Artificial Intelligence refers to the intelligence showcased by machines and has many applications in multiple verticals. Application of artificial intelligence in business operations to automate learning and adaption of AI-based solutions from data analysis is on the rise. This allows organizations to provide a foundational basis for decision making and also helps in a better understanding of various functional aspects of the business. Many enterprises are deploying technologies such as machine learning, deep learning, predictive analytics, automation, and automated data science, in integration with artificial intelligence for better analysis, forecasting, and efficiency.
The global market for enterprise artificial intelligence is anticipated to witness an enormous CAGR of 46% during the forecast period, as predicted by Market Research Future in their latest report. One of the significant factors contributing to this staggering growth is the proliferation of demand for artificial intelligence-based platforms and solutions. Furthermore, a growing need for better management and analysis of enormous amounts of data sets is pushing the enterprise artificial intelligence market. With the rising awareness towards the various benefits of AI integration in businesses has propelled the adoption of enterprise artificial intelligence exponentially, driving the market.
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Major Key players
- SAS Institute (U.S.),
- International Business Machines, Corporation (U.S.),
- Microsoft Corporation (U.S.),
- Amazon Web Services (U.S.),
- Intel Corporation (U.S.),
- Google, LLC (U.S.),
- SAP SE (Germany),
- Sentinent Technologies (U.S.),
- Oracle Corporation (U.S.),
- Hewlett Packard Enterprise (U.S.),
- Wipro Technologies (India)
Other vendors include Algolia (U.S.), CrowdFlower (U.S.), DataRobot (U.S.), Element AI (Canada), LeapMind (Japan), Petuum (U.S.), Tamr (U.S.), Trifacta (U.S.), Zendesk (U.S.), HireVue Inc (U.S.), Wade & Wendy (U.S.), Appier, Inc (Taiwan), Sapho (U.S.), Artifacia (India), Dataiku (U.S.), Cycorp, Inc (U.S.), Anodot Ltd (Israel), Arimo (U.S.) among others.
According to MRFR, The Enterprise Artificial Intelligence market is estimated to grow at a CAGR of 46% and Expected to reach industry Size of ~6 Bn during the forecast period 2017-2023
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The global enterprise artificial intelligence market is segmented on the basis of solution, deployment, services, and industry vertical. On the basis of solution, the enterprise artificial intelligence market is segmented into customer management, sales & marketing, finance & operation, business intelligence, and digital commerce. Based on deployment, the enterprise artificial intelligence market is segmented into cloud deployment and on-premise deployment.
Based on services, the enterprise artificial intelligence market is segmented into professional service and managed service. The segment of professional service is further segmented into integration and deployment service, support & maintenance, and consulting service. On the basis of industry vertical, the enterprise artificial intelligence market is segmented into healthcare, automotive, aerospace, media & entertainment, retail, IT & telecommunication, and banking & financial services.
The global enterprise artificial intelligence market is segmented into North America, the Asia Pacific (APAC) (including Australia and New Zealand), Europe (including Russia), and the Rest of the World (RoW) (including the Middle East, Africa, and South Africa). The global enterprise artificial intelligence market is estimated to garner a revenue of USD 6 billion during the forecast period, ending by 2023.
North America is anticipated to lead the enterprise artificial intelligence market during the assessment period. One of the factors owing to such dominance includes a rich concentration of many vendors that provide enterprise artificial intelligence platforms and solutions for different applications. Further, the presence of early adopters of new technology in the region and advanced infrastructure to support seamless integration of such new technologies are also estimated to push the enterprise artificial intelligence market in North America. The U.S. is predicted to govern the country-specific market in North America, especially in domains of IT & telecommunications, automotive, commercial, and retail. North America boasts the presence of 70% of the prominent players in the market, causing faster growth in the region.
Europe is estimated to arrive at its maturity stage for enterprise artificial intelligence by the end of 2026. Europe is observed to be a technologically advanced continent, and the increased application of artificial intelligence in predictive maintenance, automotive and supply chain monitoring are projected to proliferate the enterprise artificial intelligence market in the region further.
Whereas, the Asia Pacific is anticipated to showcase the fastest growth in the enterprise artificial intelligence market during the forecast period. Developing countries in the Asia Pacific such as China and India have strong government support in terms of adoption of the latest technologies, pushing the market growth in the Asia Pacific. A rapid rise in the adoption of digital platforms in organization spanned across various sectors is paving the way to significant demand for enterprise artificial intelligence in the Asia Pacific during the forecast timeline.
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- Enterprise AI service providers
- Enterprise AI solution vendors
- Application developers
- System developers and integrators
- Government agencies
- Application end-user
- Research Firms
LIST OF TABLES
Table 1 World Population by Major Regions (2017 To 2030)
Table 2 Global Enterprise Artificial Intelligence Market: By Region, 2017-2023
Table 3 North America Enterprise Artificial Intelligence Market: By Country, 2017-2023
Table 4 Europe Enterprise Artificial Intelligence Market: By Country, 2017-2023
LIST OF FIGURES
FIGURE 1 Global Enterprise Artificial Intelligence market segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis of Global Enterprise Artificial Intelligence Market
FIGURE 4 Value Chain of Global Enterprise Artificial Intelligence Market
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