WASHINGTON, March 13, 2023 (GLOBE NEWSWIRE) -- Global Enterprise Artificial Intelligence Market is valued at USD 11.1 Billion in 2021 and is projected to reach USD 64.5 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 34.1% over the forecast period 2022-2028.
Market Overview
The increasing digitization of End-Use Industries is one of the key reasons driving the market's rise. The widespread product use among different companies for analyzing and interpreting enormous amounts of data also favors market growth.
We forecast that the natural language processing (NLP) category in Enterprise Artificial Intelligence market sales will account for more than 58% of total sales by 2028. The rise in enterprise adoption of virtual support services and increased investments in AI technology by many industry verticals are b factors contributing to this market's expansion
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Market Dynamics
Increased Adoption of Artificial Intelligence in Businesses to Boost Market Growth
The use of AI apps in business is becoming more widespread. Businesses quickly realize the advantages of incorporating AI into routine operations. Businesses have found that AI may be useful in changing how they communicate, develop, and enhance their operations. Government, retail, financial services, manufacturing, the automobile industry, and advertising are some key end-use industries that deploy artificial intelligence services. Resulting in the market's expansion.
Increasing Demand for Data Interpretation and Analysis to Fuel Market Expansion
Media & advertising, agriculture, finance, retail, healthcare, automotive & transportation, legal, educational institutions, oil & gas, and other industries are a few of the many fields where AI is used. Advancements like self-driving cars, space exploration, and precise weather forecasts have propelled the AI market globally. Due to its capacity to evaluate vast volumes of genomic data and assure more precise treatment and prevention of medical disorders, AI is also anticipated to impact healthcare breakthroughs.
Top Players in the Global Enterprise Artificial Intelligence Market
- Amazon Web Services Inc. (U.S.)
- IBM Corporation (U.S.)
- Microsoft Corporation (U.S.)
- Oracle Corporation (U.S.)
- Intel Corporation (U.S.)
- Alphabet (U.S.)
- SAP SE (Germany)
- C3.ai Inc. (U.S.)
- DataRobot Inc. (U.S.)
- Hewlett Packard Enterprise (U.S.)
- Wipro Limited (India)
- NVidia Corporation (U.S.)
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Top Trends in Global Enterprise Artificial Intelligence Market
- One trend that Vantage Market Research (VMR) expects to see in the Enterprise Artificial Intelligence industry is rising investment in AI technology. To increase the efficiency of their value chains, numerous small startups and IT firms have started investing in adopting open-source AI platforms. Additionally, the expansion of low-cost, high-quality AI technologies is anticipated to support the Enterprise Artificial Intelligence market expansion.
- Another trend that VMR predicts will continue in the Enterprise Artificial Intelligence (AI) industry is increased usage of digital technology like chatbots, virtual assistants, or intelligent digital assistants over manual user interfaces in various business sectors, including healthcare, IT & telecom, retail, BFSI, and others.
Top Report Findings
- Based on Components, the Service category controls most of the Enterprise Artificial Intelligence market's revenue. Natural language processing (NLP) and machine learning applications depend on the enterprise Al market's services to operate effectively and efficiently.
- Based on the Technologies, most of the Enterprise Artificial Intelligence market's revenue is controlled by the Natural Language Processing (NLP) category. The surge can be ascribed to the popularity of virtual assistants, chatbots, and voice-based interfaces.
- Based on the Application Areas, the Analytics application category controls most of the Enterprise Artificial Intelligence market's revenue. The Analytics applications use Al to speed decision-making, evaluate data, and review information.
- Based on Deployment Types, most of the Enterprise Artificial Intelligence market's revenue is controlled by the cloud category. AI technology is expanding quickly, but new businesses are having trouble cleaning huge amounts of data, accessing high-quality data, and training AI systems.
- Based on the Organization Sizes, the Large Enterprise category controls most of the Enterprise Artificial Intelligence market's revenue. Large companies are utilizing AI to increase productivity, increase agility & flexibility, and save costs by automating regular processes, primarily driving the demand for AI solutions in this market.
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Recent Developments in the Global Enterprise Artificial Intelligence Market
- February 2022: IBM Corporation acquired Sentaca; IBM plans to accelerate the growth of its cloud business with this acquisition. Sentaca's consulting services are anticipated to help IBM's clients solve their technology and other strategic challenges regarding revenue, expense, infrastructure, and scalability issues.
- December 2021: Google Cloud and Kyndryl announced a strategic partnership. Kyndryl will use Google Cloud to create a digital transformation service focusing on data analytics, machine learning, and AI. Kyndryl further announced they would use Google Cloud to grow their managed SAP services and create a new data-centric app to assist their financial clients with hastening cloud migrations.
Cloud Category in Enterprise Artificial Intelligence Market to Generate Enormous Chunk of Revenue
Enterprise Artificial Intelligence is an expensive investment. Vantage Market Research has analyzed the market for Enterprise Artificial Intelligence to understand its current state and potential future growth factors. For better understanding, based on the deployment type, the Enterprise Artificial Intelligence market is divided into Cloud and On-Premise.
During the forecast period, the market for Enterprise Artificial Intelligence is anticipated to experience the highest CAGR for the cloud category. The growth might be ascribed to rising technological investments and the need to lower the price of on-premise infrastructure upkeep. Businesses can use cloud deployment to upgrade their systems with AI-based technologies without reinvesting their capital expenditures.
On the other hand, the On-Premise category is anticipated to grow significantly. The expansion of the on-premise category can be due to the increasing worries over data privacy related to research, personal information, account transactions, etc.
North America Region in Enterprise Artificial Intelligence Market to Generate the major Revenue
North America dominates the market throughout the projection period. This is related to technological advancements and a surge in the number of persons selecting enterprise AI operations in this area.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Enterprise Artificial Intelligence Market Forecast Report (2022-2028).
Global Enterprise Artificial Intelligence Market Segmentation
By Components
- Solutions
- Services
By Technologies
- Machine Learning and Deep Learning
- Natural Language Processing (NLP)
By Application Areas
- Security and Risk Management
- Marketing Management
- Customer Support & Experience
- Human Resource & Recruitment Management
- Analytics Application
- Process Automation
By Deployment Types
- Cloud
- On-Premises
By Organization Sizes
- Large Enterprise
- Small & Medium-Sized Businesses (SMBs)
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 11.1 Billion |
| Revenue Forecast by 2028 | USD 64.5 Billion |
| CAGR | 34.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Amazon Web Services Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Intel Corporation, Alphabet, SAP SE, C3.ai Inc., DataRobot Inc., Hewlett Packard Enterprise, Wipro Limited, NVidia Corporation |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Key Questions Answered in the Report:
- What is the current market size and growth rate of the enterprise AI market?
- What are the main drivers and challenges for the growth of the enterprise AI market?
- Which industries are adopting enterprise AI and what are the use cases for AI in those industries?
- Who are the major players in the enterprise AI market and what are their market shares?
- What are the key trends in enterprise AI technology and how are they shaping the market?
- What are the different types of enterprise AI solutions available and how do they differ from each other?
- What is the impact of AI on the workforce and how are companies addressing the ethical concerns related to AI?
- What is the future outlook for the enterprise AI market and what are the opportunities and challenges for companies operating in this space?
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