February 21, 2024

Enterprise Artificial Intelligence Market Propelled By Demand For AI Based Applications

The enterprise artificial intelligence (AI) market consists of software and hardware tools that allow organizations to leverage AI and machine learning capabilities. AI has the potential to optimize business processes, enhance customer experience, and improve operational efficiencies. Rising adoption of AI across industries such as manufacturing, healthcare, transportation, retail and BFSI is fueling the demand for enterprise AI solutions. The global Enterprise Artificial Intelligence (AI) Market is estimated to be valued at US$ 24.75 Bn in 2024 and is expected to exhibit a CAGR of 20% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving the enterprise AI market is the increasing deployment of AI based applications. Organizations across industries are investing in AI to develop intelligent applications that can automate routine tasks, analyze large sets of data and provide personalized experiences. For instance, AI powered chatbots are being used by leading companies to engage with customers, AI assistants can schedule meetings, intelligent recruiting tools use AI to screen resumes and AI forecasting helps predict sales. As the use of AI expands to more day-to-day operations, it is propelling the demand for enterprise-grade AI platforms and services required to develop, deploy and manage these advanced applications. This growing reliance on AI based solutions for digital transformation is expected to significantly contribute to the rapid growth of the enterprise AI market over the coming years.

SWOT Analysis
Strength
: Enterprise artificial intelligence offers enhanced productivity and efficiency benefits to businesses. It can streamline business processes, automate repetitive tasks and allow employees to focus on higher value work.

Weakness: Many businesses lack expertise in artificial intelligence which makes adoption challenging. Enterprises also have concerns around data privacy, security and reliability of AI systems.

Opportunity: Growing need for predictive analytics, automation and personalization is driving increased demand for enterprise AI solutions across industries. Expanding applications in customer service, marketing and IT operations present major growth opportunities.

Threats: Ethical and legal issues around the use of AI could limit adoption in sensitive domains. Significant investments required and intense competition from major technology players are other challenges.

Key Takeaways
The Global Enterprise Artificial Intelligence Market Scope is expected to witness high  over the forecast period of 2024 to 2030.

North America currently dominates the market due to strong technology adoption and major presence of AI vendors in the region. The Asia Pacific market is projected to grow at the fastest pace led by China, Japan and India.

Key players operating in the enterprise artificial intelligence market are ZF Friedrichshafen AG €“ Cherry, Huizhou Greetech Electronics Co. Ltd. €“ Greetech, Kaihua Electronics Co., Ltd. €“ Kaihl, Trantek Electronics Co., Ltd. €“ TTC, OMRON Corporation, Corsair, Razer Inc., Rapoo Corporation, Lenovo, Dell HP Development Company, A4TECH, and SteelSeries. These players are focusing on developing advanced AI platforms and solutions and expanding into growing industry verticals.

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