Pune, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Augmented Intelligence Market Size Analysis:
“According to SNS Insider, the Augmented Intelligence Market Size was valued at USD 25.7 Billion in 2023 and is expected to reach USD 193.3 Billion by 2032, growing at a CAGR of 25.17% over the forecast period 2024-2032.”
Government Support and Funding Boosting Market growth
The Augmented Intelligence market has been experiencing significant growth due to AI technology and the growing need for better decision-making across industries. Increased demand can be attributed to the growing use of AI tools for analytics, which allows for real-time data processing and insights. The focus on increased efficiency and precision of operations in the healthcare, finance, and manufacturing industries also drives market growth. Another factor influencing market growth is the increased data volumes and the urge to interpret said data using ever more sophisticated methods. Additionally, public-private partnerships are playing a crucial role in driving market growth by facilitating collaborative projects that push the boundaries of AI capabilities.
Augmented intelligence market growth has been fostered by the increasing support from the government and the accompanying funding initiatives. For example, the U.S. Department of Commerce reports that as of the 2024 fiscal year, the federal funding for research and development of AI stood at USD 12.4 billion. Such funds are dedicated to improving the country’s AI capabilities by supporting innovation efforts and by developing AI tools that can be integrated into various business systems. It is evident that government-led initiatives are spurring growth by promoting an environment that is favourable to the development of technology. Additionally, public-private partnerships are playing a crucial role in driving market growth by facilitating collaborative projects that push the boundaries of AI capabilities.
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Major Players Analysis Listed in this Report are:
- IBM (IBM Watson, IBM Watson Discovery)
- Microsoft (Microsoft Azure AI, Microsoft Cognitive Services)
- Google (Google Cloud AI, Google Assistant)
- Amazon Web Services (AWS) (AWS SageMaker, AWS Lex)
- Salesforce (Salesforce Einstein, Salesforce Service Cloud)
- Oracle (Oracle AI Platform, Oracle Autonomous Database)
- SAP (SAP Leonardo, SAP AI Core)
- Intel (Intel Nervana, Intel Movidius)
- NVIDIA (NVIDIA DGX Systems, NVIDIA Clara)
- Palantir Technologies (Palantir Foundry, Palantir Gotham)
- Hewlett Packard Enterprise (HPE) (HPE Ezmeral, HPE Nimble Storage)
- UiPath (UiPath Studio, UiPath Orchestrator)
- QlikTech International AB
- Qualcomm (Qualcomm Snapdragon AI, Qualcomm AI Engine)
- Cerner Corporation (Cerner Millennium, Cerner HealtheDataLab)
- OpenText (OpenText Magellan, OpenText Business Network)
- Adobe (Adobe Sensei, Adobe Experience Cloud)
- Baidu (Baidu Apollo, Baidu DuerOS)
- SAS Institute (SAS Viya, SAS Analytics Cloud)
- Nexar (Nexar AI Dashcams, Nexar Fleet)
Augmented Intelligence Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 25.7 Bn |
| Market Size by 2032 | USD 193.3 Bn |
| CAGR | CAGR of 25.17% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Businesses are increasingly using sophisticated analytics, smart contracts, machine intelligence, and the internet of things. |
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Segment analysis
- On the basis of Component, the software segment dominated the augmented intelligence market, which accounted for more than 43% of the revenue. The growth of this segment is the result of the broader adoption of AI-powered software solutions in various industries. According to the government data provided by the International Data Corporation, investment in software technologies leveraging AI has grown by 30% compared to the previous year. The market dominance of the software segment can be explained by its ability to provide scalable and versatile solutions used to enhance decision-making and streamline operations. In addition, this development is closely linked to the rapid expansion of cloud- based platforms and the wider adoption of AI software in various business functions.
- Based on Vertical, the IT and telecom vertical dominated the augmented intelligence market in 2023. The data from the Federal Communications Commission shows a substantial increase in investments in AI technologies by this sector. Such expenditures have grown by over 25% in the past year, primarily because of the continuous need to improve the sector’s network performance, customer service, and data analysis. Augmented intelligence has been utilized to enhance operations, ensure better network reliability, and offer personalized customer experience in this vertical, making it a key driver of market expansion. Overall, the IT and telecom vertical’s investments in AI technologies underscore its central role in utilizing advanced solutions to push the market’s growth and address complex challenges.
Augmented Intelligence Market Segmentation:
By Component
- Hardware
- Software
- Services
By Technology
- Machine Learning
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
- Others
By Organization Size
- Small and Medium-Sized Enterprises
- Large Enterprises
By Vertical
- IT and Telecom
- BFSI
- Healthcare
- Manufacturing
- Automotive
- Agriculture
- Others
Regional analysis
North America region dominated the augmented intelligence market, And accounted approximately 36% of the global market share in 2023. This growth is attributed to the region’s well-established technological infrastructure and high acceptance rates. The dominant nature of Northern America in this market is attributed by the substantial investment in artificial intelligence research and development alongside the availability of the leading market players. Furthermore, the U.S. government has initiated strategic plans to promote AI innovations and technologies within the economy. Additionally, the region's well-established tech ecosystem and favourable regulatory environment contribute to its continued market leadership.
Recent News:
- In August 2024, IBM launched the enterprise augmented intelligence platform, which would improve the analytics capacity to facilitate acceptance and automate decision-making.
- July 2024: Google AI unveiled a groundbreaking AI-driven solution aimed at revolutionizing customer service through advanced natural language processing and machine learning technologies.
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Key Takeaways:
- This report aims to provide a comprehensive analysis of the augmented intelligence market, focusing on key drivers, market dynamics, and regional trends.
- The report should deliver insights into market growth drivers, including government support, technological advancements, and sector-specific developments, while also highlighting the dominant software segment, leading verticals, and regional performance.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Augmented Intelligence Market Segmentation, By Component
8. Augmented Intelligence Market Segmentation, By Technology
9. Augmented Intelligence Market Segmentation, By Organization Size
10. Augmented Intelligence Market Segmentation, By Vertical
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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