Global Augmented Intelligence Market Report and Forecast 2024-2032

Global Augmented Intelligence Market Outlook

The global augmented intelligence market size reached USD 21.73 billion in 2023. The market is expected to grow at a CAGR of 25.4% between 2024 and 2032, reaching almost USD 166.54 billion by 2032.

Key Takeaways:

• The International Trade Administration reported that in 2021, global funding for artificial intelligence doubled to USD 66.8 billion thus enhancing the global augmented intelligence market growth.

• India launched 5G on October 1, 2022. Within 8 months, 200,000 sites covered 700 districts across 28 states, and 8 UTs, making a rapid global 5G deployment.

• Augmented intelligence enhances human abilities with tech, not replacing them, using ML and DL for data processing. Benefits include improved decisions, creativity, productivity, and ethical considerations across sectors.

Augmented intelligence seeks to enhance human abilities by harnessing technology, not replacing them entirely. It employs machine learning and deep learning to process large datasets, enabling humans to make informed choices and act accordingly.

This approach offers advantages such as improved decision-making, heightened creativity, increased productivity, personalised interactions, superior customer service, risk mitigation, efficient healthcare delivery, tailored educational experiences, optimized resource management, and the consideration of ethical implications for equitable decision-making across diverse sectors.

The artificial intelligence sector is experiencing significant growth, as reported by the International Trade Administration. In 2021, global artificial intelligence funding doubled to USD 66.8 billion, with 65 AI companies surpassing USD 1 billion valuations, up 442% from 2020, thus, boosting the global augmented intelligence market.

Key Trends and Developments

The global augmented intelligence market is driving improvements in enhanced decision-making, increased creativity, personalized experiences, and effective risk management.

December 2023

The American Medical Association (AMA) introduced new guidelines for augmented intelligence (AI) advancement and deployment in healthcare, emphasising consistent governance and ethical, equitable, and transparent implementation.

September 2023

Estée Lauder introduces the Voice-enabled Makeup Assistant, employing AI and AR to aid visually impaired individuals in cosmetics applications.

May 2023

Stormboard introduced StormAI, the industry's inaugural Augmented Intelligence co-collaborator, enhancing idea generation, strategy development, and collaboration alongside humans.

April 2023

University of Florida Health researchers sought to enhance radiologists' precision and efficiency through AI tools in an academic-industry partnership, refining solutions for improved quality and safety.

Enhanced decision-making

The expansion of the global augmented intelligence market offers in-depth insights from extensive datasets, aiding in making well-informed and accurate decisions. This results in improved strategic planning and optimized outcomes, ultimately enhancing overall business performance.

Boosted creativity

AI encourages creativity by presenting fresh perspectives and innovative concepts. AI catalyses creative problem-solving and product development, fostering a culture of innovation within organizations and enabling the exploration of unconventional solutions.

Personalized experiences

The global augmented intelligence market developments are attributed to the growing focus on augmented intelligence facilitating personalized customer interactions, and customizing products and services. This leads to heightened customer satisfaction, and increased loyalty, and ultimately, supports business growth within the expanding

Risk mitigation

Augmented intelligence scrutinizes vast datasets to identify real-time risks and anomalies. By offering early alerts and predictive insights, it aids organizations in proactively managing risks, addressing challenges, and maintaining seamless business operations.

Global Augmented Intelligence Market Trends

According to the global augmented intelligence market report, automation of everyday tasks and processes by augmented intelligence liberates human resources, enabling them to concentrate on more valuable activities. This leads to heightened efficiency, decreased operational expenses, and accelerated project completion.

Augmented intelligence streamlines the allocation of resources like time, finances, and manpower within organizations. It pinpoints inefficiencies, rationalizes workflows, and suggests effective resource utilization, resulting in cost savings and enhanced operational efficiency.

Market Segmentation

Global Augmented Intelligence Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

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

Solutions component drive the global augmented intelligence market growth by offering organizations enhanced insights and analytics from extensive datasets, improving data-driven decision-making processes

Augmented intelligence solutions streamline operations by automating tasks, saving time, and enhancing productivity. They facilitate personalized customer experiences, mitigate risks through real-time data analysis, and optimize resource allocation for cost savings.

Augmented intelligence services gain competitive edges by quickly adapting to market changes, meeting customer demands, and aligning with industry trends. Moreover, AI assists in compliance, predictive maintenance, and scalable solutions.

Cloud deployment drives the global augmented intelligence market, enabling easy resource scaling according to demand. Organizations can swiftly modify computing and storage capacity

Cloud-based augmented intelligence provides scalability, cost-effectiveness, accessibility, rapid deployment, and advanced features. Organizations can adjust resources easily, save costs, access from anywhere, deploy swiftly, and use advanced AI services.

On-premises augmented intelligence ensures data security, customization, compliance control, low latency, and seamless integration with legacy systems. Organizations can maintain data privacy, receive tailored solutions, comply with regulations, process data in real time, and integrate workflows efficiently.

Based on end use, the global augmented intelligence market growth is led by IT and telecom as AI algorithms enhance network performance by optimizing data routing, thereby reducing latency for improved user experiences

In the Information Technology (IT) realm, AI enhances efficiency, boosts security, foresees maintenance needs, provides customer service, and empowers advanced data analysis for informed decisions. Telecommunications (Telecom) benefits from AI in network optimization, maintenance prediction, personalized customer interactions, fraud detection, and operational streamlining.

Banking, Financial Services, and Insurance (BFSI) sectors leverage AI for risk assessment, real-time fraud detection, tailored customer services, algorithmic trading, and efficient claims processing.

Competitive Landscape

Market players are enhancing the market by providing customized solutions for sales, marketing, and service operations across diverse industries.

Squirro AG, founded in 2012 in Zurich, Switzerland, provides distinguished augmented intelligence solutions for analyzing and interpreting unstructured data. The company offers tailored solutions for sales, marketing, and service functions in various industries.

Amazon Web Services, Inc., established in 2002 as a subsidiary of Amazon, is based in Washington, USA, focusing on APIs and cloud computing. It provides a range of services including networking, computing, analytics, management, deployment, and storage.

Microsoft Corporation, based in Washington, USA, founded in 1975, is a global IT leader renowned for Windows operating systems. It develops applications, software systems, and hardware like video game consoles and touch-enabled PCs.

Oracle Corporation, founded in 1977 and headquartered in the USA, specializes in developing and marketing database software, cloud-engineered systems, and enterprise software, notably its database management systems.

Other key players in the global augmented intelligence market are QlikTech International AB, SAP SE, Sisense Ltd, Salesforce, Inc., Infor, and SAS Institute Inc. among others.

Global Augmented Intelligence Market Analysis by Region

Based on geography, the global augmented intelligence market share is led by North America that is driven by the rapid adoption of augmented reality (AR) and virtual reality (VR) in healthcare, alongside business goals like autonomous analytics and cloud technologies.

Asia Pacific is expected to contribute significantly to market growth, with companies focusing on established technologies such as 5G or 6G alongside developing ones.

As per the Ministry of Communication, India initiated 5G services on October 1, 2022. Within 8 months, 200,000 sites across 700 districts were established, covering all 28 states and 8 Union Territories, marking one of the quickest global 5G deployments thus boosting the global augmented intelligence market development.

Key Highlights of the Report