by Enterprise artificial intelligence refers to the applications of artificial intelligence technologies in enterprises. These technologies help analyze data to gain useful insights, automate repetitive tasks, and enhance customer experience. AI helps businesses make informed decisions, streamline operations and boost productivity.
The global Enterprise Artificial Intelligence (AI) Market is estimated to be valued at US$ 21.48 Bn in 2023 and is expected to exhibit a CAGR of 34.1 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the enterprise AI market is the growing adoption of cloud-based AI solutions. Most enterprises are deploying cloud-based AI solutions as they provide scalability, reduce upfront costs and simplify maintenance. Cloud deployment helps businesses access AI services over the internet and free up internal resources to focus on other tasks. This trend is expected to drive significant growth in the global enterprise AI market during the forecast period.
SWOT Analysis
Strength: Enterprise artificial intelligence (AI) helps automate workflows and business processes thereby increasing productivity and efficiency. It also assists in data-driven decision making.
Weakness: Lack of skilled workforce to implement and manage AI systems poses a challenge. Data privacy and security risks are also a concern with adoption of AI technologies.
Opportunity: Growing demand for personalized customer experience is driving many organizations to adopt AI. Further, industries like healthcare, manufacturing etc are increasingly using AI to improve outcomes.
Threats: Bias in data and algorithms can negatively impact outcomes. Further, job disruptions in certain roles due to AI adoption could discourage its use.
Key Takeaways
The global Enterprise Artificial Intelligence (AI) Market Demand is expected to witness high growth, exhibiting CAGR of 34% over the forecast period, due to increasing demand for intelligent automation and analytics solutions. These solutions help businesses extract insights from data and optimize processes.
Regional analysis
North America dominated the market in 2023 and is expected to continue its dominance over the forecast period. High adoption of AI technologies across industries such as banking, manufacturing drives growth in the region. Asia Pacific is expected to be the fastest growing market, led by China and India. Growing investments by technology companies in the region to develop AI-driven products and services is propelling the market.
Key players operating in the enterprise artificial intelligence (AI) market are Alphabet Inc., Apple Inc., Amazon Web Services, Inc., International Business Machines Corporation, IPsoft Inc., MicroStrategy Incorporated, NVIDIA Corporation, SAP SE, Verint Systems Inc., and Wipro Limited. Most players are focusing on developing industry-specific AI solutions and acquiring niche players to strengthen their product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
