Newark, Nov. 16, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 10 billion in 2022 global enterprise artificial intelligence market will reach USD 232.91 billion in 2032. By processing vast amounts of data and identifying patterns and trends, artificial intelligence (AI) can help businesses and organizations better understand consumer behaviour, market trends, and other important factors. Making better decisions and advancing firms and businesses can be achieved by utilizing this knowledge. It can assist in minimizing downtime and automating challenging processes by anticipating maintenance needs. By giving employees profound insights and the capacity to spot patterns, AI improves human intelligence and enables workers to make decisions that are more original, efficient, and of a high standard. Overall, it raises productivity, accuracy, and decision-making. It helps businesses to find solutions for challenging issues. AI can help by automating monotonous tasks, analyzing data, and improving decision-making. These benefits include increased output, lower costs, and higher-quality goods and services. AI has the potential to accelerate development and improve outcomes across a range of sectors, including education and healthcare.
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Key Insight of the Global Enterprise Artificial Intelligence Market
North America will dominate the market during the forecast period.
Leading the way in artificial intelligence innovation is the United States of America, a pioneer in the tech sector. The most cutting-edge technologies are available to the market participants in the area, allowing them to expand AI applications across industries. Furthermore, the area has the infrastructure and legal framework to implement and grow enterprise AI across all pertinent industries and sectors.
In 2022, the cloud segment dominated the market with the largest market share of 57% and market revenue of 5.70 billion.
The deployment type segment is divided into on-premises and cloud. In 2022, the cloud segment dominated the market with the largest market share of 57% and market revenue of 5.70 billion.
In 2022, the natural language processing segment dominated the market with the largest market share of 34% and revenue of 3.40 billion.
The technology segment is divided into machine learning, speech recognition, natural language processing, computer vision, and others. In 2022, the natural language processing segment dominated the market with the largest market share of 34% and revenue of 3.40 billion.
In 2022, the large enterprises segment dominated the market with the largest market share of 65% and market revenue of 6.50 billion.
The organization segment is divided into small and medium enterprises and large enterprises. In 2022, the large enterprises segment dominated the market with the largest market share of 65% and market revenue of 6.50 billion.
In 2022, the IT and Telecom segment dominated the market with the largest market share of 44% and market revenue of 4.40 billion.
The end-use segment is divided into media and advertising, BFSI, healthcare, IT and Telecom, automotive and transportation, retail and others. In 2022, the IT and Telecom segment dominated the market with the largest market share of 44% and market revenue of 4.40 billion.
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Advancement in market
Leading AI-based search platform and scaling engine, Vespa.ai announced today that Blossom Capital has contributed $31 million in Series A funding to further the development of Vespa, the company's search platform, and Vespa Cloud, its service. London, United Kingdom-based Blossom Capital is a venture capital investing business. The firm, which has a reputation for funding startups and early-stage businesses, is actively looking to invest in information technology in Europe and the US. Vespa assists customers—many of which are Fortune 500 companies—with using AI to store, explore, and apply an infinite number of data attributes to quickly produce actionable intelligence and insights.
Market Dynamics
Driver: the emergence of the digital age.
The advent of the internet and the digital age have been linked to the past 20 years. Global demand for AI services has expanded as a result of growing automation and digitization in a variety of industries, including banking, education, healthcare, automotive, telecom, and retail. AI significantly assists industries across sectors in finding new markets and solutions, improving marketing and sales, filling in market gaps, and allocating resources optimally. As a result, the advent of the digital age encourages the market's expansion.
Restraints: The scarcity of experts in the field.
The field of AI has rapidly expanded in recent years. It is a very complicated and advanced system, nevertheless, requiring programming, human intelligence, computer systems, and analytical skills. To advance, AI needs a broad range of skill sets. For its deployment and operation, it requires qualified professionals. There is a scarcity of these socialites due to the qualified and trained professionals slow growth, which will impede the expansion of the market.
Opportunities: technical advancements.
The creation of supercomputers that can handle trillions of data bits in minutes has accelerated the advancement and innovation in artificial intelligence. Furthermore, the expansion of AI deployment and applications is facilitated by the growth of IT infrastructure in light of beneficial government efforts. Consequently, during the projected term, infrastructure investments and technology improvements will present profitable prospects.
Challenges: the regulatory norms.
The growing use of enterprise AI has also led to the misuse of these advanced services which has prompted regulators to bring AI under the ambit of government regulation. It is crucial to involve all relevant stakeholders while creating such norms, rules and regulations that enable the growth of AI for societal benefit while preventing unethical and disproportionate exploitation of AI. Therefore, the introduction of stringent regulation will challenge the market's growth.
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Some of the major players operating in the global enterprise artificial intelligence market are:
• Alphabet Inc.
• Amazon Web Services, Inc.
• Apple Inc.
• Hewlett Packard Enterprise Development LP
• Intel Corporation
• International Business Machines Corporation
• Microsoft Corporation
• NVIDIA Corporation
• SAP SE
• Wipro Limited
Key Segments covered in the market:
By Deployment Type
• On-Premises
• Cloud
By Technology
• Machine Learning
• Speech Recognition
• Natural Language Processing
• Computer Vision
• Others
By Organization
• Small and Medium Enterprises
• Large Enterprises
By End Use
• Media and Advertising
• BFSI
• Healthcare
• IT and Telecom
• Automotive and Transportation
• Retail
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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