Augmented Intelligence Market Analytical Overview, Growth Factors, Demand and Trends Forecast Report till 2023
Global Augmented Intelligence Market is expected to register a CAGR of 35.8% during the review period, 2019–2025.
Major driving factors influencing the growth of the augmented intelligence market is the increased adoption of cloud-based products & services, rising utilization of big data analytics, and growing demand for smart virtual assistants. However, the presence of a limited number of professionals skilled with technology is one of the major restraints to market growth. Geographically, the market in Asia-Pacific is expected to exhibit growth at a high pace owing to the growing implementation of profound learning as well as NLP technologies in certain sectors such as finance, marketing, agriculture, and law applications.
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The Global Augmented Intelligence Market is characterized by the presence of several regional and local providers. Some of the key players in the market are Intel, Nvidia, Samsung Electronics, Xilinx, Micron Technology, IBM, Microsoft, Google, Amazon Web Services (AWS), Facebook, Baidu, Oracle, Salesforce, SAS, SAP, General Electric, Cisco, Rockwell, Siemens AND Mellanox Technologies, MondoBrain Inc., Sisense, Cosmo Tech, Qlik, and Quartic.ai .
The Global Augmented Intelligence Market has been segmented based on offering, Technology, End-Use Industry, and Region.
Offering, the market has been segmented into hardware, software, and services. The hardware segment has been further sub-segmented into processors, memory, and network. The software segment includes AI platforms and AI solutions. The services segment has been divided into deployment & integration and support & maintenance.
By Technology, the market has been divided into machine learning, natural language processing, context-aware computing, and computer vision. Natural language processing is the most commonly utilized technology attributing to its ability to process natural language interactions. The natural language processing technology segment is likely to be followed by machine learning and machine vision segments.
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By End-Use Industry, the market has been segmented into healthcare, manufacturing, automotive, agriculture, retail, human resources, fintech, and others. The adoption of augmented intelligence solution is phenomenal in the healthcare domain. The segment growth is mainly attributed to its increased application in medical imaging. The BFSI segment is also expected to exhibit decent growth over the forecast period. The growth is likely to be influenced by the availability of large volumes of unstructured data in the financial industry. The incorporation of NLP is projected to make processes much faster and accurate for employees, thereby stimulating market growth.
The Regions included in the study are North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America is expected to hold the largest share in the global augmented intelligence market, whereas Asia Pacific is expected to exhibit the highest CAGR over the forecast period due to the development of IT infrastructure and the manufacturing sector.
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