The global Autonomous Agents Market size is expected to grow from USD 345 million in 2019 to USD 2,992 million by 2024 at a Compound Annual Growth Rate (CAGR) of 54% during the forecast period. The major factors driving the growth of the market are increasing number of Artificial Intelligence (AI) applications, and growth in large and complex data sets.
The on-premises segment to hold the highest market share in the global autonomous agents market during the forecast period
On-premises deployment of autonomous agents solutions requires initial high investment by organizations, though it does not require incremental costs throughout the ownership, as in the case of cloud deployment type. Moreover, security concern associated with private data of customers is a major reason for the adoption of on-premises deployment over the cloud. These types of deployments are popular across large-sized enterprises.
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SMEs to grow with the fastest CAGR during the forecast period
Autonomous agents assist Small and Medium-sized Enterprises (SMEs) to automate the business process that reduces the necessity for humans to perform the tedious task. Cost-effectiveness is an essential need for SMEs, as they are always constrained by limited budgets, which leaves them with limited ways to market themselves and gain visibility. To compete with large organizations, SMEs are expected to adopt autonomous agents at a higher rate during the forecast period, to enhance operational productivity.
The autonomous agents market includes major vendors, such as Oracle (US), IBM (US), SAP (Germany), AWS (US), SAS (US), Infosys (India), Nuance Communications (US), FICO (US), Fetch.AI (UK), Affectiva (US), Intel (US), Salesforce (US), Aptiv (Ireland), Google (US), and Microsoft (US). The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players, such as IBM, SAP, and AWS have majorly adopted many growth strategies, such as new product launches, acquisitions, and new expansions in different countries to increase their product portfolios and grow further in the autonomous agents market.
SAP is a pioneer in providing enterprise-level software solutions across verticals. In the autonomous agents market, the company offers solutions, such as SAP Leonardo and SAP Conversational AI. These solutions are deployed on cloud and on-premises across various verticals, such as retail, consumer products manufacturing, and sports and entertainment. SAP Leonardo seamlessly integrates advanced technologies, such as AI, blockchain, data intelligence, big data, Internet of Things (IoT), and analytics; and its capabilities, to redefine clients business. SAP Conversational AI provides a way to build bots that automate the conversational interactions and offers benefits, such as enriched customer experience, improved accuracy of chatbots interactions, enhanced Natural Language Processing (NLP) technology to analyze the data, and voice activation. Furthermore, SAP adopts various organic and inorganic growth strategies for business growth. SAP has a huge partner network across the globe, which it uses to expand its geographical presence. It works toward expanding its operations in various regions across the globe. Furthermore, SAP has invested approximately 3.79 billion from its total revenue, to update its products and solutions periodically and introduce new innovative products and services for its existing and targeted customers.
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IBM is one of the prominent vendors in AI software, services, and technology for business. IBM’s portfolio for autonomous agents includes IBM Services Platform, IBM Watson, and IBM Tivoli Monitoring, Version 6.3. These products are widely used by various industry sectors to improve insights and decision-making accuracy by unlocking unstructured and siloed data with AI. The company has a wide customer base spread across globally. IBM is actively intensifying its position in the market through the strategy of new product launches. Furthermore, the company aims to satisfy its customers as per the changing market dynamics. This ability to innovate and respond to clients with correct information and at the right time has enabled IBM to grow in the market. Therefore, IBM focuses on strengthening its position through strategic organic investments and acquisitions, broadening its technical expertise, and integrating AI in company offerings. In addition, IBM has transformed into a more agile enterprise to drive innovation and speed, as well as help drive productivity that supports investments for participation in markets.
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