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Autonomous Agents Global Market Report 2024: Size, Growth, Trends, Competitive Landscape to 2033
Autonomous Agents Market Report
According to The Business Research Company's, The autonomous agents market size has grown exponentially in recent years. It will grow from $1.78 billion in 2023 to $2.71 billion in 2024 at a compound annual growth rate (CAGR) of 51.9%. The growth in the historic period can be attributed to advancements in artificial intelligence (AI), increased data availability, rise of internet of things (iot), demand for automation, integration with robotic systems.
The autonomous agents market size is expected to see exponential growth in the next few years. It will grow to $14.31 billion in 2028 at a compound annual growth rate (CAGR) of 51.6%. The growth in the forecast period can be attributed to exponential growth of edge computing, advancements in natural language processing (nlp), focus on explainable ai (xai), regulatory frameworks for autonomous systems, enhanced security measures. Major trends in the forecast period include cross-industry collaboration, increased adoption of 5g technology, cloud computing infrastructure, swarm robotics, reinforcement learning advancements.
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Market Drivers and Trends:
Growing automation across several industries is expected to propel the growth of the autonomous agent market going forward. Automation refers to the use of technology to execute tasks with minimal human involvement by employing various tools and techniques to replace manual effort with machines, software, or programmed processes. Autonomous agents are used in automation as they enable one to perform tasks faster and more accurately than humans by automating repetitive, time-consuming tasks and enabling more efficient processes. For instance, in December 2023, according to Eurostat, a Luxembourg-based statistical office of the European Union, around 28% of large EU enterprises used artificial intelligence technologies, and 8% of EU enterprises had implemented artificial intelligence technologies in 2021. Additionally, around 53% of EU enterprises implemented ready-to-use commercial artificial intelligence software or systems in 2021. Therefore, growing automation across several industries is driving the autonomous agent market.
Major companies operating in the autonomous agent market are increasing their focus on developing innovative autonomy platforms, such as BrainOS, to gain a competitive edge in the market. An autonomy platform is a comprehensive software and hardware framework that allows autonomous systems (such as robots or unmanned vehicles) to independently make decisions without human intervention. For instance, in November 2022, Brain Crop, a US-based AI software company, launched its third-generation autonomy platform, BrainOS, to power the next generation of autonomous commercial robots. This platform offers original equipment manufacturers (OEMs) a shorter time to market for high-volume automated robotics and data collection products. The new platform is expected to enable various robotic advances, including improved localization and navigation performance, enhanced safety and reliability, improved human-robot interaction, and a modular architecture for faster and easier product development.
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Major Key Players of the Market:
Major companies operating in the autonomous agents market report are Amazon Web Services, Alphabet Inc., Microsoft Corporation, The Boeing Company, Intel Corporation, Airbus SE, IBM Corporation, Oracle Corporation, SAP SE, Uber Technologies Inc., SZ DJI Technology Co. Ltd., ABB Ltd., Salesforce Inc., NVIDIA Corporation, IDC (International Data Corporation), Infosys Limited, Aptiv PLC, Gartner Inc., Yaskawa Electric Corporation, KUKA Robotics, AOS Group., SAS Institute, Nuance Communications Inc., Boston Dynamics, Brain Corp, Fetch.AI, Hanson Robotics, Affectiva
Autonomous Agents Market 2024 Key Insights:
• The autonomous agents market is expected to grow to $14.31 billion in 2028 at a compound annual growth rate (CAGR) of 51.6%.
• Rising Automation Initiatives Fuel Growth In The Autonomous Agent Market
• Innovative Autonomy Platforms Redefine The Landscape
• North America was the largest region in the autonomous agents market in 2023
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