Autonomous Agents Market Size

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.