Chicago, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The Autonomous AI and Autonomous Agents Market is projected to grow from USD 4.8 billion in 2023 to USD 28.5 billion by 2028, at a CAGR of 43.0% during the forecast period, according to a new report by MarketsandMarkets™.
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Autonomous AI and Autonomous Agents Market Dynamics:
Drivers:
- Increasing AI applications to be catalyst for autonomous AI and autonomous agents
- Increased availability of parallel computational resources
Restraints:
- Limited adaptability and contextual understanding of autonomous AI and autonomous agents
- Lack of human-AI interaction and trust
Opportunities:
- Advancements in autonomous AI-driving technology to revolutionize transportation systems
- Healthcare advancements with autonomous AI and autonomous agents
List of Key Players in Autonomous AI and Autonomous Agents Market:
- IBM (US)
- AWS (US)
- Microsoft (US)
- Oracle (US)
- Google (US)
- Waymo LLC (US)
- DeepMind (UK)
- OpenAI (US)
- Salesforce (US)
- SAP SE(Germany)
- NVIDIA Corporation (US)
- Baidu( China)
Autonomous AI and autonomous agents refer to software programs that carry out specific tasks without the need for human intervention. They utilize algorithms and machine learning techniques to make independent decisions and enhance their performance over time. Autonomous AI is currently undergoing extensive research and experimentation across numerous applications, including self-driving vehicles, medical diagnosis, and robotics. Similarly, autonomous agents are also being explored for diverse use cases like automating customer service, inventory management, optimizing manufacturing processes, and delivering financial advice. As advancements in autonomous agents continue, they hold the potential to bring about revolutionary changes across various industries. Enterprises that successfully adopt autonomous agents are poised to gain a competitive edge in their respective domains.
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The autonomous AI & autonomous agents market by offering is segmented into hardware, software, and services. The services segment is expected to grow at a higher Compound Annual Growth Rate (CAGR) during the forecast period. The software segment is expected to witness a higher demand. The software segment is bifurcated by type and by deployment. The by-type segment includes robotic agents, and computational agents. The use of computational agents is growing rapidly due to the increasing demand for automation and the availability of powerful computing resources. These agents can perform tasks that are repetitive, time-consuming, or dangerous for humans, and they can be used to improve efficiency and productivity. By deployment, the cloud segment is expected to grow at a higher CAGR, due to its improved scalability and operational efficiency.
Based on the technology, the market is segmented into Machine Learning, Natural Language Processing, Context Awareness, and Computer Vision. The computer vision technology in Autonomous AI and Autonomous Agents market is projected to grow at a higher CAGR during the forecast period. Machine learning technology is further segmented into Deep learning, Supervised learning, Unsupervised learning, Reinforcement learning, and Large Language Models (LLM).
Based on industry verticals, the market is segmented into BFSI, Retail & eCommerce, Telecommunications, Manufacturing, Healthcare & Life Sciences, Energy & Utilities, Automotive, Transportations, and Logistics, Government & Defense, Media & Entertainment, Others (Agriculture, IT/ITes, and Real estate & construction). A wide range of businesses are rapidly using machine learning and artificial intelligence (AI). There is an increasing trend in investment banking to replace human labor with this new technology, especially when it comes to processing and assimilation of massive volumes of data. For instance, several investment banks have replaced a percentage of their entry-level financial analysts with automated systems that can analyze financial data and generate insightful conclusions. Data validation and ensuring that data sources from various systems are synced is done using AI bots. The Healthcare & Life Sciences industry vertical is expected to grow at the highest CAGR during the forecast period.
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The Autonomous AI and Autonomous Agents market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa and Latin America. In North America, the presence of leading AI companies, high demand for automation, and a supportive regulatory framework contribute to market growth. North America is projected to hold the largest market size during the forecast period. Europe focuses on government initiatives, funding programs, and ethical AI practices, while addressing industry-specific challenges.
Asia Pacific is projected to grow at the highest CAGR during the forecast period. With countries like China, Japan, India and South Korea, investing heavily in AI research and development to enhance competitiveness and digital transformation. The Middle East and Africa region is also witnessing a growing interest in autonomous AI and autonomous agents. The focus is on leveraging AI technologies to enhance efficiency, optimize processes, and improve customer experiences. Latin America is witnessing a growing tech ecosystem, infrastructure improvements, and a drive to address socio-economic challenges through autonomous AI and autonomous agents.
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