Augmented Intelligence Market Research | Key Growth Drivers and Strengths

Augmented Intelligence Market Scope and Overview

The Augmented Intelligence Market was valued at USD 21.9 Billion in 2023. It is projected to reach USD 136.1 Billion by 2031. Businesses are rapidly becoming data-driven, and traditional methods are struggling to keep pace. Augmented intelligence bridges the gap by empowering human decision-making with the power of AI.

Organizations across industries are realizing the immense value of leveraging data insights to optimize operations, improve customer experiences, and gain a competitive edge. Whereas, Augmented intelligence provides a powerful solution by augmenting human intelligence with AI capabilities, which enabling faster, more accurate, and data-driven decision making. According to a a McKinsey report which states that the data-driven organizations are 23 times more likely to acquire customers, 6 times more likely to retain customers, and 19 times more likely to be profitable.

Augmented Intelligence Market

Competitive Landscape

Major players in the augmented intelligence market include IBM, Microsoft, Google, Amazon, and Salesforce. These companies are actively investing in research and development to expand their product offerings and strengthen their market positions. Strategic partnerships and acquisitions are a common trend in this market, as companies seek to acquire new capabilities and expand their reach. Open-source platforms are gaining traction, which fostering innovation and collaboration within the augmented intelligence ecosystem.

Major Key Players Studied in this Report are:

  • Amazon Web Services
  • International Business Machines Corporation
  • Micron Technology
  • Microsoft Corporation
  • QlikTech International AB
  • Salesforce
  • Samsung
  • SAP SE
  • Sisense
  • TIBCO Software
  • Others

Key Trends in the Augmented Intelligence Market

  • The market is moving beyond simply implementing standalone AI solutions. There’s a growing recognition of the value of Augmented Intelligence, which amplifies human expertise with AI capabilities.
  • Traditionally, AI solutions required significant investment in on-premise infrastructure. However, the rise of cloud-based Augmented Intelligence platforms is presenting significant opportunity.

Market Segmentation Analysis

  • On the Basis of Component: The software segment dominates the market due to the huge adoption of AI-powered software solutions across various industries such as healthcare, Retail & E-Commerce, BFSI and more. For Instance: AuDNN (Augmented Intelligence enabled Deep Neural Networking) framework presents a promising approach for the future of skin cancer detection. This framework is designed to achieve potentially superior results in skin cancer detection by leveraging the strengths of both human expertise and deep learning. Through this combination, the accuracy, early detection rates, and overall effectiveness of skin cancer diagnosis have the potential to be improved.
  • On the Basis of Technology: Machine learning currently holds the largest market share during the forecast period, due to its versatility and effectiveness in handling complex data analysis tasks.
  • On the Basis of Organization Size: Large enterprises currently lead the market due to their significant resources for investing in advanced AI technologies. Whereas, the small and medium enterprises is expected to grow rapidly in the coming years.
  • On the Basis of Industry Vertical: The healthcare industry is currently the leading adopter of augmented intelligence, driven by its potential to improve clinical decision-making, diagnostics, and patient care. The BFSI sector is expected to witness significant growth due to the increasing use of augmented intelligence for fraud detection, risk management, and personalized customer service.

Market Segmentation and Sub-Segmentation Included Are:

On The Basis of Component:

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

On The Basis of Technology:

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

On The Basis of Organization Size:

  • Large Organization
  • Small & Medium Organizations

On The Basis of Industry Vertical:

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

Regional Outlook 

  • North America is the dominating region in the augmented intelligence market, which is driven by the presence of major technology companies and a strong focus on innovation.
  • The Asia Pacific region is expected to be the fastest-growing market during the forecast period 2024-2031. due to rapid the economic growth, government initiatives to promote AI adoption, and a large pool of tech talent.
  • Europe holds a significant market share due to a strong emphasis on data privacy and regulations that encourage the development of ethical AI solutions.

Recent Developments

On May 12, 2024, a collaboration was announced between IBM and Mayo Clinic to develop a new AI-powered platform for clinical trial matching. This platform will leverage augmented intelligence to streamline the process of connecting patients with relevant clinical trials.

An announcement was made on June 5, 2024, regarding Microsoft’s latest advancements in its Azure Cognitive Services. These advancements include enhanced machine learning and natural language processing, specifically designed for augmented intelligence applications.

Key Takeaways from the Augmented Intelligence Market Study

  • The augmented intelligence market is experiencing significant growth driven by the increasing demand for data-driven decision making.
  • Machine learning and healthcare are currently the leading segments within the augmented intelligence market.
  • Cloud-based solutions are gaining traction due to their scalability and cost-effectiveness.
  • North America dominates the market, but the Asia Pacific region is expected to witness the fastest growth.
  • The competitive landscape is characterized by innovation, partnerships, and the emergence of open-source platforms.

Table of Contents

  1. Introduction
  2. Industry Flowchart
  3. Research Methodology
  4. Market Dynamics
  5. Impact Analysis
    • Impact of Ukraine-Russia war
    • Impact of Economic Slowdown on Major Economies
  6. Value Chain Analysis
  7. Porter’s 5 Forces Model
  8. PEST Analysis
  9. Augmented Intelligence Market Segmentation, by Component
  10. Augmented Intelligence Market Segmentation, by Technology
  11. Augmented Intelligence Market Segmentation, by Organization Size
  12. Augmented Intelligence Market Segmentation, by Industry Vertical
  13. Regional Analysis
  14. Company Profile
  15. Competitive Landscape
  16. USE Cases and Best Practices
  17. Conclusion

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