Enterprise Artificial Intelligence (AI) Market Shows 48.7% CAGR to 2022: Latest Outlook Report

The global enterprise Artificial Intelligence (AI) market to grow from USD 845.4 million in 2017 to USD 6,141.5 million by 2022, at a Compound Annual Growth Rate (CAGR) of 48.7% during the forecast period. The rising demand for AI-based solutions and platforms, and the need to analyze large and complex data sets are expected to drive the growth of the enterprise AI market. The slow digitization rate, affecting the adoption of enterprise AI solutions in the emerging economies, is expected to act as the major restraint for the market growth.

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In the enterprise AI market, the cloud deployment type offers multiple benefits, such as reduced operational and maintenance costs, fewer complexities, and more scalability. The enterprise AI providers are focusing on the deployment of robust cloud-based solutions for their clients, as many organizations have started adopting the cloud-based deployment type. Additionally, the cloud deployment type is user-friendly, cost-effective, and easy to access.

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The enterprise AI market by technology is sub-segmented into machine learning and deep learning, and Natural Language Processing (NLP). Among these, the machine learning and deep learning segment is expected to have the larger market size during the forecast period.

The machine learning and deep learning technology offers the most robust methodology to tap into the area of context that involves human-computer interactions and provides close predictions based on the past data. This technology is useful in enterprises for automating the business operations.

Among regions, North America is expected to have the largest market size in the enterprise AI market during the forecast period. The North American region has shown increased investments in the market, and several vendors have evolved to cater to the rapidly growing market. A considerable growth is expected in the region during the forecast period. The major initiatives taken for the growth of the enterprise AI technology have their origin in this region. The organizations in this region have lately been making the best use of technology to eliminate operational hassles and ease their functioning.

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The report includes the study of the key players offering enterprise AI solutions, hardware, and services. IBM (US), Microsoft (US), AWS (US), Intel (US), Google (US), SAP (Germany), Sentient Technologies (US), Oracle (US), HPE (US), and Wipro (India) are a few companies that have been profiled in the report. The report includes an in-depth competitive analysis of these key enterprise AI market players, along with their company profiles, which include business overviews, product offerings, recent developments, and market strategies.

Related Report:

Artificial Intelligence in Supply Chain Market by Offering Technology Application (Fleet Management Supply Chain Planning Warehouse Management Virtual Assistant Freight Brokerage) End-User Industry and Geography-Global Forecast to 2025

The artificial intelligence in supply chain market is expected to reach USD 10,110.2 million by 2025 from USD 730.6 million in 2018, at a CAGR of 45.55%. Growth in this market can largely be attributed to factors such as growing big data, demand for greater visibility and transparency into supply chain data and processes, and adoption of AI for improving consumer services and their satisfaction. On the other hand, the limited number of artificial intelligence technology experts is expected to restrict adoption, which in turn may limit market growth to a certain extent.

North America is notable for its high adoption of artificial intelligence. The increasing demand for intelligent virtual assistants acts as a driving force for the growth of the artificial intelligence in the supply chain market in the region. The market in North America is also characterized by high infrastructure costs and strict policies and regulatory frameworks. Companies such as IBM (US), Google (US), Microsoft (US), NVIDIA (US), Intel (US), and Amazon (US) are complementing the growth of the market in this region.

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