The global augmented intelligence market is predicted to grow at a mesmeric speed due to the increased adoption and growing popularity among various industries. Augmented intelligence is a part of Artificial intelligence technology that matches and provides technology human like intelligence. It empowers technology to perceive, anticipate, and solve problem and making intelligent decisions.
Augmented intelligence systems are driven by feedback, self-assuring and self-assuring systems that help making sense out of messy, cluttered and un-organized data by self-learning and self-assuring processes of business. Augmented intelligence works with the help of artificial intelligence, to identify natural language processing, logical reasoning, machine learning and pattern recognition in various industrial sectors of health care and financial services.
An augmented intelligence system is best used by businesses that take new and complex decisions involving dynamic and ever changing customer expectations on a regular basis. With the help of technology there has been considerable advancement with respect to process automation. Still the decision making power is kept with humans. The concept of replicating human like intelligence is interesting and hence the emphasis on subsequent research and development. The ultimate use of AI is to help increase the experience and expertise of all people involved in a business process from the highest position of the CEO to the housekeeping person.
Augmented intelligence is also the third generation of computing with data driven, decision making, and insight extracting systems. Augmented intelligence works on integrating human like intelligence in technology as opposed to replacing humans in artificial intelligence. Augmented intelligence is extremely powerful and can re-imagine all business process from sales process, user experience and business model. An AI system thinks and works like humans, with close to negligible scope of human errors.
Important factors on which AI works on are
- Work with new user and to be able to process engagement capabilities
- Explore and analyze from the data and various user interactions.
- Be on a constant learning, improving and implementing cycle
- Drive new business process and other innovative business models through innovation.
What are the market insights for Augmented Intelligence?
With great opportunity comes great risks! The statement stands correct for augmented intelligence, which is a blessing for business growth but at the same time needs to be handled with immense responsibility. Recent figures indicate that some companies have invested almost USD 36 million have been invested in new competences in the sector. These organizations have achieved 23% of conversion and have observed 31% reduction in trouble tickets.
Augmented intelligence works effectively for most of the business sectors, like Financial Services, Digital Commerce and Healthcare. For instance, in financial services augmented intelligence works in the whole life cycle, from advisory services to risk management and customer support. Similarly when it comes to healthcare precision is the key, and AI helps in analyzing the surrounding environment and lifestyle patterns and suggest subsequent adaptations for a better and healthy lifestyle. With more and more data being submitted the suggestions also get personalized. Furthermore, augmented intelligence works well with digital commerce, for example, consider you are looking for a particular thing on the various ecommerce sites, the system will show you similar products and the products that might go well with it.
The augmented intelligence market is likely to grow considerably during the forecast period of 2018-2025. The AI market is huge with segmentation done on the basis of Organization size, Technology, Application and region. Segmentation on the basis of technology is done as machine learning, natural language, machine vision and logical reasoning. With respect to regional insights, the region of North America has the highest contribution to the market share, followed by Europe, Asia-Pacific, Middle East and Africa and Central and South America.
Some of the key market players working in the augmented intelligence sector are CognitiveScale, IBM Inc, Microsoft Corporation and many others.
Augmented Intelligence is helping many companies to grow their business rapidly over a short time. Also it helps the sales manager and business owners to maintain a balance between humans and machine implementations. For every business process, AI helps by putting the human emotions in the various stages of a customer life cycle.