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

The increase in deployment of Artificial Intelligence (AI)-based applications across enterprises is expected to drive the overall growth of the autonomous agents market

The global 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 autonomous agents market is driven by various factors, such as growing deployment of AI-based applications across enterprises. However, issues related to unsupervised learning and heavy investment in converting unstructured data into structured data can hinder the growth of the market.

Cloud segment to grow at the highest CAGR during the forecast period

Cloud solutions provide various advantages, such as reduced operational cost, low maintenance cost, higher scalability, accessibility of real-time information, and enhanced business efficiency over the on-premises solutions. Furthermore, it lowers the IT budgets, reduces the financial risks, and increases flexibility. Therefore, Small and Medium-sized Enterprises (SMEs) majorly prefer the cloud-based deployment type. Moreover, rapid advancements in cloud technology, with security as their priority and the rising cost of support and maintenance of on-premises solutions will drive the growth of cloud-based autonomous agents.

IT and telecom vertical to hold the highest market share during the forecast period

The IT and telecom vertical is characterized by the increased complexity of communication networks to support advanced technologies, such as software defined - wide area network, and network function virtualization. The vertical has increased demand for intelligent and optimized network operations to cater to the demand for communication service providers. The vertical is integrating autonomous agents, AI and machine learning to automate their network operations and enhance the consumer experience. Autonomous agents are able to optimize network operations and enable autonomous network operations. However, though the majority of AI in these applications are restricted to statistical analysis and big data tools, autonomous agents are expected to have high demand over the forecast period.

APAC to record the highest growth rate during the forecast period

The companies operating in the APAC region would benefit from the flexible economic conditions, industrialization and globalization policies of the governments, and the expanding digitalization, which is expected to have a huge impact on the business community in the region. The other emerging economies, such as India, Singapore, and Malaysia are looking forward to integrating new technologies into their businesses. These developments show that the APAC region is well-versed in adopting autonomous agents across various verticals, with a major focus on BFSI, and IT and telecom verticals. The companies in this region are practicing the strategy of increasing its customer base through acquisitions and partnerships with the significant players in the autonomous agents market.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the autonomous agents marketplace.

• By company type: Tier 1 – 38%, Tier 2 – 42%, and Tier 3 – 20%
• By designation: C-level – 40%, D-level – 35%, and Others – 25%
• By region: North America–35%, Europe–27%, APAC– 23%, RoW*- 15%

*RoW includes Latin America and MEA

Major vendors offering autonomous agents solutions and services 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). The study includes an in-depth competitive analysis of these key players in the autonomous agents market, with their company profiles, recent developments, and key market strategies.

Research Coverage
The market study covers the autonomous agents market across segments. The report aims at estimating the autonomous agents market size and future growth potential across different segments, such as deployment type, organization size, vertical, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, their strengths and weaknesses, recent developments, and key market strategies.

Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall autonomous agents market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.