Enterprise Artificial Intelligence Market Size

Enterprise Artificial Intelligence Market Overview

Enterprise Artificial Intelligence Market Size was valued at USD 19.5 billion in 2022. The Enterprise Artificial Intelligence market industry is projected to grow from USD 26.247 Billion in 2023 to USD 156.080997 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 34.60% during the forecast period (2024 - 2032). The growing amount of data sets required to analyze complex data with the integration of artificial intelligence for better efficiency and the shift of businesses from traditional to digital platforms are the key market drivers enhancing market growth.

Figure 1: Enterprise Artificial Intelligence Market Size, 2022-2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Enterprise Artificial Intelligence Market Trends

Increasing adoption of artificial intelligence in enterprises is driving market growth

Enterprise Artificial Intelligence Market Company helped a lot during the pandemic. To deal with the issues posed by the pandemic crisis, the need for artificial intelligence in the healthcare sector has surged considerably. Various tools and models are available that improve traditional analytic and decision-making capabilities. This aids in improving the precision and efficiency of diagnostics, treatments, and forecasts. The pandemic, on the other hand, accelerated existing trends in remote work, automation, and e-commerce and created new business opportunities. COVID-19 did not have a very negative impact on enterprise artificial intelligence market like the other manufacturing businesses. The growing demand for artificial intelligence technology in developing countries offers a significant opportunity for enterprise artificial intelligence service providers. According to a study published in June 2020 by MIT Technology in association with the U.S.-based software company Genesys, AI offers growth opportunities in the Latin American Region as it is helping in tackling numerous critical issues such as food security, unemployment, smart cities, and natural resources which will boost the market CAGR.

Additionally, the shift of businesses from traditional to digital platforms and the growing amount of data sets required to analyze complex data with the integration of artificial intelligence for better efficiency is driving the enterprise artificial intelligence market revenue.

Enterprise Artificial Intelligence Market Segment Insights

Enterprise Artificial Intelligence Solution Insights

Based on solutions, the global enterprise artificial Intelligence market segmentation includes business intelligence, customer management, sales & marketing. The business intelligence segment dominated the market. In developing economies, the customer management category helps the market to achieve the highest CAGR during the forecast period due to the growing amount of data sets required to analyze complex data with the integration of artificial intelligence for better efficiency and Customer management are solution providers for the complex data of AI. Moreover, Sales & Marketing segment Witness the fastest-growing segment in the forecast period. Due to and the shift of businesses from traditional to digital platforms.

November 2021: Oracle announced the launch of Oracle Cloud Infrastructure (OCI) AI services, making it easier for developers to incorporate AI into their applications without needing data science knowledge. Developers can choose between using out-of-the-box models that have been pre-trained on business-oriented data or custom training the services using their data using the new OCI AI services.

May 2022: IBM and MBZUAI are collaborating to advance AI research. This center will give our academics and students a helpful resource and a collaborative setting to expand their AI work. IBM has a long technological innovation history, and they look forward to collaborating on their most recent initiatives to improve AI technology and commercialization for mutual benefit.

Enterprise Artificial Intelligence Service Insights

Based on service, the global enterprise artificial intelligence market segmentation includes professional, managed segments. The Professional segment dominated the market. Whereas Managed segment has the fastest-growing market in the forecast period. The Professional services segment is divided into three sub-segments: integration and deployment services, consulting services, and support and maintenance service.

March 2022: Nuance Communications Inc., a leader in conversational AI and ambient intelligence across industries such as healthcare, financial services, retail, and telecommunications, was acquired by Microsoft Corp. With our security-focused, cloud-based solutions integrated with strong, vertically optimized AI, Microsoft and Nuance will empower enterprises across industries to accelerate their business goals with our outcomes-based AI.

May 2021: Vertex AI, a fully managed cloud platform from Google Cloud, simplifies the deployment and management of machine learning models. Compared to competitor systems, Google claims that Vertex allows models to be trained with up to 80% fewer lines of code.

Enterprise Artificial Intelligence By Deployment Insights

Based on deployment, global enterprise artificial intelligence industry includes cloud deployment, on-premise deployment segments. The cloud segment held the dominant revenue share of 62.6% in 2022 and is expected to register the highest CAGR of over 36.0% during the forecast period. The growth can be attributed to the factors such as increasing investments in technology and the need to reduce the costs of on-premise infrastructure maintenance. Cloud deployment enables enterprises to advance their existing system with artificial intelligence-based technology without any reinvestment in their capital cost.

The on-premise segment is projected to grow over the forecast period. The growth of the on-premise segment can be attributed to the increasing concerns over protecting data related to research, personal information, account transactions, and others.

Figure 2: Enterprise Artificial Intelligence Market, By Deployment, 2022 & 2030 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Enterprise Artificial Intelligence By Industry Vertical

Based on industry vertical, the global enterprise artificial intelligence market datais segmented into retail, healthcare, automotive, aerospace, media and entertainment, banking and financial services, IT, and telecommunication. The IT &telecommunication segment accounted for the largest revenue share in 2022 and is projected to grow at a CAGR of over 32.0% over the forecast period. The growth is attributed to increased investment in AI solutions from various IT & telecom startups. The retail and BFSI segments accounted for a significant revenue share with a CAGR of 33.2% and 33.9%, respectively, over the forecast period. This growth can be attributed to the increasing demand from banking and financial institutions to increase efficiency in business processes, eliminate downtime, and reduce costs on capital investments.

Enterprise Artificial Intelligence Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American enterprise artificial intelligence market will dominate this market, owing to factors such as the existence of leading companies that develop AI solutions & services, technology infrastructure facilities, and the high number of end-users utilizing data management devices are driving the market in the region will boost the market growth in this Region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: ENTERPRISE ARTIFICIAL INTELLIGENCE MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Enterprise Artificial Intelligence market accounts for the second-largest market share due to the rising use of artificial intelligence in predictive maintenance, supply chain monitoring, and automotive is adding to the market's growth in the enterprise artificial intelligence market. Further, the German Enterprise Artificial Intelligence market held the largest market share, and the UK Enterprise Artificial Intelligence market was the fastest-growing market in the European Region.

The Asia-Pacific Enterprise Artificial Intelligence Market is expected to grow at the fastest CAGR from 2023 to 2030. This is due to expanding adoption of AI and the installation of data management platforms that resolve issues such as privacy & security, team coordination, and establishment of moral standards for enterprises. Moreover, China’s Enterprise Artificial Intelligence market held the largest market share, and the Indian Enterprise Artificial Intelligence market was the fastest-growing market in the Asia-Pacific region.

Enterprise artificial intelligence Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the enterprise artificial intelligence market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Enterprise Artificial Intelligence industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Enterprise Artificial Intelligence industry to benefit clients and increase the market sector. The Enterprise Artificial Intelligence industry has offered some of the most significant advantages in recent years. Major players in the Enterprise Artificial Intelligence market, including SAS Institute (U.S.), International Business Machines, Corporation (U.S.), Microsoft Corporation (U.S.), Amazon Web Services (U.S.), Intel Corporation (U.S.)., and others, are attempting to increase market demand by investing in research and development operations.

The International Business Machines Corporation, nicknamed Big Blue, is an American multinational technology corporation headquartered in Armonk, New York, and is present in over 175 countries. IBM specializes in Cloud, Mobile, Cognitive, Security, Research, Watson, Analytics, Consulting, Commerce, Experience Design, the Internet of Things, Technology support, Industry solutions, Systems services, Resiliency services, Financing, and IT infrastructure. IBM partnered with Apple Inc. to make sure its AI offerings are clear. The IBM Watson Data Kit was introduced as part of the agreement, and other offerings were presented during IBM Think 2018, a technology conference held in Las Vegas. The major firms are always innovating and investing in research and development to deliver a cost-effective portfolio. There have been recent mergers and acquisitions among the major players intending to extend the reach of the companies to their clients.

Nuance Communications, Inc. is an American multinational computer software technology corporation headquartered in Burlington, Massachusetts that markets speech recognition and artificial intelligence software. The company delivers solutions that understand, analyze and respond to human language, amplifying human intelligence. With decades of domain and artificial intelligence expertise, Nuance works with thousands of organizations – in healthcare, telecommunications, automotive, financial services, retail, and more. In march 2022, Nuance Communications Inc., a leader in conversational AI and ambient intelligence across industries such as healthcare, financial services, retail, and telecommunications, was acquired by Microsoft Corp. With our security-focused, cloud-based solutions integrated with strong, vertically optimized AI, Microsoft and Nuance will empower enterprises across industries to accelerate their business goals with our outcomes-based AI.

Key Companies in the Enterprise Artificial intelligence market include

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  SAS Institute (U.S.)

  
  


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  Oracle Corporation (U.S.)

  
  


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  International Business Machines  (U.S.)

  
  


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  Hewlett Packard Enterprise (U.S.)

  
  


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  Microsoft Corporation (U.S.)

  
  


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  Amazon Web Services (U.S.)

  
  


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  Intel Corporation (U.S.)

  
  


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  Google LLC (U.S.)

  
  


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  SAP SE (Germany)

  
  


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  Sentinent Technologies (U.S.)

  
  


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  Wipro Technologies (India)

  
  

Enterprise Artificial Intelligence Industry Developments

November 2021: Oracle announced the launch of Oracle Cloud Infrastructure (OCI) AI services, making it easier for developers to incorporate AI into their applications without needing data science knowledge. Developers can choose between using out-of-the-box models that have been pre-trained on business-oriented data or custom training the services using their data using the new OCI AI services.

May 2022: IBM and MBZUAI are collaborating to advance AI research. This center will give our academics and students a helpful resource and a collaborative setting to expand their AI work. IBM has a long technological innovation history, and they look forward to collaborating on their most recent initiatives to improve AI technology and commercialization for mutual benefit.

May 2021: Vertex AI, a fully managed cloud platform from Google Cloud, simplifies the deployment and management of machine learning models. Compared to competitor systems, Google claims that Vertex allows models to be trained with up to 80% fewer lines of code.

Enterprise Artificial Intelligence Market Segmentation

Enterprise Artificial Intelligence Solution Outlook

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  Business Intelligence

  
  


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  Customer Management

  
  


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  Sales & Marketing

  
  

Enterprise Artificial Intelligence Service Outlook

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  Professional

  
  


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  Managed

  
  

Enterprise Artificial Intelligence Deployment Outlook

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  Cloud Deployment

  
  


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  On-Premise Deployment

  
  

Enterprise Artificial Intelligence Industry Vertical Outlook

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  Retail

  
  


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  Healthcare

  
  


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  Automotive

  
  


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  Aerospace

  
  


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  Media and Entertainment

  
  


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  Banking and Financial Services

  
  


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  IT and Telecommunication

  
  

Enterprise Artificial Intelligence Regional Outlook