Market Snapshot
The global augmented intelligence market is estimated to secure USD 121 Bn, expanding at a CAGR of 26% during the forecast period. Increasing usage of advanced technologies such as blockchain, big data, artificial intelligence, and Io among businesses is anticipated to be the key factor developing the market in the forecast period. Besides, the increasing demand for business intelligence tools is another factor propelling the industry. Moreover, ongoing advancements by the established players to adopt augmented intelligence solutions and the growing volume and variety of data within an automated process are projected to offer significant opportunities for expansion in the market. On the contrary, challenges associated with the implementation of augmented intelligence are likely to hinder market growth. The lack of augmented intelligence expertise is expected to hamper industry growth. Organizations also have to take care of the appropriate usage of AI/ machine learning algorithm deployment for implementing it at a wide scale. However, augmented intelligence has offered various jobs, and institutions also offer courses to impart expertise to individuals. Such factors are expected to counter the negative aspects and significantly boost the market in the forecast period.
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Market Segmentation
· Based on the software platform, the on-premises segment is expected to garner the largest market share during the forecast period. However, the cloud segment is predicted to witness the highest growth due to the growing shift in deployment methods from on-premises to cloud-based models. Also, leading market vendors of augmented intelligence have offered various strategies to aid enterprises in moving their on-premises augmented intelligence to cloud-based models, which is anticipated to propel segmental growth further. The on-premises segment is expected to retain its dominance in the coming time as on-premises software is considered helpful in large enterprises since the software can be implemented on the IT infrastructure of a company and offers better security compared to the cloud.
· The market can be classified into large enterprises and SMEs based on enterprise size. The large enterprise segment is anticipated to garner a larger market share during the forecast period. The segment's growth can be attributed to such established enterprises' enormous expense bearing capacity against the SMEs.
· The manufacturing segment is anticipated to garner maximum traction during the forecast period based on the industry vertical. The expansion can be attributed to industry 4.0 in the manufacturing sector.
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Regional Analysis
As per the analysis, the market is expected to dominate North America during the forecast period. Growth of the market can be attributed to various numbers of factors such as; penetration of new players and the rising economy. The U.S and Canada are projected to make the most significant contribution to developing the market in the region. In addition, there has been a substantial rise in demand for various sectors such as banking, e-commerce, IT & Telecom, and retail. The surging need for automated machine-driven decisions is one of the most salient factors propelling the market. Moreover, players in the market are developing a dedicated platform for AI and its sub-sets. For instance, in April 2020, Amazon Web Services (AWS) unveiled Amazon Augmented Artificial Intelligence (A2I).
APAC is anticipated to be the fastest-growing market in the forecast period. The rapid growth of the market can be attributed to developing countries such as India, China, Japan, and others. Also, the increasing adoption of technologically advanced software in various industries is expected to propel the market in the region.
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List of Key Players Covered in the Augmented Intelligence market:
· Amazon Web Services
· International Business Machines Corporation
· Micron Technology
· Microsoft Corporation
· QlikTech International AB
· among others.
Some of the recent developments among key players are:
· In March 2022, VEON announced to share its access to its Augmented Intelligence Platform capabilities and know-how with the international mobile operator community. In a recently accomplished pilot project, VEON used drones and its Augmented Intelligence Platform to locate damaged roads and generate an informative report that could be used to mitigate the required repairs.
· In March 2022, SciBase Holding AB, a renowned developer of augmented intelligence-based solutions for skin disorders, disclosed that it's the patent application: EP application no. 18729063.0 had been granted EPO in Europe.
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Some Points from Table of Contents of the Augmented Intelligence Market: -
Global Augmented Intelligence Market Growth, Trend and Forecast 2021-2028
Chapter 1 Augmented Intelligence Market Overview
1.1 Product Overview and Scope of Augmented Intelligence
1.2 Augmented Intelligence Market Segmentation by Type
1.2.1 Global Production Market Share of Augmented Intelligence by Type in 2019
1.2.1 Type 1
1.2.2 Type 2
1.2.3 Type 3
1.3 Augmented Intelligence Market Segmentation by Application
1.3.1 Augmented Intelligence Consumption Market Share by Application in 2019
1.3.2 Application 1
1.3.3 Application 2
1.3.4 Application 3
1.4 Augmented Intelligence Market Segmentation by Regions
1.4.1 North America
1.4.2 China
1.4.3 Europe
1.4.4 Southeast Asia
1.4.5 Japan
1.4.6 India
1.5 Global Market Size (Value) of Augmented Intelligence (2014-2028)
Chapter 2 Global Economic Impact on Augmented Intelligence Industry
2.1 Global Macroeconomic Environment Analysis
2.1.1 Global Macroeconomic Analysis
2.1.2 Global Macroeconomic Environment Development Trend
2.2 Global Macroeconomic Environment Analysis by Regions
Chapter 3 Global Augmented Intelligence Market Competition by Manufacturers
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