Augmented Intelligence Market by Component (Solution and Services), by Technology (Machine Learning, Natural Language Processing, Computer Vision, and Others), by Enterprise Size (Large Enterprises and Small & Medium Sized Enterprises (SMEs)), and by Industry Verticals (IT & Telecom, Retail & E-Commerce, BFSI, Healthcare, Manufacturing, Automotive, and Others) - Global Opportunity Analysis and Industry Forecast 2023-2030

Market Definition

The global Augmented Intelligence Market size was valued at USD 16.45 billion in 2022 and is predicted to reach USD 96.35 billion by 2030 with a CAGR of 24.7% from 2023-2030. Augmented intelligence, also known as cognitive augmentation or intelligence amplification, refers to the use of advanced technologies such as artificial intelligence (AI) and machine learning (ML) to enhance human intelligence and decision-making processes in business.

It combines the strengths of humans and machines, leveraging AI algorithms and data analytics to provide valuable insights, automate repetitive tasks, and assist professionals in making more informed and efficient decisions. Augmented intelligence aims to augment human capabilities, improve productivity, and drive better business outcomes by harnessing the power of AI to enhance human intelligence rather than replacing it.

Market Dynamics and Trends

The widespread adoption of advanced technologies such as big data, blockchain, artificial intelligence, and the Internet of Things (IoT) by businesses to effectively understand and meet customer expectations is driving the growth of the augmented intelligence market.

Moreover, advancement in technologies such as artificial intelligence (AI), machine learning (ML), and deep learning techniques that enables machines to process and analyze vast amounts of data along with intelligent decision-making capabilities are further fueling the expansion of the market. For instance, in August 2023, ChatGPT-4, an AI language model from OpenAI, collaborated with Zoonova.com, a prominent financial technology company to launch advanced AI/Machine Learning analytics. This collaboration aims to reshape the landscape of stock and ETF analysis by introducing features such as AI-driven calculations, pattern recognition clustering, sentiment analysis, and interactive charts to empower investors in making well-informed decisions.

Furthermore, increasing adoption of AI in the healthcare sector, enabling doctors to make informed decisions more efficiently and identify health disparities that pose risks to patients' outcomes, is boosting the growth of the market. However, limited number of augmented intelligence experts along with challenges such as data collection, annotation, and training of model software during the implementation of the technology are the major factors restraining the growth of market.

On the contrary, the integration of Natural Language Processing (NLP) and emotion recognition technologies, enabling AR to understand natural conversations and human emotions, is expected to create ample opportunities in the growth of the market in the coming years. For instance, in July 2022, DeepAR, an augmented reality (AR) technology company, unveiled DeepAR Studio 4.0. The new studio featured an innovative emotion recognition-based 3D editing, pushing the boundaries of emotion recognition technology in the augmented reality landscape.

Market Segmentations and Scope of the Study

The augmented intelligence market report has been segmented based on component, technology, enterprise size, industry verticals, and region. Based on component, the market is bifurcated into solution and services. Based on technology, the market is divided into machine learning, natural language processing, computer vision and others. Based on enterprise size, the market is divided into large enterprises and small & medium sized enterprises. Based on industry verticals, the market is divided into IT & telecom, retail & e-commerce, BFSI, healthcare, manufacturing, automotive and others. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America region holds the largest share of the augmented intelligence market and is expected to continue its dominance during the forecast period. The strong presence of IT companies and professionals creating a conducive environment for collaboration, investment, and adoption of augmented intelligence solutions is driving the growth of the market in the region. According to the latest report by the International Trade Administration, the US is the largest tech market in the world with more than 557,000 software and IT services companies, equivalent to one third of the global information technology market.

Moreover, presence of major players such as Microsoft Corporation, QlikTech International AB, and Amazon Web Services Inc boosts the market growth in this region. For instance, in June 2023, AWS launched Generative AI Innovation Center to drive advancements in artificial intelligence and machine learning. The center focuses on developing innovative solutions and tools, collaboration among researchers, developers, and businesses to accelerate the adoption and utilization of advanced technologies.

On the other hand, Asia Pacific is expected to show a steady rise in the augmented intelligence market. This is due to the rapid growth of e-commerce in countries such as China, India, and Japan that generates massive volumes of data which is leveraged with augmented intelligence to gain valuable insights, personalize customer experiences, and optimize operations. According to the International Trade Administration, China is the largest e-commerce market globally generating substantial volume of data, as it reached USD 2.29 trillion in 2020 and is expected to reach USD 3.56 trillion by 2024. 

Moreover, the growing adoption of augmented intelligence by the expanding BFSI sector in the Asia Pacific to deals with vast amounts of complex data is driving the growth of the market in this region. For instance, in June 2023, State Bank of India (SBI) implemented machine learning and artificial intelligence (AI) techniques, along with business analytics, to enhance its services and customer experience. By leveraging these advanced technologies and creating a robust data lake, SBI aims to offer personalized banking experiences, optimize processes, and drive operational efficiency.

Competitive Landscape

The augmented intelligence industry comprises of various key players such as Amazon Web Services Inc., International Business Machines Corporation, Micron Technology Inc, Microsoft Corporation, QlikTech International AB, Salesforce.com Inc, Samsung, SAP SE, Sisense Inc, TIBCO Software Inc, NVIDIA Corporation, Oracle Corporation, Google Inc, SalesForce, Nextech3D.ai, and others. These market players are adopting various strategies such as product launches to remain dominant in the market.

For instance, in March 2023, Nextech3D.ai launched a pioneering augmented reality mobile app tailored for live events, merging artificial intelligence and augmented reality to enhance event management. The app combines MapD's event management solutions with ARway's AI-powered Augmented Reality Navigation platform, providing features such as exhibitor management, real-time attendee tracking, and integrated augmented reality experiences for attendees.

Moreover, in February 2023, Microsoft introduced a new AI-powered version of Bing and Edge, aiming to reinvent search by providing users with an enhanced web browsing experience. With AI capabilities integrated into Bing and Edge, users can expect a more personalized and efficient search experience, making it their reliable companion on the web. 

Key Benefits

• The report provides quantitative analysis and estimations of the augmented intelligence market from 2023 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the augmented intelligence market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the global market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Augmented Intelligence Market Key Segments

By Component

• Solution

• Services

By Technology

• Machine Learning

• Natural Language Processing

• Computer Vision

• Others

By Enterprise Size

• Large Enterprises

• Small & Medium Sized Enterprises

By Industry Verticals

• It & Telecom

• Retail & E-Commerce

• BFSI

• Healthcare

• Manufacturing

• Automotive

• Others

By Region

• North America    

  • US

  • Canada

  • Mexico

• Europe    

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific    

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW    

  • Latin America

  • Middle East

  • Africa

Report Scope and Segmentation

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