming years. The market for augmented intelligence is anticipated to increase as a result of this rising volume of complex data.

Market Restrain: Data Security Concerns

Data, which is the foundation of augmented intelligence solutions, continues to be a crucial component that most firms find challenging to manage. The likelihood of security breaches and data loss has increased due to the inefficiencies of maintaining exabytes and petabytes of data. Marketing teams need real-time and secure data to provide a fantastic client experience in today's cutthroat industry. Businesses are collecting data from several touchpoints and measuring it virtually. Such information may come in a variety of data kinds and is utilized for communication and support. These data kinds include consumer small data as well as the publicly available information. Organizations will need stronger security and privacy measures as IoT becomes more commonplace in order to prevent breaches.

The success of digitalization is threatened by security issues. There will be more security and privacy concerns as IoT-enabled equipment proliferates, and every endpoint, sensor, gateway, and smartphone will be a tempting target for hackers.

Market Opportunity: Increased use of technology for machine learning, artificial intelligence, and natural language processing

Organizations have been forced to adopt new technologies like ML and NLP due to the production of enormous amounts of data and the requirement to evaluate it in real-time. The entire process of deriving insights from data has been made easier by these technologies. Typically, graphs and charts were used for data analysis. The data analysis was not a subscriber to the untrained eye, and there was a chance for misinterpretation and subpar judgement.

Related Reports

• Augmented Reality Market - The global augmented reality market size was valued at USD 40.12 billion in 2022 and is expanding around USD 1,188.98 billion by 2032 with a CAGR of 40.34% from 2023 to 2032.
• Extended Reality Market - The global extended reality market size was valued at USD 35.14 billion in 2022 and is expanding around USD 345.9 billion by 2030, with a CAGR of 33.09% from 2022 to 2030.
• Augmented Reality and Virtual Reality Market - The global augmented reality and virtual reality market size was valued at USD 41.56 billion in 2022 and is expanding around USD 859.35 billion by 2030, with a CAGR of 46.03% from 2022 to 2030.
  
  

Recent & Development

• The launch of Watson Advertising Social Targeting with Influential, a new tool that uses artificial intelligence (AI) to help marketers find influencers who most closely match their brand values, was announced by IBM for 2020. Influential and Watson Advertising have expanded their partnership with the introduction of the new targeting solution.
• In 2020, SAP's partners are extremely skilled at providing the market with solutions tailored to particular industries. One such partner is Vistex; this type of partner will be essential to the future business cloud solutions from SAP and partners.

Market Segmentation

By Component

• Solution
  • Hardware
    • Software Platform
      • On-Premise
      • Cloud
• Services

By Technology

• Machine Learning
• Natural Language Processing
• Computer Vision
• Others

By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises

By End User

• IT & Telecom
• Retail & E-Commerce
• BFSI
• Healthcare
• Manufacturing
• Automotive
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa
  
  

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