Enterprise Artificial Intelligence Market Report Scope and Overview
The SNS Insider report indicates that the Enterprise Artificial Intelligence Market size was valued at USD 19.40 Billion in 2023, and is expected to reach USD 211.4 Billion by 2031 and grow at a CAGR of 34.8% over the forecast period 2024-2031.
The market is witnessing a surge in demand for virtual assistants, chatbots, and robots across diverse industries. Businesses are rapidly shifting from traditional to digital platforms, necessitating the adoption of AI technology to enhance customer satisfaction, streamline organization management, and organize vast data sets. This trend is further amplified by continuous innovation from AI service providers who are collaborating with research institutions and government bodies to develop cutting-edge solutions catering to the ever-evolving market needs.
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Some of the Major Key Players Studied in this Report are:
- SAP SE
- DataRobot
- Microsoft Corporation
- Oracle Corporation
- NVidia Corporation
- Amazon Web Services
- Intel Corporation
- Hewlett Packard Enterprise
- IBM Corporation
- Alphabet
- C3.ai
- Wipro Limited
- Apple Inc
- IPsoft
- Others
Segmentation Analysis
The cloud deployment segment holds the dominant market share due to factors like rising technology investments and the need to reduce the burden of on-premise infrastructure maintenance. Cloud-based AI solutions allow enterprises to seamlessly integrate AI functionalities into their existing systems without substantial upfront capital expenditure. While the on-premise segment is projected for steady growth, concerns regarding data protection, especially for research data, personal information, and financial transactions, continue to drive its adoption.
Market Segmentation and Sub-Segmentation Included Are:
By Deployment
- Cloud
- On-premises
By Organization size
- Large Enterprises
- Small And Medium Enterprises
By Technology
- Natural Language Processing (NLP)
- Machine Learning
- Computer Vision
- Speech Recognition
- Others
By Application Area
- Security and risk management
- Marketing management
- Customer support and experience
- Human resource and recruitment management
- Analytics application
- Process automation
By End-use
- Media & Advertising
- Retail
- BFSI
- IT & Telecom
- Healthcare
- Automotive & Transportation
- Others
The Impact of the Russia-Ukraine War
The ongoing conflict in Ukraine casts a shadow on the global supply chain, potentially disrupting the production and distribution of AI hardware components. This, coupled with geopolitical tensions, creates an environment of economic uncertainty that can indirectly impact the AI market. Businesses might become hesitant to invest in new technologies during periods of instability, potentially slowing down market growth. Additionally, potential trade restrictions and regulations arising from the war could create further hurdles for AI companies operating in the region. National security concerns may also lead to a shift in focus towards defense and security applications of AI, potentially diverting resources and funding away from enterprise-focused AI development. However, the war may also create a surge in demand for AI solutions in areas like surveillance, cybersecurity, and intelligence gathering.
An economic slowdown can lead to decreased investments in new technologies like AI. Businesses tighten their budgets and prioritize core operations during these periods, potentially hampering market growth. Additionally, talent acquisition and retention can become challenging as economic instability might trigger a flight of skilled personnel from the AI sector.
Regional Analysis
North America is expected to maintain its lead in the market due to the presence of leading AI solution developers, robust technology infrastructure, and a high concentration of end-users employing advanced data management tools. However, Asia-Pacific is predicted to witness the fastest growth due to increasing AI adoption, government investments in AI technology, and a strong focus on innovation across various industries.
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Recent Developments
In December 2021: Kyndryl and Google Cloud announced a strategic partnership aimed at developing new digital transformation services focused on data analytics, machine learning, and AI. This collaboration empowers Kyndryl to leverage Google Cloud for enhancing its managed SAP services, create cutting-edge data-centric applications, and accelerate cloud migration for its clients in the financial sector.
In October 2021: Teradata, an enterprise analytics company, integrated its Vantage multi-cloud data platform with H2O.ai’s H2O AI Hybrid Cloud – a leading AI platform. This integration allows Teradata and H2O.ai customers to build, deploy, and manage AI solutions more efficiently, addressing critical business challenges and driving value creation.
Key Takeaways
- Gain valuable information into the factors driving the growth of the Enterprise AI market.
- Identify the dominant market segments and understand the reasons behind their leadership.
- Analyze the potential impact of global events like the Russia-Ukraine War and economic slowdowns on the market.
- Stay updated on the latest developments and partnerships within the AI industry.
The Enterprise Artificial Intelligence Market exhibits immense potential for continued growth. As businesses recognize the transformative potential of AI, demand for advanced solutions is likely to escalate across industries. The integration of AI with emerging technologies like the Internet of Things (IoT) is expected to further propel market growth by facilitating the seamless collection, analysis, and utilization of data in real-time.
Table of Contents- Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Challenges
- Impact Analysis
- Impact of Ukraine- Russia war
- Impact of Ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Enterprise Artificial Intelligence Market Segmentation, By Deployment
- Cloud
- On-premises
- Enterprise Artificial Intelligence Market Segmentation, By Organization Size
- Large Enterprises
- Small and Medium Enterprises
- Enterprise Artificial Intelligence Market Segmentation, By Technology Device
- Natural Language Processing (NLP)
- Machine Learning
- Computer Vision
- Speech Recognition
- Others
- Enterprise Artificial Intelligence Market Segmentation, By Application Area
- Security and risk management
- Marketing management
- Customer support and experience
- Human Resource and recruitment management
- Analytics application
- Process automation
- Enterprise Artificial Intelligence Market Segmentation, By End-use
- Media & Advertising
- Retail
- BFSI
- IT & Telecom
- Healthcare
- Automotive & Transportation
- Others
- Regional Analysis
- Introduction
- North America
- Europe
- Asia-Pacific
- The Middle East & Africa
- Latin America
- Company Profile
- Competitive Landscape
- Competitive Benchmarking
- Market Share Analysis
- Recent Developments
- USE Cases and Best Practices
- Conclusion
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