What Has Been the Growth Trajectory for the Enterprise Artificial Intelligence Market in Recent Years?
The enterprise artificial intelligence market has seen considerable growth due to a variety of factors.
• The size of the enterprise artificial intelligence market has experienced exponential growth recently. The projections indicate it will expand from $20.42 billion in 2024 to $28.54 billion in 2025, yielding a compound annual growth rate (CAGR) of 39.8%.
The exceptional growth recorded in the recent past can be credited to pivotal factors such as advancements in machine learning algorithms, the rise of big data and data analytics, the proliferation of cloud computing, enhancements in computing power and processing speed, and the adoption of AI in automating business processes.
How Does the Forecast Look for the Enterprise Artificial Intelligence Market?
The enterprise artificial intelligence market is expected to maintain its strong growth trajectory in upcoming years.
• The enterprise artificial intelligence market is predicted to experience a significant increase in its size, reaching a valuation of $118.51 billion by 2029 at a compound annual growth rate (CAGR) of 42.7%.
This predicted expansion during the forecast period can be credited to the incorporation of AI in the security of cyberspace, advancements in the field of understandable AI for openness, an increase in the use of AI in personnel selection, proliferation of AI in healthcare and life sciences, as well as a focus on responsible and ethical practices regarding AI. The forecast period is also likely to see significant trends like the emergence of AI-enabled chatbots and virtual assistants, blending of AI with the internet of things (IoT), the advent of edge AI for instantaneous processing, implementation of AI in supply chain and logistics, and a concentrated effort on AI-fuelled personalization in customer service.
What Are the Critical Driver Fuelling the Enterprise Artificial Intelligence Market's Growth?
The surge in AI usage is anticipated to fuel the expansion of the enterprise artificial intelligence market in the future. AI is the machine mimicry of human cognitive processes, particularly by computer systems, to analyze vast amounts of data. The incorporation of AI enhances operational efficiency and noticeably boosts the decision-making process in businesses across all scales. For example, the IBM Global AI Adoption Index 2022, published in May 2022 by US tech firm International Business Machines Corporation, revealed that 35% of organizations confirmed the use of AI in their operations, and an additional 42% expressed plans to explore it in 2022. Consequently, this growing adoption of AI is contributing to the growth of the enterprise artificial intelligence market.
How Is the Enterprise Artificial Intelligence Market segmented?
The enterprise artificial intelligence market covered in this report is segmented –
1) By Component: Solution, Service
2) By Technology: Machine Learning, Natural Language Processing (NLP), Image Processing, Speech Recognition
3) By Deployment Type: Cloud, On-Premise
4) By Application: Security And Risk Management, marketing Management, Customer Support And Experience, Human Resource And Recruitment Management, Analytics Application, Process Automation
5) By Industry: Retail, Healthcare, Automotive, Banking And Financial Services, Media And Entertainment, Other Industries
Subsegments:
1) By Solution: Machine Learning Platforms, Natural Language Processing (NLP) Tools, Computer Vision Solutions, Robotic Process Automation (RPA), AI-Powered Analytics Tools
2) By Service: Consulting Services, Implementation Services, Managed AI Services, Training And Support Services
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What New Trends Are Influencing the Enterprise Artificial Intelligence Market?
Progression in technology is a prominent trend increasingly observed in the enterprise artificial intelligence market. Major corporations engaged in the enterprise artificial intelligence market are prioritizing the creation of innovative technology solutions to strengthen their standing. To illustrate, Ernst & Young, a reputable professional services network based in the UK, introduced the AI platform EY.ai in September 2023. EY.ai assists enterprises in incorporating AI into their workflows, thus uncovering fresh economic potential and bolstering efficiency in multiple business roles, such as strategy, transactions, transformation, risk, assurance, and tax. It equips client-serving teams with generative AI capabilities that facilitate prompt responses to business transformation needs through the provision of advanced data analysis and insights generation tools.
Who Are the Key Players in the Enterprise Artificial Intelligence Market?
Major companies operating in the enterprise artificial intelligence market include:
• International Business Machines (IBM)
• Wipro Limited
• Amazon Web Services
• Intel Corporation
• Google LLC
• SAP SE
• Oracle Corporation
• Hewlett Packard Enterprise
• IPsoft Inc.
• MicroStrategy Incorporated
• NVIDIA Corporation
• Verint Systems Inc.
• SAS Institute Inc.
• Accenture plc
• Appen Limited.
• Dataiku Ltd.
• DataRobot Inc.
• Dell Technologies Inc.
• Deloitte Touche Tohmatsu Limited
• Freenome Holdings Inc.
• Infosys Limited
• KPMG International Limited
• Mindtree Limited
• NTT DATA Group Corporation
• Palantir Technologies
• PricewaterhouseCoopers International Ltd.
• Salesforce Inc.
• Samsung Group
What Is The Most Dominant Region In The Enterprise Artificial Intelligence Market?
North America was the largest region in the enterprise artificial intelligence market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
