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Enterprise Artificial Intelligence Market Analysis:
The global enterprise artificial intelligence market size is expected to grow from USD 19.5 billion in 2022 to USD 156.080 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 34.60% during the forecast period. The major factors driving the enterprise AI market include growing demand for AI-based solutions to process high volumes of data, increasing focus on automation, and rising adoption of AI to improve customer service.
Enterprise AI refers to the deployment of artificial intelligence technologies by businesses to automate business processes and drive operational efficiencies. It is used for various applications including predictive maintenance, supply chain optimization, sales process recommendation, and fraud detection.
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Enterprise Artificial Intelligence Market Competitive Analysis
The catalog for prominent participants across the global market for Enterprise Artificial Intelligence includes players such as:
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Enterprise Artificial Intelligence Market Segmentation:
By technology, the market is segmented into machine learning, natural language processing, image processing, speech recognition, and context-aware computing. The machine learning segment accounts for the largest share.
Based on deployment mode, it is bifurcated into on-premise and cloud-based enterprise AI solutions. The cloud-based segment is expected to grow at a higher CAGR during the forecast period.
Based on organization size, enterprise artificial intelligence market is divided into large enterprises and small & medium enterprises (SMEs). The large enterprises segment dominated the market in 2019.
On the basis of industry vertical, the key segments are BFSI, retail, manufacturing, healthcare, automotive, and telecom. The retail segment is projected to grow at the highest rate over the forecast period.
Regional Analysis:
North America, which accounted for 38.1% of global revenue in 2021, is expected to grow at a CAGR of more than 33.0% over the projected period. The market in the region is being driven by elements including the presence of top organizations that create AI solutions & services, technological infrastructure facilities, and the substantial number of end users employing data management devices.
For instance, as part of a strategy to expand leadership in artificial intelligence, the president unveiled the American AI Initiative in February 2019. Also, as part of these programs, federal authorities have established criteria for the development and implementation of AI-based systems in the real world across a variety of industrial sectors.
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Latest Industry News:
The enterprise AI market outlook remains positive, driven by the need for data-driven business insights. Increasing adoption of AI by companies to achieve digital transformation goals is expected to drive market growth during the forecast period.
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