Enterprise Artificial Intelligence Global Market Is Expected To Grow At A Rate Of 41% Through 2023 – 2027
15 Mar, 2023
The global enterprise artificial intelligence market size grew from $10.44 billion in 2022 to $14.74 billion in 2023, at a compound annual growth rate (CAGR) of 41.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The enterprise artificial intelligence market size is expected to grow to $58.25 billion in 2027 at a CAGR of 41.0%.
Global Enterprise Artificial Intelligence Market Key Driver
The increasing adoption of AI is expected to propel the growth of the enterprise artificial intelligence market going forward. Artificial intelligence refers to the simulation of human intelligence processes by machines, especially computer systems for analysing enormous volumes of data. Adopting AI improves the efficiency with which things are done and dramatically improves the decision-making process in enterprises of various sizes. For instance, according to a journal released by Indian Express Limited, an India-based news media publishing company, in 2020, India reported a 45% increase in the usage of AI, the largest among all countries, while the US claimed a 35% increase, the UK 23%, and Japan 28%.
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Global Enterprise Artificial Intelligence Market Segments
The global enterprise artificial intelligence market is segmented:
• By Component: Solution, Service
• By Technology: Machine Learning, Natural Language Processing (NLP), Image Processing, Speech Recognition
• By Deployment Type: Cloud, On-Premise
• By Application: Security and Risk Management, Marketing Management, Customer Support and Experience, Human Resource and Recruitment Management, Analytics Application, Process Automation
• By Industry: Retail, Healthcare, Automotive, Banking and Financial Services, Media and Entertainment, Other Industries
• By Geography: The regions covered in the enterprise artificial intelligence global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global enterprise artificial intelligence market.
Major Enterprise Artificial Intelligence Industry Players
International Business Machines, Wipro Technologies, Amazon Web Services, Intel Corporation, Google LLC, SAP SE, Sentinent Technologies
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Enterprise Artificial Intelligence Market Overview
Enterprise AI is a subcategory of the business system that utilises cutting-edge AI methods to promote digital transformation. A new technological stack is needed for the large-scale development and deployment of enterprise AI. It is used to automate tasks, improve data-driven decision-making, and produce better insights.
Enterprise Artificial Intelligence Global Market Report 2023 provides data on the global enterprise artificial intelligence market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The enterprise artificial intelligence market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.