The global autonomous agents market size is expected to grow at a CAGR of 55.15% during the forecast period, 2019–2026. The expansion of the autonomous agents market is expected to be fueled by automation in the automobile industry.
The pervasiveness of artificial intelligence is inciting the demand for autonomous agents across the globe. An autonomous agent, also known as an intelligent agent, operates and is enabled to act and react in a dynamic working environment. These agents could work independently or collaboratively, providing solutions to complex problems. Autonomous agents range from smartphone applications to autonomous robots such as shopping bots, personal agents, monitoring and surveillance agents, and data mining agents, among others.
Mobility and independent decision-making are becoming momentous across various industry verticals such as manufacturing, retail, and transportation, among others on account of the growing global network connectivity in remote locations. The confluence of autonomous agents with operations helps in improving user experience. For instance, in April 2019, the leading retail company Walmart announced the installation of thousands of robots into its workforce for floor cleaning and inventory management across the U.S. to enhance customer experience.
| Report Metric | Details |
|---|---|
| Base Year | 2017 |
| Study Period | 2016-2026 |
| Forecast Period | 2023-2031 |
| CAGR | 55.15% |
| Market Size | 1320 |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Geographies Covered |
|
The presence of noteworthy market players such as IBM, Oracle, AWS, Intel, and Salesforce, among others is expected to stimulate growth in North America. These companies focus on offering innovative technologies to meet consumer demand, which is expected to drive the demand for autonomous agents in the region. For instance, in January 2019, Badger Technologies, in partnership with Retail Business Services, announced that it would deploy robots named Marty Bots to approx. 500 Giant, Martin’s, and Stop and Shop stores across the U.S., which would improve operations and gather data while traversing through the store, providing real-time alerts to incidents such as spills.
In Europe, the autonomous agents market is expected to experience significant growth due to the increasing competition among automotive manufacturers focusing on developing fully autonomous vehicles. For instance, in June 2019, Volvo announced its partnership with Nvidia focusing on developing the next-generation decision-making engine for Volvo’s fully autonomous commercial trucks and industrial service vehicles. This partnership will utilize Nvidia’s Drive AI platform that comprises processing data from sensors, localization, mapping, perception systems, and path prediction and planning.
Asia-Pacific is expected to grow at an accelerated pace in the autonomous agents market with countries across the region embracing artificial intelligence to automate future enterprise strategies. For instance, in January 2019, EdgeVerve Systems, a subsidiary of Infosys, announced the launch of AssistEdge Discover, which focuses on improving the success rate of automation-based applications at an enterprise level through process discovery.
Digital automation is transforming the world with exceptional scope and speed. With advancements in technologies such as AI, robotics, big data, and IoT reshaping the economic landscape, the LAMEA region is expected to witness considerable growth in the autonomous agents market with a natural momentum improving sustainability.
The cloud-based deployment model is expected to propel the autonomous agents market on account of the growing adoption of artificial intelligence across several enterprise organizations. For instance, in June 2019, Oracle introduced 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 global market is evolving with the advancement of technologies across several industries. Automation in the automotive industry is projected to fuel the autonomous agents market growth during the forecast period, 2019–2026. For instance, in July 2019, Zhejiang Geely Holding Group and Japan's Toyota Motor Corp entered into a partnership with Baidu Inc to access Apollo Minibus, a level 4 autonomous shuttle, to Toyota's e-Palette, to empower mobility solution for e-commerce retail vehicles in the future.
