Enterprise AI Market (2023 to 2029) – Growth, Dynamics, and Forecasts

The Enterprise AI Market has valued at US$ 6141.5 Mn in 2022. The Global Enterprise AI Market size is estimated to grow at a CAGR of 48.7% over the forecast period.
Enterprise AI Market Overview:
The Enterprise AI market analyzes and forecasts the market size in terms of value for the market (Million). Further, the Enterprise AI Market is segmented by Deployment Type, Technology, Industry Vertical, and Region. Based on Deployment Type, the market is segmented into Cloud and On-Premises. Because of Services, the market is divided into Machine Learning, Natural Language Processing, Image Processing, and Speech Recognition. The Industry Vertical, the market is divided into IT and Telecommunication, retail, banking, financial services, and insurance, government and public sector, healthcare, media and entertainment, manufacturing, education, and other sectors. North America is the dominant player in the market. The report thoroughly analyzes market drivers, limitations, and opportunities. The presentation of facts and figures gives key data for the historical period. The report explores the different segments and data that have been provided by market participants and regions.

AI enables computer systems to create and carry out tasks that naturally require human intervention and support, such as speech recognition, decision-making, visual perception, and language translation. Depending upon the individual’s perspective, AI may mean different things to different individuals. For instance, a few years ago, a browser’s recommendation engine would have considered artificial intelligence, but today, the rise of personalized bots, computers that can detect cancer, and self-driving cars, for example, is currently being seen as AI.



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Enterprise AI Market Dynamics:
Thanks to artificial intelligence (AI) enabled computer systems to create and carry out tasks that typically require human intervention and support, such as speech recognition, decision-making, visual perception, and language translation. Manufacturers in the enterprise Artificial Intelligence (AI) sector face significant intellectual obstacles as this technology is developed and improved. The market for AI is driven by increased customer satisfaction, varied application areas, improved productivity, and big data integration. But some market restrictions include a trained labor shortage, risks to human dignity, and other dangers. Still, because of the arrival of new technologies on the market, it is anticipated that the influence of these elements would be very small.

The market’s overall attractiveness is assessed by looking at current and expected corporate Artificial Intelligence (AI) industry trends. The top influencing variables during the forecast period emphasized the opportunities in the corporate AI industry. Investments in artificial intelligence technologies have increased as a result of factors like flourishing inventive start-ups and explosive technological advances. The demand for artificial intelligence business solutions is further increased by the growing need for data analysis and interpretation. The rising AI use in emerging markets like China and India is anticipated to offer important prospects for the growth of the market during the forecast period.

Investing More in AI Technology:

The ability of AI technology to assess the assembled data effectively and forecast choices using essential algorithms aids in product development. For example, Netflix proposes movies based on users’ prior viewing habits. In the contemporary corporate environment, AI has transformed business management through the integration of workflow management tools, brand purchase advertising, trend forecast, and other technologies. These are the main reasons why money is being invested more and more in AI technologies. Many small startups and IT firms have started spending money on adopting open-source AI platforms to increase the efficiency of their value chains. It is anticipated that the growing availability of high-quality, low-cost AI technologies would support the growth of the enterprise artificial intelligence market.

Rising demand for large-scale data analysis and interpretation.

There are several industries where AI can be applied, such as media & advertising, finance, retail, healthcare, auto & transportation, agriculture, legal, educational institutions, oil & gas, and others. Because of advancements like self-driving cars, space exploration, precise weather forecasting, and others, this has fueled the AI market across the world. Because of its capacity to evaluate vast volumes of genomic data and assure more precise treatment and prevention of medical disorders, AI is also anticipated to have an impact on healthcare developments. The AI industry is becoming more competitive, owing to many organizations that are discovering the necessity of analyzing and interpreting a vast amount of data.

Artificial intelligence (AI) has great potential to transform every industry, so not only companies but also various government agencies are actively investing in this technology. Although some of these technologies have been around for a while, improvements in computer power and fresh algorithmic innovations are making AI technologies more appealing for new players in the enterprise AI industry. Businesses are adopting sophisticated analytics solutions for a variety of reasons, including a better understanding of consumer behavior, gaining a competitive edge, and enhancing operational effectiveness. Some businesses use AI technology to analyze consumer behavior and spot fraud and other hazards, other businesses use machine learning to perform preventive maintenance.
The majority of businesses currently use natural language interfaces to create interactive Chatbots and B2B applications. Also, early adopters of AI technology have more expertise and knowledge of best practices than businesses just implementing AI technologies. New entrants can quickly obtain an advantage with the aid of centers of excellence and by hiring analytics experts and data scientists. The creation and revision of this technology have huge intellectual obstacles, which manufacturers in the enterprise AI industry are observing. The market for AI is driven by bigger data integration, varied application areas, higher efficiency, and increased customer satisfaction. But the scarcity of skilled labor and challenges to human dignity and other dangers are limiting the market growth for corporate artificial intelligence. Because of the arrival of new technologies on the market, it is anticipated to have a minor impact on these aspects.
Enterprise AI Market Segment Analysis
Based on Deployment Type, the cloud segment dominated the market in 2022 and is expected to provide the maximum revenue during the forecast period for the enterprise artificial intelligence market. Enterprises are quickly transitioning to using the cloud for storage. Because of the increasing trend of adoption among businesses, it is expected that the cloud segment would experience great growth. The growth of on-premise Artificial Intelligence (AI) solutions and services in sectors like manufacturing and production is responsible for the growth of the market segment.

Based on technology, the machine learning category led the enterprise AI market and is anticipated to dominate during the forecast period. The image processing segment is expected to increase at the highest rate. During the forecast period, accurate image analysis will be possible because of AI’s image processing technology, which also has the potential to detect dangerous abnormalities and significantly lower false-positive rates. During the forecast period, a greater CAGR is anticipated for the technology segment. Natural Language Processing (NLP) and machine learning applications rely heavily on the enterprise AI market’s services to operate effectively and efficiently.

Services are necessary to successfully combine AI technology with business modules and the current working environment. The NLP sector of the technology market is anticipated to increase at a higher CAGR during the forecast period. The demand for human-to-machine level connection has knowingly increased in businesses as a result of the increasing use of personal gadgets, smartphones, and internet usage. The need for Machine-to-Machine (M2M) translation is growing. Many manufacturers are taking advantage of AI solutions.

Based on Industry Vertical, the IT & telecom sector is expected to contribute the largest enterprise Artificial Intelligence (AI) market share during the forecast period, as numerous startups have been investing in Artificial Intelligence solutions. The demand for AI technologies in developing economies is fueled by growing urbanization, technological development, and an increase in the demand for cloud applications. One of the biggest users of AI technology in the automotive and transportation sector. Because of the increased consumer demand for connected and smart cars, artificial intelligence has allowed this industry to develop at a very fast rate. For example, smart and linked cars have already been created by companies like Tesla and Morris Garages (MG). The MG Hector, which includes more than 50 connected functions, was just released by MG.


Regional Insights:
North America is dominated the market and is expected to grow at the quickest rate during the forecast period because of the presence of major artificial intelligence businesses in the area and the rising trend of adoption of AI by SMEs and large enterprises. The Asia Pacific is anticipated to have a higher growth rate, owing to the rise in demand for enterprise AI in developing economies Like China, India, and Japan bringing the market forward. Increased investments in the enterprise AI industry have been seen in the North American region, and several suppliers have developed in response to the growth of the market. Enterprise AI technology is successfully useful in North America for a variety of commercial applications, including process automation, marketing management, customer support and experience, and security and risk management.

The objective of the report is to present a comprehensive analysis of the global Enterprise AI Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Enterprise AI Market dynamic, and structure by analyzing the market segments and projecting the Enterprise AI Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Enterprise AI Market make the report investor’s guide.
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Enterprise AI Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 6141.5 Mn.


Forecast Period 2023 to 2029 CAGR:
48.7%
Market Size in 2029:
US $ 98730.48 Mn.


 Segments Covered:
by Deployment Type
Cloud
On-Premises


by Industry Vertical
IT and Telecommunication
Retail
Banking
Financial Services and Insurance
Government and Public sector
Healthcare
Media and Entertainment
Manufacturing
Education


by Technology
Machine Learning
Natural Language Processing
Image Processing
Speech Recognition



Enterprise AI Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players are:
1.IBM (US)
2.AWS (US)
3.Intel (US)
4.Google (US)
5.HPE (US)
6.Oracle (US)
7.Microsoft (US)
8.Sentient Technologies (US)
9.SAP (Germany)
10.Wipro (India)
11.Apple Inc. (US)
12.Alphabet Inc. (US)
13.Verint Systems Inc. (US)
14.MicroStrategy Incorporated (US)

Frequently asked questions:

1. What is the market growth of the Enterprise AI Market?
Ans. The Enterprise AI market was valued at USD 6141.5 Million in 2022 and is expected to reach USD 98730.48 Million by 2029, at a CAGR of 48.7% during the forecast period.

2. Which are the major key players in the Enterprise AI Market?
Ans. The key players in this market include IBM, AWS, Intel, Google, Apple, Microsoft, etc.

3. Which region is anticipated to account for the largest market share?
Ans. North America is anticipated to dominate the Enterprise AI Market,

4. What is the forecast period for the Enterprise AI Market?
Ans. The forecast period for the Enterprise AI Market is from 2023 to 2029.

5. What is the segment in which the Enterprise AI Market is divided?
Ans. The Enterprise AI Market is fragmented based on Deployment Type, Industry Vertical, and Technology. It is also divided on basis of different regions.