The global enterprise artificial intelligence market size is projected to grow from US$10 billion to US$232.91 billion in 10 years. The market will experience rapid growth due to technological advancements in computer systems during the forecast period.
NEWARK, Nov. 16, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates the global enterprise artificial intelligence market from US$10 billion in 2022 to reach US$232.91 billion in 2032. By processing large amounts of data and identifying patterns and trends, artificial intelligence (AI) can help businesses and organizations better understand consumer behavior, market trends, and other important factors. Using this knowledge it is possible to make better decisions and move firms and businesses forward. It can help reduce downtime and automate challenging processes by predicting maintenance needs. By giving employees deeper insight and the ability to recognize patterns, AI improves human intelligence and enables workers to make decisions that are more original, efficient and of a higher standard. Overall, it increases productivity, accuracy and decision making ability. It helps businesses find solutions to challenging issues. AI can help by automating monotonous tasks, analyzing data, and improving decision making. These benefits include increased production, lower costs, and higher quality goods and services. AI has the potential to accelerate development and improve outcomes in many sectors, including education and health care.
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Highlights of the Global Enterprise Artificial Intelligence Market
North America will dominate the market during the forecast period.
The leader in artificial intelligence innovation is the United States, which is the leader in the technological field. The most cutting-edge technologies are available to market participants in the region, allowing them to expand AI applications across industries. Furthermore, the region has the infrastructure and legal framework to implement and develop enterprise AI across all relevant industries and sectors.
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In 2022, the cloud segment dominated the market with the largest market share of 57% and market revenue of Rs 5.70 billion.
The deployment type segment is divided into on-premises and cloud. In 2022, the cloud segment dominated the market with the largest market share of 57% and market revenue of Rs 5.70 billion.
In 2022, the natural language processing segment dominated the market with the largest market share of 34% and revenue of Rs 3.40 billion.
The technology segment is divided into machine learning, speech recognition, natural language processing, computer vision and others. In 2022, the natural language processing segment dominated the market with the largest market share of 34% and revenue of Rs 3.40 billion.
In 2022, the large enterprise segment dominated the market with the largest market share of 65% and market revenue of Rs 6.50 billion.
The organization segment is divided into small and medium enterprises and large enterprises. In 2022, the large enterprise segment dominated the market with the largest market share of 65% and market revenue of Rs 6.50 billion.
In 2022, the IT and telecom segment dominated the market with the largest market share of 44% and market revenue of Rs 4.40 billion.
The end-use segment is segmented into media & advertising, BFSI, healthcare, IT & telecom, automotive & transportation, retail and others. In 2022, the IT and telecom segment dominated the market with the largest market share of 44% and market revenue of Rs 4.40 billion.
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Vespa.AI, the leading AI-based search platform and scaling engine, today announced that Blossom Capital has contributed $31 million in Series A funding to further the development of the company’s search platform Vespa and its service Vespa Cloud. Blossom Capital is a venture capital investment business based in London, United Kingdom. The firm, which has a reputation for funding startups and early-stage businesses, is actively looking to invest in information technology in Europe and the US. Vespa helps customers – many of which are Fortune 500 companies – use AI to store, explore and apply an infinite number of data attributes to generate instant actionable intelligence and insights.
Drivers: The emergence of the digital age.
The advent of the Internet and the digital age have been associated with the past 20 years. The global demand for AI services has increased as a result of increasing automation and digitalization in various industries, including banking, education, healthcare, automotive, telecommunications, and retail. AI significantly helps industries across various sectors to discover new markets and solutions, improve marketing and sales, fill market gaps, and allocate resources optimally. As a result, the advent of the digital age encourages market expansion.
Restrictions: Lack of experts in the field.
The field of AI has expanded rapidly in recent years. It is a very complex and advanced system, yet, it requires programming, human intelligence, computer systems and analytical skills. To move forward, AI needs a wide range of skill sets. Qualified professionals are required for its deployment and operation. There is a shortage of these professionals due to slow growth of qualified and trained professionals, which will hinder the expansion of the market.
Opportunity: Technological progress.
The creation of supercomputers that can handle trillions of data bits in minutes has accelerated progress and innovation in artificial intelligence. Furthermore, the development of IT infrastructure in the light of beneficial government efforts helps in the expansion of AI deployment and applications. As a result, during the forecast period, investments in infrastructure and technology improvements will offer profitable prospects.
Challenges: Regulatory norms.
The increasing use of enterprise AI has also led to misuse of these advanced services, which has prompted regulators to bring AI within the scope of government regulation. It is important to involve all relevant stakeholders when creating norms, rules and regulations that enable the development of AI for societal benefit while preventing unethical and disproportionate exploitation of AI. Therefore, introduction of stringent regulation will challenge the market growth.
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Some of the key players operating in the global enterprise artificial intelligence market are:
• Alphabet Inc.
• Amazon Web Services, Inc.
• Apple Inc.
• Hewlett Packard Enterprise Development LP
• Intel Corporation
• International Business Machines Corporation
• Microsoft Corporation
• Nvidia Corporation
• SAP SE
• Wipro Limited
Major segments included in the market:
by deployment type
• machine learning
• speech recognition
• natural language processing
• computer vision
• small and medium enterprises
• Large enterprises
by end use
• Media and advertising
• Health care
• IT and Telecom
• Motor vehicles and transportation
• North America (United States, Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the rest of South America)
• Middle East and Africa (UAE, South Africa, rest of MEA)
About the report:
The market is analyzed on the basis of value (billion US dollars). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each part. The report analyzes the driving factors, opportunities, constraints, and challenges to gain critical market insights. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitive position grid analysis, distribution and marketing channel analysis.
About The Brainy Insights:
Brainy Insights is a market research company that aims to provide actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet customer objectives of high quality output in less time. We provide both customized (client specific) and syndicated reports. Our repository of syndicated reports is diverse across all categories and sub-categories of all domains. Our customized solutions are tailored to meet the needs of customers, whether they are looking to expand or planning to launch a new product in the global market.
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