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Augmented Intelligence Global Market Insights and Projections 2024
"The Business Research Company recently released a comprehensive report on the Global Augmented Intelligence Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.According to The Business Research Company's, The augmented intelligence market size has grown exponentially in recent years. It will grow from $21.69 billion in 2023 to $27.56 billion in 2024 at a compound annual growth rate (CAGR) of 27.1%. The growth in the historic period can be attributed to evolving data ecosystem, integration with existing systems, rising complexity of business operations, addressing cognitive load, industry-specific applications.
The augmented intelligence market size is expected to see exponential growth in the next few years. It will grow to $71.12 billion in 2028 at a compound annual growth rate (CAGR) of 26.7%. The growth in the forecast period can be attributed to advancements in natural language processing (nlp), exponential growth of iot data, enhanced personalization in user experience, increased emphasis on ethical ai, continuous learning and adaptability. Major trends in the forecast period include cross-industry collaboration, increased digital transformation initiatives, human-ai collaboration, context-aware computing, predictive analytics and forecasting.
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Market Drivers and Trends:
The growing demand for e-commerce is expected to propel the growth of the augmented intelligence market going forward. E-commerce refers to a option that involves buying and selling products and services online. E-commerce provides a ground for the application of augmented intelligence, allowing businesses to harness the power of AI to improve customer experiences, optimize operations, and stay competitive in the rapidly evolving digital marketplace. For instance, in November 2023, according to the International Trade Administration, a US-based government agency, consumer eCommerce sales are expected to reach $285.60 billion by 2025, and US ecommerce sales accounts for 36.3% of the UK retail sector as of January 2021. Further, the average annual growth rate for eCommerce revenues in the UK is predicted to be 12.6% by 2025. Therefore, the growing demand for e-commerce is driving the growth of the augmented intelligence market.
Major companies operating in the augmented intelligence market are focused on developing innovative technological solutions, such as digital assistant, to strengthen their position in the market. A digital assistant is a software agent that can perform certain tasks based on voice commands or user inputs, assisting users in various aspects of their daily lives or work. For instance, in December 2023, Squirro AG, a Switzerland-based software company, launched a cutting-edge generative AI application, SquirroGPT, to redefine online user engagement. This digital assistant is powered by RAG (Retrieval-Augmented Generation) and is designed to provide dynamic, real-time interaction with online audiences. It leverages advanced AI technology to enable secure and private chat interactions, aiming to transform how organizations engage with their online users. The introduction of SquirroGPT represents a significant advancement in the field of digital assistants and AI-powered user engagement.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Google, Microsoft Corporation, Facebook, Amazon Web Services Inc, International Business Machines Corporation, Oracle, SAP SE, NVIDIA, Salesforce Inc., Clarifai, OpenAI, TIBCO, MicroStrategy Inc., DeepMind, ThoughtSpot Inc., SS&C Blue Prism, DataRobot, AlphaSense, Builder.ai, Sisense Inc., Accubits, GoodData Corporation, Transmetrics, People.ai, Synthesia, Charles River Analytics, CognitiveScale, BenevolentAI SA, Altoida AG, Virtualitics
Augmented Intelligence Market 2024 Key Insights:
• The augmented intelligence market is expected to grow to $71.12 billion in 2028 at a compound annual growth rate (CAGR) of 26.7%.
• E-Commerce Boom Fuels Accelerated Growth In The Augmented Intelligence Market
• Focus On Developing Innovative Technological Solutions In The Augmented Intelligence Market
• North America was the largest region in the augmented intelligence market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the augmented intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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