Enterprise Artificial Intelligence Market to Reach Valuation of USD 64.5 Billion by 2030 – Growth in the Adoption of Digitalization in Organization Drives the Market

In terms of revenue, the Global Enterprise Artificial Intelligence Market is expected to reach USD 64.5 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 34.00% from 2023 to 2030.

One of the main factors fueling the market expansion is the end-use industries' rising digitization. Additionally, the manufacturing industry has experienced tremendous growth due to new technologies, including edge computing, augmented and virtual reality (AR/VR), industrial robots, self-driving cars, digital manufacturing, industrial internet of things (IIOT), and digital manufacturing. These solutions enhance the personalization, adaptability, and agility of production processes. In addition, the development of trustworthy cloud computing infrastructures and advancements in dynamic AI solutions for preventative maintenance, consumer behavior research, and identifying fraud and threats are giving market growth a significant push. Additionally, market growth is positively impacted by the extensive product usage among numerous companies for analyzing and interpreting massive amounts of data. Another growth-promoting aspect is the rising demand for AI in the healthcare sector, which is caused by its capacity to analyze enormous volumes of genomic data and ensure more precise treatment and accident prevention. In addition, the market is predicted to increase due to continued improvements in robotics and intelligent virtual assistants, rising disposable incomes, and the deployment of numerous government initiatives boosting industrial automation.

Key Highlights from the Report

· Among Technology, the Natural Language Processing (NLP) segment is anticipated to dominate the Enterprise Artificial Intelligence market with the highest market share in the forecast period. This is attributable to the increase in the usage of M2M Translation.

· By Application Area, the Analytics segment accounted for the highest CAGR in the forecast period due to the increased use of analytics applications across various end-use industries, such as retail, BFSI, IT, and telecom.

· Geographically, North America held the largest market share and is likely to be the most profitable in the forecast period. This can be ascribed to a sizable number of artificial intelligence businesses and the high adoption rate brought on by government initiatives that encourage AI usage across many industries.

Market Dynamics

The increasing digitalization of end-use industries is one of the key factors driving the market rise. In addition, emerging technologies like edge computing augmented and virtual reality (AR/VR), industrial robots, self-driving cars, digital manufacturing, industrial internet of things (IIOT), and digital manufacturing have significantly advanced the manufacturing sector. The personalization, flexibility, and agility of production processes are improved with the help of these technologies. Creating reliable cloud computing infrastructures and improvements in dynamic AI solutions for preventative maintenance, consumer behavior research, and detecting fraud and threats significantly boosts the market growth. Additionally, the widespread product utilization by several enterprises for analyzing and interpreting enormous volumes of data is favorably affecting the market growth. The growing need for AI in the healthcare industry, fueled by its ability to analyze massive amounts of genetic data and deliver more precise treatment and accident prevention, is another factor encouraging growth. Additionally, it is anticipated that the market will expand due to ongoing developments in robotics and intelligent virtual assistants, rising disposable incomes, and the implementation of numerous government initiatives encouraging industrial automation.

The workforce using AI systems should be familiar with deep learning, machine learning, image recognition, and cognitive computing. To accurately mimic how the human brain functions, AI technologies must undergo extensive data processing, which is challenging given the limitations of current systems. Even minor mistakes can cause a system to malfunction or fail, significantly impacting the outcome and expected outcomes. Therefore, to change a current ML-enabled AI service, a data scientist or developer is required. Because AI technology is still in its infancy, only some people in the workforce are fully versed in it. Therefore, this restriction is anticipated to affect the prediction over the first few years significantly.

Efficiency is increased thanks to artificial intelligence technology's ability to analyze data effectively and predict decisions using crucial algorithms. For instance, Netflix suggests movies based on viewers' past viewing habits. In addition, AI has significantly changed how organizations are managed in the current business environment by fusing technology for workflow management, brand buying advertising, trend prediction, and other things. These are the main explanations for the rise in investments in AI-related technology. Several small businesses and IT companies have been investing in adopting open-source AI platforms to improve the efficiency of their value chains. Additionally, it is projected that the market for artificial business intelligence will grow in tandem with the emergence of low-cost, high-quality AI technology.

Regarding market share, North America is leading the Enterprise AI Market over the predicted horizon. Major global players in technology are based in North America. Additionally, this region has a much higher tendency than other regions to use AI by SMEs and significant businesses. The market in the region is also being driven by elements including the presence of top organizations that create AI solutions & services, technology infrastructure facilities, and the substantial number of end users using 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. Additionally, as part of these programs, federal authorities have established guidelines for developing and implementing AI-based systems in several industrial sectors.

The Global Enterprise Artificial Intelligence Market is Segmented as follows

• Components
  • Solutions
  • Services
• Technologies
  • Machine Learning & Deep Learning
  • Natural Language Processing (NLP)
• Application Areas
  • Security & Risk Management
  • Marketing Management
  • Customer Support & Experience
  • Human Resource & Recruitment Management
  • Analytics Application
  • Process Automation
• Deployment Types
  • Cloud
  • On-Premise
• Organization Sizes
  • Small & Medium-Sized Businesses (SMBs)
  • Large Enterprises
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Enterprise Artificial Intelligence Market is

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.)

The Global Enterprise Artificial Intelligence Market Scope can be Tabulated as below