CHICAGO, May 1, 2019 /PRNewswire/ --According to a new market research report "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", published by MarketsandMarkets™, the 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 major factors driving the Autonomous Agents Market include the growing adoption of AI-based applications and increased availability of parallel computing resources.
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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.
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.
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North America to have the largest market size during the forecast period
North America is expected to hold the largest market size during the forecast period in the Autonomous Agents Market, owing to the early adoption and host to innovative initiatives for Artificial Intelligence (AI), Natural Language Processing (NLP), and Machine Learning (ML). Though the trend is observed globally, in North America, it has prevailed due to the presence of the following factors affecting the development and growth of autonomous agents: state-of-the-art infrastructure, high funding opportunities, widespread customer base across several industries, conducive environment for innovation, and availability of highly-skilled workforce. Furthermore, autonomous agents companies in this region are targeting higher revenues and business expansions due to the stiff competition and demand prevailing across the North American region. In addition, the US and Canada contribute majorly toward the adoption and growth of new technologies, both being the most developed economies in the region. With a well-established economy and advanced technological development, funding opportunities in autonomous agents and related technologies have been the highest in these countries.
Major vendors offering Autonomous Agents Market 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).
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