Global Augmented Intelligence Market is estimated to record a CAGR of 35.8% during the forecast period from 2020 to 2027.
Important influencing elements affecting the expansion of the augmented intelligence market 2020 is the rising establishment of increasing demand for smart virtual assistants, increasing usage of big data analytics and cloud-based products and services. However, the existence of a limited number of professionals skilled with technology is one of the biggest obstacles to market expansion. On the basis of region, the market in Asia-Pacific is estimated to show growth at a high speed due to the increasing integration of profound learning as well as NLP technologies in particular sectors such as marketing, agriculture, finance, and law applications.
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Augmented intelligence is a design pattern for a human-centered partnership model of people and artificial intelligence (AI) working together to enhance human capabilities. It is an alternative conceptualization of AI that focuses on AI's assistive role in advancing human capabilities and decision-making. Augmented intelligence can be used to make decisions in a safer and more informed manner, and it is designed to enhance how humans work, not to replace them. Examples of augmented intelligence applications include the use of machine learning for news curation and radiomics for medical diagnosis.
Augmented intelligence executes a crucial role in financial institutions as this humans-machines pair will allow them to make effective business decisions assuring the better flow of conversation of their employees with customers. Similarly, the healthcare industry also asks operational efficiency while dealing with patients, hence, augmented intelligence will allow them to increase their traditional settings. The global augmented intelligence market is estimated to expand at a considerable rate during the review period due to the rising demand for studying and analyzing great volumes of unstructured data among the enterprises. The global augmented intelligence market expansion is also estimated to be affected by the rising RD investments by established players to adopt augmented intelligence solutions. Additionally, enterprises are estimated to involve in mergers and acquisitions to utilize the most of technology in favor of their organization.
Global Augmented Intelligence Market Segmentation
The Global Augmented Intelligence Market has been classified on the grounds of End-Use Industry, offering, Region, and Technology.
On the basis of the End-Use Industry, the market has been classified into fintech, agriculture, human resources, manufacturing, automotive, healthcare, retail, and others. The healthcare vertical is estimated to expand considerably over the forecast period, followed by the BFSI vertical.
On the basis of offering, the market has been classified into software, hardware, and services. The hardware segment has been further classified into network, processors, and memory. The software segment consists of AI solutions and AI platforms. The services vertical has been classified into support maintenance and deployment integration.
On the basis of geography, the market has been classified into North America, Asia-Pacific, the Middle East, and Africa, Europe, and South America.
On the basis of technology, the market has been classified into context-aware computing, natural language processing, computer vision, and machine learning. Natural language processing is estimated to achieve the maximum market share during the assessment period due to its capability to process natural language interactions. Moreover, the natural language processing technology segment is expected to be followed by machine vision segments and machine learning.
Regional Market Analysis
On the basis of region, the Global Augmented Intelligence Market has been divided into four regions, namely Europe, North America, Middle East Africa, Asia-Pacific, and South America.
North America is estimated to acquire the maximum share in the global augmented intelligence market during the forecast period owing to the existence of various small, medium, and large organizations across the region.
Crucial factors like quick adoption of the establishment of new business models and integrated cloud platform affecting the market expansion. Asia Pacific is estimated to record the highest CAGR over the forecast period due to the establishment of a manufacturing sector and IT infrastructure.
The global augmented intelligence market is regulated by the existence of various local and regional providers. Crucial players in the global augmented intelligence market are proposing extensive products that bring edge-to-enterprise analytics, industrial internet of things (IIoT) and augmented reality (AR), machine learning, to industrial operations.
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Some of Augmented Intelligence Market top companies in the market are Intel, Nvidia, Samsung Electronics, Xilinx, Micron Technology, IBM, Google, Facebook, Microsoft, Baidu, Salesforce, Oracle, SAS, SAP, MondoBrain Inc., Cisco, Amazon Web Services (AWS), Siemens AND Mellanox Technologies, Rockwell, Sisense, Cosmo Tech, General Electric, Qlik, and Quartic.ai.
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