Enterprise AI Market is expanding at a 48.3% CAGR between 2020-2030
The Global Enterprise AI Market size is estimated to be USD 2.03 billion in 2019 and is predicted to reach USD 154.90 billion by 2030 with a CAGR of 48.3% from 2020-2030. Artificial Intelligence (AI) is a technology which processes the information similar to human thought process and learn, decision making and problem solving skills which helps in the day-today activities taking place in an enterprise. Integrating AI in the enterprises have various applications and it also helps in the automation of various process and also enhance the operational efficiency with constant innovation in frame work.
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There have been various technological advancements taking place in the market with constant evolving IT infrastructure. Furthermore, increase in cloud based services and increase in IoT technology coupled with increased adoption of AI are further expected to enhance the growth of enterprise AI market in the near future.
The factors including increase in internet penetration, large amount of data generation and processing coupled with increased demand of AI based platforms which further contributes the overall market growth. However, slow digitization and increase in complexities due to lack of skilled workforce is expected to impede the market growth. On the other hand, increased demand of enhance business functions and increasing innovations in AI technology is expected to create lucrative opportunities in the enterprise AL market.
Market Segmentations and Scope of the Study:
The global enterprise AI market share is analyzed on the basis of component, technology, deployment, organization size, application and geography. Based on component, the market is classified into solution and services. The services are sub segmented into Professional services and Managed services. On the basis of technology, the market is divided into Machine learning and deep learning and Natural Language Processing (NLP). Based on application, the market is fragmented into Security and risk management, Marketing management, Customer support and experience, Human resource and recruitment management, Analytics application, and Process automation. On the basis of organization size, the market is divided into Small and Medium-sized Businesses (SMBs) and Large enterprises. On the basis of deployment the market is fragmented into cloud and on-premises. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America is expected to dominate the enterprise AI market in terms of market share owing to the increase in cloud services coupled with increase demand of AI based platforms. Furthermore, technological advancement and development in IT infrastructure are also expected to fuel the growth of enterprise AI market.
Asia Pacific is expected show rapid growth with increasing market share owing to the increase in internet penetration and IoT. Moreover, large amount of data processing coupled with increased adoption of AI technology is expected to support the market growth.
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The enterprise AI market, which is highly competitive, consists of various market players. Some of the major market players include IBM Corporation, Sentient Technologies, Hewlett Packard Enterprise, Microsoft Corporation, Intel Corporation, AiCure LLC, NVidia Corporation, Oracle Corporation, Amazon Web Services, SAP SE, NEC Corporation, Wipro Limited, and Google Inc. among others.
In the recent past there have been various developments taken place in the enterprise AI will further takes place which contribute the overall market growth. For instance, in October 2019, IBM has announced new innovations that further advance its Watson Anywhere approach to scaling AI across any cloud, and a host of clients who are leveraging the strategy to bring AI to their data, wherever it resides.