Enterprise Artificial Intelligence Market

The Global Enterprise Artificial Intelligence Market was valued at USD 14.74 Billion in 2022 and is projected to reach USD 153.22 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 34.00% over the forecast period.

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Enterprise Artificial Intelligence is helping businesses change the way they work. By incorporating AI, companies can save money, boost their efficiency, and will be able to generate insights that help them enter new markets. Enterprise Artificial Intelligence applications enable a change to maximize sales, optimize the supply chain, improve products, enhance customer service, sharpen cybersecurity, and several other tasks. Enterprise AI helps companies to make data-driven decisions. Major factors contributing to the market's growth include a shift in business models from traditional to traditional, which will increase the forecast of the global Enterprise Artificial Intelligence market during the forecast period.

The rising adoption of artificial intelligence within enterprises to enhance customer satisfaction and provide better organization will fuel the growth of the global Enterprise Artificial Intelligence market. Additionally, organizing data sets is the most pivotal task to boost the market's growth. Numerous AI service providers are expected to continuously innovate and develop the next generation of products and services by collaborating with many government institutes and research & development departments. These collaborations are expected to occur due to the rising demand for AI in the market during the forecast period.

Increasing investments by dominant players in the market are further expected to push the global Enterprise Artificial Intelligence market boundary during the forecast period. For instance, in May 2022, IBM Corporation announced that they were collaborating with Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), the first research university of AI-based in Abu Dhabi, UAE. This strategic collaboration is expected to focus on developing fundamental AI research and accelerating various scientific breakthroughs that would enhance the potential of artificial intelligence.

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Top Market Trends

1. Growing Demand for AI: The forecast period is expected to be flooded by increasing demand for artificial intelligence among various developing countries. Studies conducted by MIT Technology in association with Genesys, a U.S.-based software firm, artificial intelligence is expected to offer growth opportunities in Latin America. The study's results indicated that numerous critical issues could be tackled in the region, including food security, unemployment, rising smart cities, and natural resources. These factors will contribute to the global Enterprise Artificial Intelligence market during the forecast period.

2. Increasing AI Applications: The number of AL-based applications within various businesses is increasing in popularity. Surveys have indicated that these business and businesses are rapidly seeing the benefits of integrating AI into their daily operations. Sectors such as government, retail, financial services, and manufacturing are seeing the inclusion of AI within their applications.

3. Awareness Surrounding AI: Consumers and business practices across the globe are identifying the benefits and advantages of integrating AI within their businesses. AI can effectively handle natural language creation, social intelligence thinking, and problem-solving. Additionally, the rising need for virtual assistants, chatbots, robotics, and video conferencing technologies is expected to grow exponentially during the forecast period.

4. Rising Focus on Customer Satisfaction: Artificial intelligence's integration has improved customer experience by offering various organizational management. This is achieved by organizing the data sets comprehensively and cataloged manner.

5. Increased Adoption of Digitalization: Increased digitalization in various end-users is expected to fuel the growth of the global Enterprise Artificial Intelligence market during the forecast period. Factors such as edge computing, augmented and virtual reality (AR/VR), industrial robots, self-driving cars, digital manufacturing, industrial internet of things (IIOT), and digital manufacturing are increasing digitalization solutions across business practices.

6. Massive Generation of Data: Another significant factor for the growth in the global Enterprise Artificial Intelligence market during the forecast period is the capability to analyze and interpret massive volumes of data. Increased utilization of AI within the healthcare sector will further fuel the market's growth. AI within healthcare is utilized for processing volumes of genetic data and providing a more precise treatment for avoiding accident prevention.

Market Segmentation

The global Enterprise Artificial Intelligence market can be categorized on the following: Components, Technologies, Application Areas, Deployment Types, Organization Sizes, and Region. Based on Components, the market can be categorized into Solutions and Services. Furthermore, the market can be segmented based on Technologies into original Machine Learning & Deep Learning and Natural Language Processing (NLP). In addition, based on the Application Areas, the market can be further fragmented into Security & Risk Management, Marketing Management, Customer Support & Experience, Human Resource & Recruitment Management, Analytics Application, and Process Automation. Moreover, based on Deployment Types, the market is bifurcated into Cloud and On-Premises. Based on the Organization Sizes, the market is categorized into Small & Medium-Sized Businesses (SMBs) and Large Enterprises. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Components

Solution Segment Largest Market Share Owing to New Product Launches

The solutions segment is expected to hold the largest market share. Companies in the market are focused on innovating new solutions and launching them. These new solutions are developed such that they create ease for the user. Thus, such factors are contributing to the growth of this segment. However, the services segment is anticipated to grow at the fastest CAGR during the projected period as services are required to integrate enterprise AI into business models effectively.

Based on Technologies

Natural language processing (NLP) to Dominate Market Owing to Increasing use of M2M Translation

Natural language processing (NLP) is expected to grow the market in terms of revenue. Increasing use of the internet and growing use of smartphones has led to increasing demand for human-to-machine interaction in the enterprise boosting segmental growth. Moreover, the demand for NPL is expected to grow as there is a higher need for M2M translation. However, machine learning & deep learning is expected to grow with the fastest growing CAGR during the forecast period owing to the rising integration of ML-based algorithms in data analytics and process automation solutions.

Based on the Application Areas

Analytics Application to Register the Largest Market Share Owing to Increasing Utilization of AI

The segment about analytics applications will account for the largest market share during the forecast period owing to the rising utilization of analytics applications in various end-use verticals, including retail, BFSI, IT & telecom. Rising utilization within end users is expected to enable widened digital transformation. Studies have indicated that numerous global firms have begun implementing various enterprise software applications with AI-enabled as default during the forecast period. These factors will contribute to segmental growth. Security and risk management will grow with the fastest-growing CAGR during the forecast period due to rising cyberattacks and phishing scams.

Based on Deployment Types

Cloud Deployment to Occupy Largest Market Share while On-Premise Deployment to Grow with the Fastest CAGR

The cloud segment will register the largest market share during the forecast period owing to rising investments in technology in terms and higher costs of maintenance for on-premise deployment. Cloud deployments further enable enterprises to advance their systems with their existing systems with artificial intelligence-based technology at a rapid pace. This swap of technology with AI-based systems often occurs with lower costs, fueling the segmental growth during the forecast period. The on-premise segment will grow with the fastest-growing CAGR during the forecast period owing to rising concerns related to data protection within various end-use verticals, including research, personal information, and bank transactions.

Based on Organization Sizes

Large Enterprises to Occupy Largest Market Share Owing to Rising Need for Flexible & Redundant Tasks

Large enterprises are expected to occupy the largest market share during the forecast period due to the rising need to enhance productivity among redundant tasks. Additionally, reductions in infrastructure costs and rising flexibility for reducing repetitive tasks will prove valuable for segmental growth during the forecast period. Small and medium-sized businesses (SMBs) are expected to grow with the fastest growing CAGR during the forecast period owing to the rising inclination of AI for time-consuming work for enhancing scalability and productivity.

Based on Region

Based on Region, the Enterprise Artificial Intelligence market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to be the largest region in terms of revenue.

Competitive Landscape

Prominent players in the Enterprise Artificial Intelligence market are constantly improving their product portfolio by investing in conducting R&D activities to launch an advanced technology/product in the market. Companies in the market are adopting strategies such as collaboration, partnerships, and signing agreements with other companies to strengthen their position in the market.

The key players in the global Enterprise Artificial Intelligence market are 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.), among others.

Recent Market Developments

· 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 financial clients with hastening cloud migrations.

· October 2021: H20 AI Hybrid Cloud announced partnering with Teradata's multi-cloud data platform – Vantage. Customers of Teradata and H20.ai can apply rapidly to creating, implementing, and running AI solutions for increasing company value.

Segmentation of the Global Enterprise Artificial Intelligence Market