According to a new report by Expert Market Research titled, “Global Augmented Intelligence Market Share, Size, Report and Forecast 2024-2032″, the global augmented intelligence market size reached a value of USD 21.73 billion in 2023. Aided by the fusion of human cognitive ability with artificial intelligence (AI) technologies, the market is projected to further grow at a CAGR of 25.4% between 2024 and 2032 to reach a value of USD 166.54 billion by 2032.
Augmented intelligence stands distinct from traditional AI, emphasising the enhancement of human intelligence rather than attempting to replicate it. By combining the best of human insight and artificial intelligence capabilities, augmented intelligence systems are designed to support and amplify human tasks, making them more efficient and effective. This approach has found resonance across various sectors, including healthcare, finance, retail, and manufacturing, where it is leveraged to analyse complex data, predict trends, and facilitate informed decision-making.
As per the augmented intelligence market analysis, in an era characterised by information overload, businesses and organisations are seeking solutions that can sift through vast datasets to deliver actionable insights. Augmented intelligence systems, with their ability to process and analyse data at scale, are becoming indispensable tools for informed decision-making. Continuous breakthroughs in AI and machine learning algorithms have significantly improved the capabilities of augmented intelligence systems. These advancements enable more sophisticated analysis, prediction, and automation processes that complement human intelligence.
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As per the augmented intelligence market outlook, augmented intelligence systems become more integrated into daily operations and decision-making processes, there is a growing demand for ethical AI practices and transparency in how these systems work. Consumers and regulatory bodies are increasingly concerned about bias, privacy, and the potential consequences of AI decisions. This trend is pushing companies to adopt ethical AI frameworks, conduct bias audits, and ensure their AI systems are transparent and understandable to users.
There is a shift towards human-centred design in augmented intelligence applications, focusing on enhancing human decision-making and creativity rather than replacing human roles which boosts the augmented intelligence market growth. This involves designing AI systems that are intuitive, interactive, and tailored to complement and augment human capabilities, ensuring that technology serves to empower individuals rather than alienate them.
The development and implementation of augmented intelligence solutions are fostering unprecedented levels of cross-industry collaboration. Industrial sectors are pooling their knowledge and resources to create more comprehensive and sophisticated AI solutions. For example, healthcare providers are partnering with AI technology firms to develop advanced diagnostic tools, while financial institutions are collaborating with cybersecurity firms to leverage AI in fraud detection, which propels the augmented intelligence market expansion.
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Improvements in NLP are making augmented intelligence systems more adept at understanding and processing human language, enabling more natural and effective human-computer interactions. This trend is particularly impactful in customer service, where AI-powered chatbots and virtual assistants can provide personalised assistance and support, and in data analysis, where AI can interpret and summarise textual data from various sources.
In sectors like retail and healthcare, there is an increasing focus on delivering personalised experiences which contributes to the augmented intelligence market share. Augmented intelligence enables the customisation of services and products by analysing individual preferences and behaviours, thereby improving customer satisfaction and loyalty. The proliferation of IoT devices has generated unprecedented amounts of data. Augmented intelligence, integrated with IoT ecosystems, can harness this data to optimise operations, enhance customer experiences, and predict maintenance needs in real-time.
The rollout of 5G technology is set to amplify the capabilities of augmented intelligence systems in the augmented intelligence market by providing faster, more reliable connectivity. This convergence enables the real-time processing and analysis of vast data volumes, facilitating more dynamic and responsive AI applications across various sectors, including smart cities, telemedicine, and augmented reality experiences.
Market Segmentation
The market can be divided based on component, deployment model, technology, enterprise size, end use, and region.
Market Breakup by Component
• Solution
• Services
Market Breakup by Deployment Model
• On-Premises
• Cloud
Market Breakup by Technology
• Machine Learning
• Natural Language Processing
• Computer Vision
• Others
Market Breakup by Enterprise Size
• Large Enterprises
• Small and Medium Enterprises
Market Breakup by End Use
• IT and Telecom
• Retail and E-Commerce
• BFSI
• Healthcare
• Manufacturing
• Automotive
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global augmented intelligence market. Some of the major players explored in the report by Expert Market Research are as follows:
• Squirro AG
• Amazon Web Services, Inc.
• Microsoft Corporation
• QlikTech International AB
• SAP SE
• Sisense Ltd.
• Oracle Corporation
• Salesforce, Inc.
• Infor
• SAS Institute Inc.
• Other
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