The size of the global Augmented Intelligence Market, which was estimated to be worth $11.73 billion in 2020, is expected to increase to $121.57 billion by 2030, rising at a CAGR of 26.4% between 2021 and 2030.
While artificial intelligence and enhanced intelligence are both forms of intelligence, the former’s primary objective is to replace human labor while the latter seeks to support humans in their work. Additionally, enhanced intelligence involves humans and machines cooperating to increase their strength and generate more profit.
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Depending on industry vertical, the IT & telecom segment dominated the market share in 2020, and is expected to continue this trend in the upcoming years. This is attributed to rise in adoption of cloud-based augmented intelligence software by various telecommunication industries to improve their business efficiency and to enhance the quality of the product. However, the healthcare industry is expected to witness the highest growth rate during the forecast period, as it is used to help physicians and nurses analyze large volumes of electronic medical records, thereby helping in diagnosing and treating patients more effectively.
Augmented Intelligence is increasingly emphasizing collaboration between humans and AI. Rather than replacing human workers, AI tools and systems are designed to augment human capabilities, enhancing decision-making and productivity across various industries. This trend is fostering a harmonious relationship between technology and human expertise. As AI adoption grows, so does the importance of ethical considerations. There’s a heightened focus on ensuring AI systems are transparent, unbiased, and accountable. Augmented Intelligence solutions are incorporating ethical principles, addressing issues like bias, fairness, and privacy to build trust among users and regulators.
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Augmented Intelligence is becoming more industry-specific. Tailored solutions are emerging to address unique challenges in sectors such as healthcare, finance, manufacturing, and retail. These domain-specific applications are driving innovation and efficiency in various fields.
Augmented Intelligence relies on advanced data analytics to deliver meaningful insights. The integration of AI with data analytics tools is enabling businesses to extract actionable intelligence from vast datasets. This trend empowers organizations to make data-driven decisions and uncover hidden opportunities.
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The outbreak of COVID-19 is anticipated to have a positive impact on growth of augmented intelligence market. In addition, healthcare is one of the main industries where COVID-19 has driven significant increase in usage of augment decision making to replace manual processes with analytics applications that augment their ability to make timely decisions. Moreover, banking sector is rapidly adopting augmented intelligence to process and analyze key data such as their customer acquisition cost, customer lifetime value as well as to find the trends of products that are growing in popularity. In addition, the gained insights will allow banks to correctly promote the right services to the right customer demographic utilizing an optimized budget to capture more market share.
The key players profiled in the augmented intelligence market analysis are Amazon Web Services, Inc., International Business Machines Corporation, Micron Technology, Inc., Microsoft Corporation, QlikTech International AB, Salesforce.com, Inc., Samsung, SAP SE, Sisense Inc. and TIBCO Software Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the augmented intelligence industry.
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