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Enterprise Artificial Intelligence Market Research Report - Forecast to 2027

Global Enterprise Artificial Intelligence Market: Solution (Business Intelligence, Customer Management, Sales & Marketing), Service (Professional, Managed), Deployment, Industry Vertical (Retail, Healthcare, Automotive, Aerospace) - Forecast till 2027

ID: MRFR/ICT/4338-HCR | February 2021 | Region: Global | 100 pages

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Enterprise Artificial Intelligence Market Overview

The global Enterprise Artificial Intelligence (EAI) market was valued at USD 4.68 billion during the historic forecast period and is projected to reach USD 53.06 billion during the forecast period registering a CAGR of 35.4%. Businesses have a high market value because of the services and solutions they provide for various activities and business purposes. Machine learning, deep learning, automated data science, predictive analytics, and automation are commonly used by these companies to deliver solutions for various businesses. The industry is predicted to grow at a rapid pace. The growing need for based solutions and platforms is one of the primary reasons driving the Industry forward. The Business is also being driven by the expanding number of data sets that must be analyzed, as well as the incorporation of artificial intelligence for increased efficiency. As artificial intelligence becomes more widely adopted in the industrial sector, it becomes increasingly important for businesses to improve their solutions to satisfy industry standards. Enterprise Artificial Intelligence Market Trends enables computer systems to create and accomplish activities that would normally require human intervention and assistance, such as speech recognition, decision-making, visual perception, and language translation. People's perceptions of artificial intelligence (AI) may change from person to person.

Enterprise AI Market COVID 19 Analysis

Enterprise Artificial Intelligence Market Company helped a lot in pandemic times. 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, as well as creating new business opportunities. The COVID 19 did not have a very negative impact on Enterprise Artificial Intelligence Market like the other manufacturing businesses.

Enterprise AI Market Dynamics

  • Drivers

Enterprises can benefit from digital transformation to artificial intelligence by better comprehending data extortion and utilizing data-driven intelligence. From problem-solving applications and reasoning to social intelligence solutions and natural language generation, Enterprise Artificial Intelligence (EAI) Market can take many diverse shapes. The Company solutions that are gaining early adoption in businesses are made up of several strategies layered together. The most widely used option is predictive analytics, which employs machine learning, data mining, statistics, and modeling to assess current data and produce predictions. The growing demand for industry Trends-based cognitive solutions and the need to analyze complex data sets in data-sensitive businesses is on a strong upward trend. The large-scale use of AI solutions in businesses is also due to significant improvements in machine learning algorithms. Enterprise AI is gaining traction as a result of the rising demand for better corporate functions and innovation across industries.

  • Restraints

Some market restrictions include a lack of trained workers, risks to human dignity, and other threats. Nonetheless, because of the entrance of new technologies into the market, the influence of these issues is projected to be minor. The slow rate of digitization in emerging nations, which is hurting the adoption of corporate Artificial Intelligence solutions, is also projected to stifle the Enterprise Artificial Intelligence Market Profit.

  • Technology Analysis

The ability of Artificial Intelligence technology to rapidly assess collected data and forecast decisions through critical algorithms aids productivity. For example, Netflix recommends movies based on previous viewing experiences. Artificial Intelligence has transformed business management in the present corporate environment by integrating workflow management tools, brand buying advertising, trend predictions, and other technologies. These are the primary drivers of increased Enterprise Artificial Intelligence Market Profit. Furthermore, many small businesses and IT firms have been investing in the adoption of open-source EAI platforms in order to improve the efficiency of their value chains. Furthermore, the increased availability of low-cost, high-quality EAI technologies is likely to contribute to the expansion of the enterprise artificial intelligence market.

Enterprise AI Market Segment Overview

The Enterprise Artificial Intelligence (EAI) Market has been bifurcated into various segments that will help the market to achieve the highest CAGR during the forecast period and help in having more Market Top Players. The Market Segments are as follows:

Based on the Solution

  • Business Intelligence

  • Customer Management

  • Sales and Marketing

  • Finance and Operation

  • Digital Commerce

  • Others

Based on the Services

  • Professional Service

    • Integration and Deployment Service

    • Consulting Service

    • Support and Maintenance Service

  • Managed Service

Based on the Deployment

  • Cloud Deployment

  • On-Premise Deployment

Based on the Industry Vertical

  • Retail

  • Healthcare

  • Automotive

  • Aerospace

  • Media and Entertainment

  • Banking and Financial Services

  • IT and Telecommunication

  • Others

Based on the Region

  • North America

  • Europe

  • Asia Pacific (APAC)

  • Rest Of the World (ROW)

Enterprise AI Market Regional Analysis

Due to developments in artificial intelligence and a faster rate of acceptance in several industrial verticals, the worldwide enterprise artificial intelligence market is expected to grow at a substantial rate. North America is the market leader among these regions. North America has a large number of companies offering enterprise artificial intelligence services and solutions for a variety of applications. Early adoption of newer technologies is one of the primary drivers driving the growth of enterprise artificial intelligence in North America. The United States is a major contributor to this expansion, particularly in the IT and telecommunications, business, retail, and automotive sectors. Furthermore, North America is home to more than 70% of the Enterprise Artificial Intelligence Market Top Players. Europe's industry is predicted to be mature. Europe is a technologically advanced region, and 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, Asia-Pacific, on the other hand, is predicted to grow at the fastest rate.

Enterprise AI Market Competitive Landscape

There are so many prominent competitors in the Enterprise Artificial Intelligence (EAI) Market; also there is a lot of competition. Their enormous investments in Research and Development, mergers & acquisitions, strategic expansion, funding, and strategic collaboration, among other things, have given them a competitive advantage over their competitors.  SAS Institute (U.S.), International Business Machines, Corporation (U.S.), Microsoft Corporation (U.S.), Amazon Web Services (U.S.), Intel Corporation (U.S.), Google, LLC (U.S.), SAP SE (Germany), Sentiment Technologies (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise (U.S.), Wipro Technologies (India) are continually competing for market share by developing new and innovative solutions for users. Some other vendors are Algolia (U.S.), Crowd Flower (U.S.), Data Robot (U.S.), Element AI (Canada), Leap Mind (Japan), Petuum (U.S.), Tamr (U.S.), Trifacta (U.S.), Zendesk (U.S.), HireVue Inc (U.S.), Wade & Wendy (U.S.), Appier, Inc (Taiwan), Sapho (U.S.), Artifacia (India), Dataiku (U.S.), Cycorp, Inc (U.S.), Anodot Ltd (Israel), Arimo (U.S.), etc.

Enterprise AI Market Recent Developments

  • IBM teamed up with Apple Inc. to avoid stumbling blocks in its AI offerings. The IBM Watson Data Kit was introduced as part of the agreement, and further offerings were presented during IBM Think 2018, a technology conference held in Las Vegas.

  • To deliver a cost-effective portfolio, the major firms are always innovating and investing in research and development. There have been recent mergers and acquisitions among the major players, with the goal of extending the reach of the companies to their clients.

  • Because of its potential to evaluate large volumes of genomic data and assure more precise treatment and prevention of medical diseases, Enterprise Artificial Intelligence is projected to have an impact on healthcare breakthroughs.

Enterprise AI Market Report Overview

This report's enterprise artificial intelligence (EAI) market analysis is the subject of this report, which examines growth possibilities, restraints, and trends. The report examines the impact of numerous elements that contribute to the growth of the business. The report's goal is to define, describe, and forecast the enterprise AI market by components, technologies, services, application areas, deployment types, organization sizes, industries, and regions. The research also strives to provide in-depth information on the major factors impacting the market growth. This market research project is continuing, and great care has been taken to ensure that the highest standards of accuracy are maintained at all times. However, given the fast-changing business environment, some regional or segment-specific modifications may require time to be included in the study.

Report Scope:
Report Attribute/Metric Details
  Market Size   USD 6 Billion (2023)
  CAGR   46% (2017-2023)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units    Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Solution, Service
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   SAS Institute (U.S.), International Business Machines, Corporation (U.S.), Microsoft Corporation (U.S.), Amazon Web Services (U.S.), Intel Corporation (U.S.), Google, LLC (U.S.), SAP SE (Germany), Sentinent Technologies (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise (U.S.), Wipro Technologies (India)
  Key Market Opportunities   The market for enterprise artificial intelligence is expected to experience a high growth rate.
  Key Market Drivers   The growing amount of data sets required to analyze, complex data for with integration of artificial intelligence for better efficiency is driving the market.

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Frequently Asked Questions (FAQ) :

The global enterprise artificial intelligence market is expected to record a substantial market valuation of up to USD 6 billion by 2023.

The global enterprise artificial intelligence market is projected to register a moderate 46% CAGR in the forecast period.

A few major market players operating in the global enterprise artificial intelligence market are NTN Corporation (Japan), Elaphe Ltd (Slovenia), Protean Electric (US), ECOmove GmbH (Germany), among others.