The global enterprise artificial intelligence market was valued at USD 10 billion in 2022 and grew at a CAGR of 37% from 2023 to 2032. The market is expected to reach USD 232.91 billion by 2032. The increasing automation and digitization will drive the growth of the global enterprise artificial intelligence market.
When machines, especially computer systems, replicate human intelligence processes, it is known as artificial intelligence. Expert systems, natural language processing, speech recognition, and machine vision are a few specific uses of AI. Unlike the intelligence of humans or animals, artificial intelligence is the intelligence possessed by robots or software. The term "AI" may also apply to the actual devices. Artificial intelligence (AI) can assist businesses and organizations in better understanding consumer behaviour, market trends, and other crucial elements by analyzing massive volumes of data and seeing patterns and trends. This knowledge will help one make wiser decisions and advance companies and businesses. By anticipating maintenance requirements, it can help reduce downtime and automate complicated procedures. AI enhances human intelligence by providing deep insights and the ability to identify patterns, which helps employees make more creative, effective, and high-quality judgements. All in all, it improves accuracy, decision-making, and Productivity. It enables companies to Solve complicated problems. AI may assist with boosting production, cutting expenses, and raising the calibre of goods and services by automating repetitive operations, analyzing data, and enhancing decision-making. AI may hasten progress and enhance results in various industries, including healthcare and education. An integrated collection of technologies known as an enterprise AI platform gives businesses the ability to create, develop, implement, and run enterprise AI applications at a large scale. Enterprise artificial intelligence (AI) applications can improve data sorting, boost security, expedite processes, and even turn customer care departments into profitable ventures in manufacturing, agriculture, or transportation.
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The rise of digital age – the last two decades have been associated with the rise of the digital age and the internet. The rising automation and digitization across industries, including banking, education, automotive, telecom, healthcare, education and retail, have increased the need for AI services globally. AI offers significant help to industries across domains to optimize resource allocations, solve market problems, identify market gaps, improve marketing and sales, and identify new markets and solutions. Therefore, the rise of the digital age will bode well for the market's growth.
The lack of qualified professionals – AI has grown exponentially over the past few years. However, it is a highly advanced complex and sophisticated system that needs knowledge of computer systems, human intelligence, analytical abilities and programming. AI requires a wide variety of skill sets to progress. It needs qualified professionals for its deployment and operation. The growth of these qualified and skilled professional is lagging, and therefore, there is a shortage of these socialites, which will hamper the market's growth.
The technological advancements – the development of supercomputers with the ability to process trillions of data bits within minutes have enabled developers to progress and innovate faster in AI. Additionally, the development of IT infrastructure, given the favourable government initiatives, is expanding AI deployment and applications. Therefore, technological advancements and infrastructural investments will offer lucrative opportunities during the forecast period.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global enterprise artificial intelligence market, with a 42% market revenue share in 2022.
The United States of America is a pioneer in the tech industry and is at the forefront of driving innovation in artificial intelligence. The market players in the region have access to the most advanced technologies, enabling them to further AI applications across industries. Additionally, the region is technologically equipped with the right infrastructure and regulatory environment to deploy and expand enterprise AI in every relevant industry or sector.
North America Region Enterprise Artificial Intelligence Market Share in 2022 - 42%
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The deployment type segment is divided into on-premises and cloud. The cloud segment dominated the market, with a market share of around 57% in 2022. cloud computing is computer services—such as networking, servers, storage, databases, software, analytics, and intelligence—through the internet, or "the cloud,". Cloud computing enables economies of scale, flexible resource allocation, and quicker innovation. The segment's dominance can be attributed to the minimal resource allocation as it can be outsourced. Given the growing number of market players offering these services, it is the ideal choice for enterprises. Furthermore, it is cost-effective and quicker with upgrades without having the need to physically maintain and operate IT hardware and infrastructure.
The technology segment is divided into machine learning, speech recognition, natural language processing, computer vision, and others. The natural language processing segment dominated the market, with a market share of around 34% in 2022. the study of natural language and speech synthesis and analysis through computational methods is called natural language processing. It is An interdisciplinary branch of computer science and linguistics. Giving computers the ability to support and manipulate speech is its main goal. NLP, for instance, enables computers to hear a voice, analyze it, gauge sentiment, read a text and identify key elements. Large volumes of text-based data may be processed and analyzed with NLP technology. NLP can increase the accuracy of repetitive jobs. In the upcoming years, developments and advancements in NLP will enable chatbots, sentiment analysis, automatic machine translation, and speech recognition.
The organization segment is divided into small and medium enterprises and large enterprises. The large enterprises segment dominated the market, with a share of around 65% in 2022. AI is made to process large amounts of data at a high speed and accuracy based on human capability. Large enterprises generate or produce such large amounts of data daily and hence require AI to optimize their business processes and other operations. Additionally, large enterprises have the necessary capital to deploy enterprise AI.
The end-use segment is divided into media and advertising, BFSI, healthcare, IT and Telecom, automotive and transportation, retail and others. The IT and telecom segment dominated the market, with a market share of around 44% in 2022. Massive volumes of data from IT infrastructure can be monitored and analyzed by AI-powered systems. It also can identify patterns and spot anomalies, which helps in anticipating possible problems before they arise. It automates repetitive tasks and saves costs and time for companies. Artificial Intelligence runs continuously and has zero human error. AI can detect and prevent degradation or interruptions in operations. It helps in minimizing or eliminating costly downtime. The numerous applications of AI in IT and telecom allow the segment's dominance in the market.
|Market Size||Revenue (USD Billion)|
|Market size value in 2022||USD 10 Billion|
|Market size value in 2032||USD 232.91 Billion|
|CAGR (2023 to 2032)||37%|
|Region||The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level.|
|Segments||Deployment Type, Technology, Organization and End Use|
As per The Brainy Insights, the size of the global enterprise artificial intelligence market was valued at USD 10 billion in 2022 to USD 232.91 billion by 2032.
Global enterprise artificial intelligence market is growing at a CAGR of 37% during the forecast period 2023-2032.
The market's growth will be influenced by the rise of digital age.
The lack of qualified professionals could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global enterprise artificial intelligence market based on below mentioned segments:
Global Enterprise Artificial Intelligence Market by Deployment Type:
Global Enterprise Artificial Intelligence Market by Technology:
Global Enterprise Artificial Intelligence Market by Organization:
Global Enterprise Artificial Intelligence Market by End Use:
Global Enterprise Artificial Intelligence Market by Region:
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