DUBLIN--(BUSINESS WIRE)--The "Autonomous Agents Market by Deployment Type (Cloud and On-premises), Organization Size (SMEs and Large Enterprises), Vertical (BFSI, IT and Telecom, Manufacturing, Healthcare, Transportation and Mobility), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global autonomous agents market 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 autonomous agents market is driven by various factors, such as growing deployment of AI-based applications across enterprises. However, issues related to unsupervised learning and heavy investment in converting unstructured data into structured data can hinder the growth of the market.
Major vendors offering autonomous agents solutions and services across the globe include 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 study includes an in-depth competitive analysis of these key players in the autonomous agents market, with their company profiles, recent developments, and key market strategies.
Cloud segment to grow at the highest CAGR during the forecast period
Cloud solutions provide various advantages, such as reduced operational cost, low maintenance cost, higher scalability, accessibility of real-time information, and enhanced business efficiency over the on-premises solutions.
Furthermore, it lowers the IT budgets, reduces the financial risks, and increases flexibility. Therefore, Small and Medium-sized Enterprises (SMEs) majorly prefer the cloud-based deployment type.
Moreover, rapid advancements in cloud technology, with security as their priority and the rising cost of support and maintenance of on-premises solutions will drive the growth of cloud-based autonomous agents.
IT and telecom vertical to hold the highest market share during the forecast period
The IT and telecom vertical is characterized by the increased complexity of communication networks to support advanced technologies, such as software defined - wide area network, and network function virtualization. The vertical has increased demand for intelligent and optimized network operations to cater to the demand for communication service providers. The vertical is integrating autonomous agents, AI and machine learning to automate their network operations and enhance the consumer experience.
Autonomous agents are able to optimize network operations and enable autonomous network operations. However, though the majority of AI in these applications are restricted to statistical analysis and big data tools, autonomous agents are expected to have high demand over the forecast period.
APAC to record the highest growth rate during the forecast period
The companies operating in the APAC region would benefit from the flexible economic conditions, industrialization and globalization policies of the governments, and the expanding digitalization, which is expected to have a huge impact on the business community in the region.
The other emerging economies, such as India, Singapore, and Malaysia are looking forward to integrating new technologies into their businesses. These developments show that the APAC region is well-versed in adopting autonomous agents across various verticals, with a major focus on BFSI, and IT and telecom verticals. The companies in this region are practicing the strategy of increasing its customer base through acquisitions and partnerships with the significant players in the autonomous agents market.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in the Autonomous Agents Market
4.2 Autonomous Agents Market, By Organization Size, 2019
4.3 Autonomous Agents Market, By Vertical, 2019
4.4 Autonomous Agents Market: Market Investment Scenario, 2019-2024
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Number of AI Applications
5.2.1.2 Increased Availability of Parallel Computational Resources
5.2.1.3 Growth of Large and Complex Data Sets Driving the Need for Autonomous Agents
5.2.2 Restraints
5.2.2.1 Issues Related to Unsupervised Learning
5.2.2.2 Need for Heavy Investment in Converting Unstructured Data Into Structured Data
5.2.2.3 Lack of Skilled Workforce and Absence of Standards and Protocols
5.2.3 Opportunities
5.2.3.1 Integration of AI With Cloud
5.2.3.2 Advancements in AI and Ml
5.2.4 Challenges
5.2.4.1 Limited Use Cases of Autonomous Agents
5.2.4.2 Increased Network Complexity
5.2.4.3 Data Privacy and Security Concerns
5.3 Types of Autonomous Agents
5.3.1 Traditional Industrial Robots
5.3.2 Mobile Robots
5.3.3 Softbots
5.3.4 Computer Simulations
5.4 Evolution
5.5 Industry Standards
5.5.1 Distributed Management Task Force Standards
5.5.2 Cloud Infrastructure Management Interface
5.5.3 Health Insurance Portability and Accountability Act
5.5.4 Organization for the Advancement of Structured Information Standards
5.5.5 International Organization for Standardization
5.5.6 Storage Networking Industry Association - Cloud Data Management Interface
6 Autonomous Agents Market, By Deployment Type
6.1 Introduction
6.2 Cloud
6.2.1 Ability to Access Real-Time Data From Anywhere, Flexibility, and Cost-Effectiveness are the Major Factors to Drive the Adoption Rate of Cloud-Based Autonomous Agents
6.3 On-Premises
6.3.1 Growing Demand for Data Security Among Enterprises to Drive the Adoption of On-Premises Autonomous Agents
7 Autonomous Agents Market, By Organization Size
7.1 Introduction
7.2 Small and Medium-Sized Enterprises
7.2.1 Elimination of Human Intervention to Operate Tedious Tasks to Drive the Demand for Autonomous Agents in Small and Medium-Sized Enterprises
7.3 Large Enterprises
7.3.1 Growing Demand to Automate Business Processes and Enhance the Customer Experience to Boost the Adoption of Autonomous Agents in Large Enterprises
8 Autonomous Agents Market, By Vertical
8.1 Introduction
8.2 Banking, Financial Services, and Insurance
8.2.1 Demand for Algorithmic Trading Systems in BFSI Vertical to Drive the Market Growth
8.3 IT and Telecom
8.3.1 IT and Telecom Vertical to Integrate Autonomous Agents, Ai, and Ml to Automate Network Operations and Enhance Consumer Experience
8.4 Manufacturing
8.4.1 Use of Autonomous Agents to Increase in Various Manufacturing Applications
8.5 Healthcare
8.5.1 Healthcare Vertical to Adopt Autonomous Agents to Improve Decision-Making
8.6 Transportation and Mobility
8.6.1 Transportation and Mobility Vertical to Use Autonomous Agents, AI Platforms, and the Ml Technology to Solve Traffic Congestion-Related Problems
8.7 Others
9 Autonomous Agents Market, By Region
9.1 Introduction
9.2 North America
9.2.1 Ability to Invest in High-Growth Technologies to Drive the Adoption of Autonomous Agents in North America
9.3 Europe
9.3.1 Establishment of Relevant Framework for Policy Development and Adoption of Emerging Technologies Across Verticals to Boost the Adoption of Autonomous Agents in Europe
9.4 Asia Pacific
9.4.1 Rising Adoption of Advanced Technologies to Increase the Growth Opportunities for Autonomous Agents in Asia Pacific
9.5 Rest of the World
10 Competitive Landscape
10.1 Introduction
10.1.1 New Product/Solution Launches and Product Enhancements
10.1.2 Business Expansions
10.1.3 Acquisitions
10.1.4 Partnerships and Collaborations
11 Company Profiles
11.1 Introduction
11.2 Oracle
11.3 IBM
11.4 SAP
11.5 AWS
11.6 SAS
11.7 Infosys
11.8 Nuance Communications
11.9 FICO
11.10 Fetch.ai
11.11 Affectiva
11.12 Intel
11.13 Salesforce
11.14 Aptiv
11.15 Google
11.16 Microsoft
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