The Autonomous Agents Market is expected to register a CAGR of 57% over the forecast period 2022 to 2031. The autonomous agents market is getting traction as a result of significant stress on automating business processes with minimum human interference. The market is chiefly dominated by the IT and telecom industry as a vital end-user vertical for improving the customer experience. Heightened automation and agility, demand for delivering enhanced customer experience, and elevated cost savings and return on investment are some of the principal growth factors for the autonomous agents’ industry.
– Mobility and independent decision-making are growing important over several business verticals. The assembly of autonomous agents with operations helps in enhancing user experience. For instance, in April 2019, the principal retail firm Walmart stated the installation of thousands of robots into its workforce for floor cleaning and inventory management across the U.S. to improve customer experience.
– By deployment type, the cloud segment on account of the growing adoption of artificial intelligence across several enterprise organizations is expected to be a more significant contributor to the forecast period’s autonomous agents’ market growth.
– According to SAP SE, nearly 60% of companies and 75% of digital leaders in the MENA region planed to invest in the cloud by 2019. Also, most of the companies are shifting to cloud from on-premise AI, due to faster delivery time with low latency and real-time tracking. This is likely to foster the studied market growth during the forecast period.
– Moreover, in June 2019, Oracle introduced the Autonomous Database Dedicated, a private database service within the public cloud. This service focuses on assisting customers with high security and operational policy requirements, providing cloud database management services.
– The market is principally dominated by the IT and telecom industry as an essential end-user vertical for enhancing the customer experience. Favorable economic conditions and increasing digitalization is anticipated to generate a positive outlook for the market players during the forecast period.
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– Telcos are capitalizing on increasing demands for higher quality services and better customer experience (CX) opportunities by leveraging the vast amounts of data collected over the years from their massive customer bases.
– However, the absence of a skilled workforce may hinder the growth of the autonomous agents market. On the other hand, progress in machine learning and artificial intelligence are expected to offer profitable possibilities to the key companies of the Autonomous Agents market during the forecast period.
Key Market Trends
Transportation and Mobility Segments to Dominate the Market
– The global Autonomous Agents market is expanding with the progress of technologies over numerous industries. Automation in the automotive sector is prophesied to support the projection period’s autonomous agents’ market growth. For instance, in July 2019, Zhejiang Geely Holding Group and Japan’s Toyota Motor Corp enrolled in a partnership with Baidu Inc to reach Apollo Minibus, a level 4 autonomous shuttle, to Toyota’s e-Palette, to enable mobility solution for e-commerce retail channels in the future.
– Apart from that, Transportation and Mobility segments to be one of the most significant contributors for Autonomous Agents Market growth, as according to IFC (International Finance Corporation), AVs (Autonomous Vehicles) could reduce traffic fatalities by up to 90% by 2050 in some developed countries. Tesla’s initial attempt at an AV decreased accident rates by 40% when self-driving technologies were initiated.
– E-logistics is the most encouraging area for direct investment possibilities that involve AI applications in Autonomous Agents. Poor roads, unreliable tracking and routing, suboptimal truck utilization, and a shortage of transparency in cargo movement hinder the efficiency of traditional logistics. World Bank in 2019, reported that over USD 4.2 billion had been invested in the global e-logistics sector as of December 2017.
– Also, according to IFC, developed countries usually spend between 6% and 8% of GDP on logistics, these costs can range from 15% to 25% in some developing countries. In particular, the field of e-logistics in which Internet-related technologies are applied to the supply and demand chain also incorporates AI in several ways, such as matching shippers with delivery service providers.
– According to IEA, in 2018, 24% of global CO2 emissions came from transportation and based on current policies, it is estimated that global emissions from transportation and logistics will rise by 60% between 2015 and 2050. Autonomous and AI technology that reduces the number of inefficient trips at sea and on the road by optimizing routes can improve fuel efficiency and reduce greenhouse gas (GHG) emissions.
Asia Pacific to Grow With an Accelerated Growth Rate
– The Autonomous Agents market is expected to grow at an accelerated pace in the Asia-Pacific region, with countries adopting artificial intelligence to automate future business strategies. For instance, in January 2019, EdgeVerve Systems, a subsidiary of Infosys Limited, declared the launch of AssistEdge Discover, which focuses on improving the success rate of automation-based applications at enterprise-level process discovery.
– The firms operating in the APAC region would benefit from the industrialization and globalization policies of the governments, flexible economic conditions, and the expanding digitalization, which is anticipated to have a notable impact on the region’s business community.
Global Autonomous Agents market is highly fragmented and consists of various major players. Inorganic growth strategies witnessed in the market were acquisitions and partnerships & collaborations. These activities have flagged the way for the expansion of business and customer base of market firms. The market players from autonomous agents market are expected to profitable growth opportunities in the future with the increasing demand for autonomous agents in the global market.
– May 2020 – SAP SE announced the integration of InstaFreight’s service offerings with SAP Autonomous Logistics Business Network to support the fast and efficient handling of road shipments in Europe. By leveraging autonomous & digital processes, shippers can reduce complexity in managing their relationships with transportation service providers, and carriers can reduce their administrative effort, both key benefits during this challenging time of need across the globe.
– Nov 2019 – Oracle has stretched AI abilities inside its Enterprise Resource Planning (ERP) cloud and Enterprise Performance Management (EPM) cloud to check manual procedures and precision, enhance productivity, and flexibility. The all-encompassing AI abilities include advanced financial controls, cost report assistant, project-based supply chain management, project management, and digital assistant.
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