July 18, 2024
Enterprise Artificial Intelligence AI Market

Enterprise Artificial Intelligence (AI) Market Is Estimated To Witness High Growth Owing To Increasing Adoption of AI Technology in Businesses

The global enterprise artificial intelligence (AI) market is estimated to be valued at US$ 16.02 billion in 2023 and is expected to exhibit a CAGR of 34.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The enterprise AI market refers to the implementation of AI technologies, such as machine learning and natural language processing, in various business applications. This enables businesses to automate processes, gain insights from large amounts of data, improve customer experience, and enhance decision-making capabilities. The need for AI in enterprises arises from the increasing complexity of business operations and the availability of vast amounts of data that traditional systems cannot effectively handle.

Market Key Trends:

One key trend in the enterprise AI market is the integration of AI with other emerging technologies, such as Internet of Things (IoT) and big data analytics. This integration allows for the development of more advanced AI systems that can gather and analyze data from various sources in real-time. For example, AI-powered IoT devices can autonomously collect and process data, leading to improved operational efficiency and predictive maintenance in industries such as manufacturing and healthcare.

Furthermore, the market is witnessing a growing focus on the development of AI-powered chatbots and virtual assistants. These AI systems are capable of understanding and responding to natural language queries, providing personalized recommendations, and automating routine tasks. With advancements in natural language processing and machine learning algorithms, these chatbots can offer more human-like interactions, leading to enhanced customer engagement and satisfaction.

In conclusion, the enterprise AI market is poised for significant growth due to the increasing adoption of AI technology in businesses. The integration of AI with other emerging technologies and the development of advanced AI-powered chatbots are key trends driving the market forward.

PEST Analysis:

Political: The political landscape plays a crucial role in the enterprise artificial intelligence (AI) market. Regulations and policies regarding data privacy and protection, as well as intellectual property rights, can impact the growth of the market.

Economic: The economic factors influencing the enterprise AI market include GDP growth, disposable income, and investments in technology infrastructure. As economies grow, organizations are more likely to invest in AI solutions to enhance efficiency and productivity.

Social: The social aspect encompasses factors such as workforce demographics, cultural acceptance of AI, and ethical concerns. The acceptance and adoption of AI by society, as well as the availability of skilled AI professionals, can impact the growth of the market.

Technological: Technological advancements play a pivotal role in the growth of the enterprise AI market. Innovations in machine learning, natural language processing, and robotic process automation drive the adoption of AI solutions across industries.

Key Takeaways:

The Global Enterprise Artificial Intelligence Market Growth ┬áis expected to witness high growth, exhibiting a CAGR of 34.1% over the forecast period (2023-2030). The market’s growth can be attributed to various drivers, such as increasing demand for automation and the need to analyze large volumes of data for actionable insights. The integration of AI technologies in business processes offers improved decision-making capabilities and operational efficiency.

In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the enterprise AI market. The region has a strong presence of major AI solution providers as well as a significant ecosystem of AI startups. Factors such as favorable government initiatives, advanced technological infrastructure, and the adoption of AI in various sectors contribute to the region’s growth.

Key players operating in the enterprise AI market include Alphabet Inc., Apple Inc., Amazon Web Services, Inc., International Business Machines Corporation (IBM), IPsoft Inc., MicroStrategy Incorporated, NVIDIA Corporation, SAP SE, Verint Systems Inc., Wipro Limited, and others. These companies are investing in research and development activities to enhance their AI capabilities and maintain a competitive edge in the market. With their innovative AI solutions, partnerships, and acquisitions, these key players are expected to continue driving the growth of the enterprise AI market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it