Market Size of Autonomous Agents Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 57.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Autonomous Agents Market Analysis
The Autonomous Agents Market is expected to register a CAGR of 57% over the forecast period 2021 to 2026. 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.
- 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.
Autonomous Agents Industry Segmentation
Autonomous agents are software programs that answer to states and events in their context, independent from direct instruction by the user or owner of the agent, but working on behalf and in the owner's interest. The term agent is not specified precisely, and agent software can vary from simple programs comprising a small number of rules to open and sophisticated systems. Agent technology was developed in artificial intelligence (AI) research and can include complex AI techniques.
By Deployment Type | |
Cloud | |
On-Premises |
By Organization Size | |
Small & Medium-Sized Enterprises (SMEs) | |
Large Enterprises |
By Industry Vertical | |
BFSI | |
IT &Telecom | |
Healthcare | |
Manufacturing | |
Transportation & Mobility | |
Other Industry Verticals |
Geography | |
North America | |
Europe | |
Asia Pacific | |
Latin America | |
Middle East & Africa |
Autonomous Agents Market Size Summary
The Autonomous Agents market is experiencing significant growth, driven by the increasing emphasis on automating business processes with minimal human intervention. This market is predominantly led by the IT and telecom sectors, which utilize autonomous agents to enhance customer experiences and achieve greater operational efficiency. The demand for improved customer engagement, cost savings, and return on investment are key factors propelling the market forward. The cloud deployment segment is anticipated to be a major contributor to market expansion, fueled by the widespread adoption of artificial intelligence across various enterprises. The shift from on-premise to cloud-based solutions is expected to enhance market growth due to benefits like faster delivery times and real-time tracking capabilities.
The global Autonomous Agents market is also witnessing substantial advancements across multiple industries, with the automotive sector playing a pivotal role in its expansion. The transportation and mobility sectors are significant contributors, with autonomous vehicles promising to reduce traffic fatalities and improve logistics efficiency. E-logistics, incorporating AI applications, presents promising investment opportunities by addressing challenges like poor road conditions and lack of transparency in cargo movement. The Asia-Pacific region is poised for accelerated growth, supported by government policies and digitalization efforts. Major players in the market are engaging in strategic partnerships and acquisitions to expand their business reach, with companies like SAP SE and Oracle Corporation enhancing their AI capabilities to streamline processes and improve productivity.
Autonomous Agents Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitute
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1.2.5 Intensity of Competitive Rivalry
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1.3 Market Drivers
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1.3.1 Rising Number of AI Applications
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1.3.2 Growing Presence of Parallel Computational Resources
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1.4 Market Challenges
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1.4.1 Scarcity of Skilled Workforce and Absence of Standards and Protocols
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1.5 Industry Value Chain Analysis
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1.6 Analysis on the impact of COVID-19 on the Autonomous Agents Market
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2. MARKET SEGMENTATION
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2.1 By Deployment Type
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2.1.1 Cloud
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2.1.2 On-Premises
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2.2 By Organization Size
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2.2.1 Small & Medium-Sized Enterprises (SMEs)
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2.2.2 Large Enterprises
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2.3 By Industry Vertical
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2.3.1 BFSI
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2.3.2 IT &Telecom
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2.3.3 Healthcare
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2.3.4 Manufacturing
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2.3.5 Transportation & Mobility
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2.3.6 Other Industry Verticals
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2.4 Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia Pacific
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2.4.4 Latin America
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2.4.5 Middle East & Africa
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Autonomous Agents Market Size FAQs
What is the current Autonomous Agents Market size?
The Autonomous Agents Market is projected to register a CAGR of 57% during the forecast period (2024-2029)
Who are the key players in Autonomous Agents Market?
IBM Corporation, Oracle Corporation, SAP SE, Amazon Web Services, Inc. and SAS Institute Inc. are the major companies operating in the Autonomous Agents Market.