Augmented Intelligence Market Growth Scenario with 35.4% of CAGR by 2027 - Business Opportunities by QlikTech International AB, MondoBrain, Cosmo Tech, CognitiveScale

The augmented intelligence market was valued at US$ 7,084.4 million in 2019 and is projected to reach US$ 74,619.2 million by 2027; it is expected to grow at a CAGR of 35.4% from 2020 to 2027.

Augmented analytics is implemented to enhance data sharing, data analytics, and business intelligence that marks the next trend of disruption in the data and analytics market. Data and analytics specialists are implementing augmented analytics with platform proficiencies into their present business models. Augmented analytics incorporates artificial intelligence elements into analytics and business intelligence process to help users develop their data, identify new insights, and effortlessly share them with everyone in the organization. Augmented analytics integrates natural language processing and artificial intelligence elements that transform the user experience across the whole business intelligence process.

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Impact of COVID-19 Pandemic on Augmented Intelligence Market

According to the latest report from the World Health Organization, the US, Spain, Italy, France, Germany, UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan, China, during December 2019, and since then, it has spread at a fast pace across the globe. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020, which is likely to have impact on 2021 as well. The outbreak has created significant disruptions in primary industries such as logistics, retail, and e-commerce. The sharp decline in the international trade is negatively impacting the growth of the global economy. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have adversely affected the businesses. European countries represent a prominent market for augmented intelligence adoption owing to the rising BFSI industry. In Germany, several fashion retailers, shoe and sports shops, perfumeries, retail, and electronics stores have been affected due to this pandemic; online retailers also suffered. All these factors are expected to have a direct impact on augmented intelligence market growth in European countries.

Several enterprises are using augmented intelligence systems to overcome the challenges they face with respect to making complex decisions comprising stringent security and regulatory requirements, fast-changing customer expectations, and handling employees and staff. Increasing adoption of augmented intelligence by a large number of enterprises across different verticals to improve workflow and productivity is driving the growth of the augmented intelligence market in the current scenario.

Moreover, data ingestion, understanding correlations in data, insight finding, and interacting with the platform have become more powerful and streamlined than their modern counterparts in a self-service paradigm. Several modern business intelligence solutions have mobile apps and some even have Amazon Alexa or chatbot integrations, which enable users to interact with the data through more than just mouse clicks. Augmented analytics is expected to keep building on this trend. Thus, new insights and data would be accessible through a broader array of electronic devices. They can be pulled from the air just by asking a chatbot or voice interface question.

Strategic Insights

The players in the augmented intelligence market focus on strategies such as mergers, acquisitions, product development, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In 2020, Coca-Cola European Partners (CCEP), signed a multiyear agreement with IBM Corporation for accelerating its transformation to an open hybrid cloud environment utilizing Red Hat OpenShift and Red Hat Enterprise Linux. The move is designed and developed for reducing its operational expenses, increasing IT resiliency and leveraging analytics and artificial intelligence in its daily operations in order to bring enhanced business insights and provide greater service to its millions of customers.

In 2020, IBM Corporation launched Watson Advertising Social Targeting with Influential, a new solution that harnesses artificial intelligence in order to support brands identify influencers that best align with their brand values. The new solution within the Watson Advertising suite of targeting products marks an expanded collaboration with Influential.

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