The augmented intelligence market 2020 seems to be on an unstoppable trajectory as it can likely record an astounding CAGR of 35.8% between 2019 and 2025 (evaluation period), says Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, along with the key developments that happened following the coronavirus disease outbreak.
Top Drivers and Key Restraints
Augmented intelligence/AI in the healthcare industry is now largely considered to be a critical approach that helps with the detection of various diseases and also reach accurate clinical diagnosis. The latest COVID-19 outbreak has boosted the need for AI for predicting outbreaks. While expert health officials are highly important components of healthcare, AI is progressively being implemented to compile the constantly changing information to aid the health experts in reaching tough decisions. Since the advent of SARS-CoV-2, collecting news media, social media, health reports, and disparate information has become quite daunting, which calls for the use of augmented intelligence.
Since the beginning of the novel coronavirus, AI has been extensively used in treatment records to facilitate better treatment regimens and also easily adopt effective approaches in the healthcare industry. Since the lockdown imposed across countries by the government, AI has helped in fast detection of containment within a few regions in real-time and in an accurate manner. Therefore, the AI-based techniques are increasingly being adopted to detect epidemiologic risks quickly in order to improve the prevention, detection and prediction of unexpected worldwide health risks.
The augmented intelligence market growth seems promising as the need to analyze massive unstructured data volumes among enterprises has risen considerably over the years. Besides, the increasing spending on R&D by renowned vendors and the high adopt rate of augmented intelligence solutions among these vendors can also boost the industry growth. Acquisitions and mergers seem to be the most preferred growth strategies that are being adopted by many of the players, which can work in the market’s favor. Various authorities across the globe are coming together in the fight against the pandemic, by leveraging augmented intelligence’s advanced abilities.
In July 2020, HAI/ Human-Centered Artificial Intelligence came together with UNESCO as well as the Patrick J. McGovern Foundation to create CAIAC/Collective and Augmented Intelligence Against COVID-19. An advisory group is expected to be established, which will cater to the experts from global organizations, such as UN Global Pulse, UNESCO, and various UN entities. CAIAC will focus on the rapidly growing collection of global social, economic and health data related to the COVID-19 impact so that that the decision-makers are able to confidently decide on their next action.
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The augmented intelligence industry has been extensively covered in the MRFR report, while considering the key segments such as offering, technology and end-use industry.
Depending on offering, the key market segments can be hardware, services and software. The hardware types are memory, network and processors, while the software types in the report are AI platforms as well as AI solutions. The services-based categories are support & maintenance along with deployment & integration.
Technology-wise market sections are natural language processing, machine learning, computer vision and context-aware computing. In the years ahead, it is expected that natural language processing can be the leading segment as it is able to analyze natural language interactions. Machine learning and machine vision can be the next leading segments in the market.
The key end-users in the industry are manufacturing, fintech, agriculture, healthcare, human resources, retail, automotive, and others. Between these, the lead can be taken by the healthcare segment while the BFSI segment can procure the second position over the appraisal period.
The augmented intelligence market can be regionally categorized as North America, Asia Pacific/APAC, Middle East & Africa/MEA, South America and Europe.
North America is believed to be the biggest gainer in the coming years, with highest share in the augmented intelligence market. As the region houses a massive number of large along with small and medium enterprises, which are increasingly adopting AI, the market has the chances of becoming extremely lucrative. The rapid uptake of integrated cloud platform along with the new business models emerging in the market can also be some of the important growth inducers. The quick adoption rate of big data analytics and the escalating demand for smart virtual assistants are also bound to quicken the market growth speed in the years to come.
With the fastest CAGR, the APAC market can benefit immensely from the growing IT infrastructure and the established manufacturing sector in China and India. The rising use of profound learning along with NLP technologies in marketing, finance, law and agriculture applications could also add to the market strength in the region.
Top Market Competitors
The top market competitors profiled in the MRFR study are Sisense, Xilinx, Micron Technology, Microsoft, Cisco, Cosmo Tech, Mellanox Technologies, Facebook, Baidu, Oracle, Salesforce, SAP, General Electric, Siemens, Intel, Google, Quartic.ai, Nvidia, Samsung Electronics, Rockwell, Amazon Web Services (AWS), IBM, SAS, MondoBrain Inc., Qlik and more.
Deutsche Bank has partnered with Google to boost their banking operations, with the former gaining Google’s machine learning (ML), data science and artificial intelligence (AI) capabilities. Augmented risk analytics and better security of customer accounts are some of the use cases that the bank expects from this partnership.
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Global Augmented Intelligence Market Research Report: By Offering (Hardware, Software and Services), Technology (Machine Learning, Natural Language Processing, and Computer Vision), End-Use Industry (Healthcare, Manufacturing, Automotive, Agriculture and others) and Region (North America, Europe, Asia Pacific, Middle East, and Africa and South America) – Forecast till 2027
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