The Augmented intelligence market size is projected to grow from USD 17.9 billion in 2022 to USD 54.7 billion in 2027, at a Compound Annual Growth Rate (CAGR) of 25.1% during the forecast period. The Augmented intelligence industry is driven by increasing volume of complex business data, however, rising in adoption of advanced augmented intelligence and analytics tools, and adoption and scaling of digital initiatives.
Augmented intelligence (AI), also known as intelligence augmentation (IA), cognitive augmentation, decision support, machine augmented intelligence, and enhanced intelligence, is essentially artificial intelligence with a twist. While artificial intelligence is the creation of machines to work and react like humans, augmented intelligence is the use of those same machines in a different way – to augment the human worker. Augmented intelligence entails humans and machines collaborating to maximize business value by playing to their respective strengths. In other words, the primary goal of IA is to enable humans to work more efficiently and effectively.
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The evolution of digital technologies, such as cloud computing, big data and analytics, mobility/social media, blockchain, artificial intelligence (AI), Internet of Things (IoT), robotics, and cybersecurity, has created the need for digitalization across several industries. These technologies are used by enterprises to improve or add more features to their traditional business processes while also helping enhance customer relationships.
The machine learning technology to hold the largest market size during the forecast period
Among technologies, the machine learning is estimated to hold the largest market size during the forecast period. Augmented intelligence with machine learning aids in the transformation of knowledge into expertise and the extraction of relevant patterns from massive amounts of data. Augmented intelligence with machine learning systems can detects patterns using aggregated data with precise unit characteristics of each instance and numerous variables to be employed, allowing predictive models to be built.
Major augmented intelligence vendors include AWS (US), Microsoft (US), Salesforce (US), SAP (Germany), IBM (US), SAS (US), CognitiveScale (US), QlikTech International AB (US), TIBCO (US), Google (US), MicroStrategy (US), Sisense (US), NEORIS (US), Dataiku (US), Cosmo Tech (France), Jumio (US), Lucidworks (US), Squirro AG (US), DataRobot (US), Tellius (US), EazyML (US), Stradigi AI (US), Aible (US), Pecan.ai (Israel), CausaLens (US), BioXplor (US), Pryon (US), Augmented Intelligence (US), Bondi Labs (Australia), and binah.ai (US). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2018 to 2022, which helped companies innovate their offerings and broaden their customer base.
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Salesforce specializes in CRM software and enterprise cloud computing. The company provides comprehensive customer and collaboration relationship management services to businesses of all sizes and industries. It offers a technology platform for customers and developers to build and run their applications. The applications designed and developed by Salesforce are easy-to-use and can be deployed, customized, and integrated with other software applications. Salesforce offers its services on a subscription basis, primarily through its direct sales efforts and indirectly through its partners. Salesforce leverages the cloud deployment mode to serve its customers efficiently. Additionally, the company supports its customers through various support services, including contact support, customer community, and technical support. As of 2021, Salesforce has employed more than 56,000 people across 25 countries globally.
In the augmented intelligence market, Salesforce offers Salesforce Einstein Discovery. It adds statistical modeling and supervised machine learning to the business intelligence to find, reveal, and display insights in the data. It predicts future results using predictive and prescriptive analysis, as well as suggesting solutions to enhance expected outcomes. Einstein Discovery requires either a Tableau CRM Plus license or an Einstein Predictions license, both of which can be purchased separately.
Google is a global technology company. Its primary business areas include web-based search, desktop and mobile operating systems, display advertising and tools, enterprise solutions, hardware products, consumer content platform, advertising platform, and cloud computing platform. The company generates revenues by delivering relevant, cost-effective online advertising, cloud-based solutions that provide customers with platforms, collaboration tools and services, and sales of other products and services, such as apps and in-app purchases, digital content, and subscriptions for digital content, and hardware. Its search engine maintains a list of websites and online content for Google network members, advertisers, and content providers. The company’s core products include Android, Maps, Chrome, YouTube, Google Play, and Gmail.
Google also sells hardware products such as Chromebook, Chromecast, and Nexus. The company has a worldwide presence in more than 40 countries. It offers solutions to various industries, including retail, financial services, healthcare & life sciences, media & entertainment, telecommunications, gaming, manufacturing, energy, government, education, and small businesses. It has a geographical presence in the US, Asia Pacific, Middle East & Africa, and other Americas. The solutions offered by Google in the augmented intelligence market include AutoML and Vertex AI.
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