ICT-IOT

Augmented Intelligence Market is Expected to Reach USD 90.02 Billion by 2031

Jun 2024

ICT-IOT

As per the report published by Kings Research, the global Augmented Intelligence Market was valued at USD 17.09 billion in 2023 and is projected to reach USD 90.02 billion by 2031, growing at a CAGR of 23.46% from 2024 to 2031.

The increasing adoption of cloud computing is reshaping the augmented intelligence landscape, offering scalable infrastructure and resources for deploying AI solutions. Cloud computing provides organizations with the flexibility to access AI capabilities on-demand, without the need for significant upfront investment in hardware or software. This trend is further driven by several factors, including the growing volume of data generated by organizations, advancements in AI algorithms, and the rising need for agility and scalability in IT operations.

By leveraging cloud-based AI platforms, businesses are increasing the development and deployment of augmented intelligence solutions, enabling faster innovation and reducing time-to-market. Furthermore, cloud computing enables seamless integration with other cloud-based services and applications, facilitating interoperability and collaboration across different systems. As organizations continue to adopt digital transformation initiatives, the adoption of cloud computing for augmented intelligence is expected to soar, thereby generating new opportunities for innovation, efficiency, and growth.

Key Insights

  • Based on the component, the solution segment is expected to register a significant CAGR of 24.62% over the forecast period
  • Based on deployment, the services segment generated the highest revenue of USD 13.08 billion in 2023
  • By vertical, the retail segment is expected to witness the robust CAGR of 27.69% through the projection period
  • On the basis of region, Asia-Pacific is anticipated to witness the fastest growth with a CAGR of 25.14% over the estimated timeframe

Integration with Virtual Reality (VR) for Enhanced Human-Machine Interaction to Offer Lucrative Opportunities for Market Expansion

The integration of augmented intelligence with virtual reality (VR) presents lucrative opportunities for market expansion by enhancing human-machine interaction and user experiences. By combining AI-driven insights with immersive VR environments, organizations are revolutionizing training, simulation, and visualization applications across various industries. For instance, in healthcare, VR-enabled surgical training platforms powered by augmented intelligence provide surgeons with real-time guidance and feedback, thus improving surgical outcomes and reducing the risk of errors.

In manufacturing, VR-enhanced maintenance and repair procedures driven by AI-powered analytics optimize equipment uptime and performance. Moreover, in retail and marketing, personalized shopping experiences leveraging AI and VR technologies boost customer engagement and brand loyalty. As the demand for immersive experiences grows, the integration of augmented intelligence with VR offers a compelling value proposition for businesses seeking to differentiate themselves in the market and deliver enhanced user experiences.

Development of Personalized and Adaptive Augmented Intelligence Tools to Augment Market Growth

The development of personalized and adaptive augmented intelligence tools is poised to propel market growth by catering to specific user needs and preferences. Traditional AI systems often lack the ability to adapt to individual users' behavior and context, thereby limiting their effectiveness in real-world applications. However, advancements in machine learning and natural language processing are enabling the creation of personalized augmented intelligence solutions that learn from user interactions and adjust their behavior accordingly.

Personalized virtual assistants powered by AI anticipate user needs, provide proactive recommendations, and tailor responses based on individual preferences. In healthcare, adaptive diagnostic systems analyze patient data and medical history to deliver personalized treatment plans and interventions. By offering tailored experiences and insights, personalized augmented intelligence tools enhance user satisfaction, productivity, and engagement across various industries.

As organizations increasingly recognize the value of personalized solutions in enhancing business outcomes, the demand for adaptive augmented intelligence tools is expected to surge, fostering market expansion and innovation.

Asia-Pacific to Reach a Valuation of USD 24.17 Billion by 2031

Based on region, the global augmented intelligence market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Asia-Pacific is set to grow at a staggering CAGR of 25.14% through the forecast period. The region is experiencing rapid digital transformation and economic growth, leading to increased investments in AI technologies and innovation.

Countries such as China, India, and Japan are at the forefront of AI adoption, with governmental bodies, enterprises, and startups driving initiatives to leverage augmented intelligence across various industries. Additionally, the large population and expanding middle-class population in Asia-Pacific present significant opportunities for regional market expansion, particularly in sectors such as healthcare, finance, and e-commerce.

Furthermore, advancements in technology infrastructure, such as 5G networks and edge computing, are accelerating the deployment and adoption of augmented intelligence solutions in the region. Moreover, supportive government policies, funding initiatives, and collaborations between industry stakeholders are fostering a conducive ecosystem for the innovation and growth of AI.

Market Players Concentrating on Innovative Product Launches to Drive Market Development

The global augmented intelligence market is fragmented with key players such as Salesforce, Inc., Sisense Ltd., QlikTech International AB, Infor, Microsoft, SAP SE, IBM Corporation, SAS Institute Inc., Jumio, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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