Report Description
Augmented Intelligence refines human abilities of reasoning in a software or robotic system integration that includes expectancy, recollection & sequencing, business outlook and problem solving followed by decision making capabilities. However, there is a misconception among people that one day augmented intelligence will eliminate human jobs but, scientists think otherwise. They believe augmented intelligence will not take over human effort but humans and machines will work together in unison. It actually has the capacity of boosting human abilities and productivity by more than 40%.
The size of the worldwide augmented intelligence market was estimated at USD 14.73 billion in 2022 and is expected to reach approximately USD 142.2 billion by 2032, expanding at a compound annual growth rate (CAGR) of 25.5% between 2023 and 2032.
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Augmented Intelligence in upcoming years will be defined as the relationship between machine and human for effective and efficient output. For instance, AI will play a very important role in banks and financial institutions as this humans-machine interface pair will enable them to process business intelligence ensuring better interaction of their employees with customers. Similarly, healthcare industry also demands enhanced operational efficiency while dealing with patients, thus augmented intelligence will enable them in extending their traditional settings.
A Chess Grandmaster from Russia, Garry Kimovich Kasparov, has recently started discovering the relationship between machines and humans. Moreover, he arranged for a chess tournament merely to end up into an amazing conclusion. “The winner was revealed to be not a grandmaster with a state-of-the-art computer, but a pair of amateur American chess players using three computers at the same time,” as stated by Garry Kimovich Kasparov.
This is one of the best examples that explain how the relationship between a machine’s speed and human reasoning capabilities can drive progressive results. This forms the basic principle of Augmented Intelligence.
Landscape Into the future
The best way towards landscape into the future is to unite technology with the expertise & proficiency of humans, combining it into an amalgamated system shaping the technology known as “Augmented Intelligence.”
With augmented intelligence, there are several possibilities for expanding businesses at a rapid pace with a short-term impact over the employees instead of a perpetual ruinous effect. For a successful business it is very important to analyze the difference between autonomous robots and augmented intelligence driven technologies, because augmented intelligence driven systems can definitely augment the productivity of the workforce by upturning their efficacy.
Several small and large companies have already implemented the AI driven technology at their workplace. More than 80% of business officials consider AI beneficial at their competitive edge, however only less than 20% have actually incorporated the artificial intelligence technology in their business and only 39% of them actually have their artificial intelligence policies at place. Furthermore, early adopters of the technology will remain ahead of the curve in coming years.
Sales is one of the crucial part of any business processing and also the impeccable prospect for augmented intelligence. This is because sales require communication, customer service abilities & understandings, negotiation techniques along with being relatable, which cannot be replaced by robotic systems.
Besides, augmented intelligence software can trail sales assistant throughout the sales process as well as accustom to each and every new step of the entire journey in real-time. Augmented intelligence anticipates the actions when while combined with the detailed insights of the business can ultimately deliver guidance for any extensive situation. In addition, sales professionals need to present solutions that will enhance the experience of their customers’ in-real time. Since, reaching to a solution will require complete understanding of the customer’s problems, for fixing that problem.
Thus, the accuracy of augmented intelligence for growing sales forecasts coupled with the smarter decision making ability of sales representatives will probably enable the augmentation of the business as well as global augmented intelligence market over the forecast spell 2018-2025. Moreover, augmented intelligence driven technology can actually save around one business hour every week, than possibly it would also save thousands of dollars yearly.
Different types of augmented intelligence robotic systems:
- Cognitive computing: It basically works towards generating models that are capable of providing high-level risk solutions that can be related to the decision making process of humans. The goal of the cognitive computing product segment is to support humans for decision making at complex scenarios. Some of the key players offering the product include SparkCognition, Microsoft Cognitive services, Numenta and IBM Watson among several others.
- Robotic Process automation (RPA): It is the automation process allowing the companies to accomplish greater productivity without reducing the available workforce. Key features offered by the process are ease of use & control, scalability, hasty deployment and security. Some of the prominent players providing RPA include Blue Prism, UiPath, Edge Verve and Kyron.
- Robotic Desktop automation: It particularly comprises of data consolidation as well as standardized execution of process and also automates monotonous tasks & procedures. Some of the vendors offering robotic desktop automation include Selenium, Katalon Studio, UFT and TestComplete among others.
- Virtual assistants: VAs enable simulation between companies and their customers. For instance, Chatbots have already captured several sectors, including financial services, healthcare and others. Moreover, it is also being observed as modern-age customer executives at the centers. Some of the key players offering virtual assistant solution include Amazon, Google and Apple among several others.
Market Overview:
The global augmented intelligence market is anticipated to exhibit a healthy CAGR of xx% and reach USD xx billion over the forecast period (2018-2025). Key factor driving the growth of the augmented intelligence market is growing adoption of cloud based products & services, rising big data analytics and augmenting demand for smart virtual assistants. On the other hand, limited number of professionals skilled with the technology is one of the major restraint towards the growth. Geographically, Asia-Pacific market will be exhibiting the growth at higher pace owing to the growing implementation of profound learning as well as NLP technologies in certain sectors like finance, marketing, agriculture and law applications.
Efficient and effective use of technology to enhance the already complex and creative human mind has no bounds. Every day in this digitally advanced world is challenging human understanding and abilities to do new and better. Augmented intelligence is only the beginning. An unimaginable world driven by digital innovations awaits us.
Augmented Intelligence Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | USD 142.2 billion |
| Growth Rate | CAGR of 25.5 % during 2022-2032 |
| Segment Covered | By Offering, Technology, Organization Size, End User, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | AWS, Microsoft, Salesforce, SAP, IBM, SAS, CognitiveScale, QlikTech International AB, TIBCO, and Google |
Frequently Asked Questions (FAQ) :
Asia Pacific dominated the market for augmented intelligence market and accounted for the largest revenue share.
The base year for the report is 2023 in augmented intelligence market.
Analyst Commentary:
Righteous use of augmented intelligence for business has become a subjective issue owing to the mixed emotions it comes with. Business experts are refusing to believe that the future will be replaced by machines. Augmented intelligence is making them believe future is all about humans and machines working together. Major industrial sectors all across the globe have already started implemented augmented intelligence driven systems to save time and increase work efficiency. A study suggests that more than 50 hours of work per week is wasted on fixing up problems created by poor paper work, customer queries and errors in purchase orders and other operations. If roughly equated, this loss can be summed up to more than 6000 work hours per year, which is a huge loss.
These kind of imbalanced operations have diverted the focus of industry experts towards exploring and investing in augmented intelligence driven systems and software. As per McKinsey, technology giants like Google and Baidu spent around USD 20-30 billion on AI out of which more than 90 percent was spent on research and development. Companies around the world are struggling to use the concept of augmented intelligence in different areas of operation like, detecting security threats, fixing technological errors, minimizing manufacturing defects, studying consumer behavior to plan future marketing strategies, thus focusing on augmented analytics and mainstreaming financial services. The area of function focused on the most is the use of AI fixing security related issue. This makes the IT industry most involved in the augmented intelligence revolution. Supply chain planning and management is extensively exploring the potential AI has to offer owning to the broad scope of functions that come under this sector. Logistics and shipping is another sector feeling the need for automated augmented intelligence vehicles and systems. As per the U.S transportation sector, truck drivers are allowed to drive for 11 hours at a stretch with a break of 8 hours and the authority positively feels that if autonomous trucks are introduced, the output from this technology will be phenomenal.