Market Trends of Autonomous Agents Industry
This section covers the major market trends shaping the Autonomous Agents Market according to our research experts:
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.
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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.
- China is influencing the way in AI investment and adoption in EMs, with efforts on both the private and public sector fronts. On the public sector front, the Chinese government started an AI strategy reaching to 2030, and private players such as search company Baidu and ridesharing app Didi are heavily investing in AI research, which could further encourage the market in the APAC region.
- Digital automation is changing the world with excellent scope and pace. With progress in technologies such as AI, big data, robotics, and IoT reshaping the economic landscape, the APAC region is supposed to witness substantial growth in the autonomous agents market with a natural momentum improving sustainability.
- These advancements show that the APAC region is well-versed in adopting autonomous agents across multiple verticals, with a notable focus on BFSI and IT and telecom verticals.
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