May 29, 2024
Ict

Enterprise Artificial Intelligence Market Accelerating Enterprise Intelligence With AI

The global Enterprise Artificial Intelligence (AI) market is rapidly evolving as companies leverage AI technologies to automate business processes, gain insights from data, and augment human decision making and capabilities. Enterprise AI solutions integrate various technologies like machine learning, deep learning, natural language processing and computer vision to help organizations across industries improve operational efficiency, enhance customer experience, develop new revenue streams and gain a competitive advantage. These solutions are also being adopted by companies to automate repetitive and mundane tasks, freeing up employees to focus on more strategic work.

The global Enterprise Artificial Intelligence 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 growth of the enterprise AI market is the increasing demand for AI-powered analytics solutions. With the explosive growth in data volumes across organizations, there is a need for advanced analytics capabilities to gain meaningful insights. AI technologies are enabling businesses to analyze vast amounts of structured and unstructured data in a short period of time. Technologies like machine learning and deep learning are powering the next generation of analytics solutions that can autonomously learn from data, identify patterns, and make predictions. Several enterprises are implementing AI-powered analytics to improve business forecasting, predict customer behavior, enhance supply chain management and detect anomalies and frauds. This is expected to further propel the demand for enterprise AI solutions over the forecast period.

Porter’s Analysis
Threat of new entrants: The Enterprise AI market requires heavy investments in R&D, sales and marketing. Established players have strong brand recognition and economies of scale which make entry difficult for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and price sensitivity. However, switching costs associated with AI solutions increase buyer dependence on existing vendors.

Bargaining power of suppliers: A few large technology companies dominate the supply of AI capabilities. This enhances their bargaining power over buyers.

Threat of new substitutes: Emerging technologies like IoT, big data, and cloud computing continue to integrate with AI thereby replacing certain independent solutions.

Competitive rivalry: The market is highly competitive with dominant global players competing on basis of product differentiation, innovation and pricing. Partnerships are also on the rise to gain access to complementary technologies.

Key Takeaways
The Global Enterprise AI Market Growth is expected to witness high over the forecast period supported by increasing technology adoption across industries.

Regional analysis– The US and Canada enjoy a leading position in the region driven by presence of tech giants and support for AI research through government initiatives. However, countries like China, Japan, India are catching up rapidly and moving up the AI value chain through focused investment programs.

Key players – Key players operating in the Enterprise Artificial Intelligence (AI) Market include 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. Players are investing heavily in R&D to develop specialized AI capabilities and partnering with complementary technology providers for integrated solutions.

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