According to our most recent market research report titled “Augmented Intelligence Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Machine Vision, and Others), Enterprise Size (Large Enterprises and SMEs), End-User” (IT and Telecommunication, Retail and E-Commerce, BFSI, Healthcare, and Others), Geography,” the market was valued at US$ 8948.4 million in 2020 and is expected to reach US$ 74,619.2 million by 2027, growing at a 35.4% CAGR from 2020 to 2027.
Several enterprises are using augmented intelligence systems to overcome the challenges they face with respect to making complex decisions comprising stringent security and regulatory requirements, fast-changing customer expectations, and handling employees and staff. Increasing adoption of augmented intelligence by a large number of enterprises across different verticals to improve workflow and productivity is driving the growth of the augmented intelligence market in the current scenario. Augmented analytics is implemented to enhance data sharing, data analytics, and business intelligence that marks the next trend of disruption in the data and analytics market. Data and analytics specialists are implementing augmented analytics with platform proficiencies into their present business models. Augmented analytics incorporates artificial intelligence elements into analytics and business intelligence process to help users develop their data, identify new insights, and effortlessly share them with everyone in the organization. Augmented analytics integrates natural language processing and artificial intelligence elements that transform the user experience across the whole business intelligence process. Moreover, data ingestion, understanding correlations in data, insight finding, and interacting with the platform have become more powerful and streamlined than their modern counterparts in a self-service paradigm. Several modern business intelligence solutions have mobile apps and some even have Amazon Alexa or chatbot integrations, which enable users to interact with the data through more than just mouse clicks. Augmented analytics is expected to keep building on this trend. Thus, new insights and data would be accessible through a broader array of electronic devices. They can be pulled from the air just by asking a chatbot or voice interface question.
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Supportive government framework is anticipated to facilitate APAC to emerge as the global epicenter for the growth of AI. Several countries have had AI initiatives and policies in place for the past five years. For instance, Japan’s Artificial Intelligence Technology Strategy for promoting the development of AI and significances for industrialization, while South Korea has unveiled that it has raised ~US$ 21 billion budget to develop science and technology and AI sectors. Significant developments in AI market further create lucrative opportunities for the market players to focus and invest on augmented intelligence technology. Since, augmented intelligence is a subset of AI technology, any developments and initiatives in AI market directly support in development of augmented intelligence solutions.
Augmented intelligence, a new model of partnership between machines and humans, is evolving and focusing on the value of humans and intelligent automation functioning together. Digital workers, in the form of robotic process automation (RPA) software robots, can now concentrate on enhancing automation efforts with Machine Learning and AI to work alongside humans. In fact, digital workers’ contribution is anticipated to increase by ~50% in the next two years, demonstrating a real transition to a future developed on human-machine collaboration. It is also projected that substantial investment in augmented intelligence technologies for delivering digital intelligence to boom in the coming days, as business leaders increasingly realize the advantages of investing in intelligent automation. Several organizations are deploying technology related to digitizing, automating, and optimizing document workflows to reduce their cost expenditure. Deloitte has observed augmented intelligence ramping up in several enterprises and reported that ~37% of companies have already invested more than US$ 5 million in the digital transformation. The company anticipates that this investment is projected to continue in the next few years.
The key companies profiled in the IBM Corporation; Microsoft Corporation; SAP SE Dacast Inc.; Tibco Software Inc; Sisense Inc, among others .Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.
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