NEW YORK, March 20, 2024 /PRNewswire/ -- The Enterprise Artificial Intelligence (AI) Market size is projected to increase by USD 48.96 billion, at a CAGR of 46.52% between 2023 and 2028.
Discover some insights on market size historic period (2018 to 2022) and Forecast (2024 to 2028) before buying the full report
Report Coverage | Details |
Page number | 182 |
Base year | 2023 |
Historic period | 2018-2022 |
Forecast period | 2024-2028 |
Growth momentum & CAGR | Accelerate at a CAGR of 46.52% |
Market Growth 2024-2028 | USD 48,960 million |
Market structure | Fragmented |
YoY growth 2023-2024(%) | 42.8 |
Regional analysis | North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution | North America at 37% |
Key countries | US, Canada, China, Germany, and UK |
Vendor Analysis
Vendor Landscape - The global enterprise ai market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer enterprise ai in the market are Abacus.AI, Alphabet Inc., Alteryx Inc., C3.ai Inc., Databricks Inc., Dataiku Inc., DataRobot Inc., H2O.ai Inc., Hewlett Packard Enterprise Co., Hypersonix Inc., Intel Corp., International Business Machines Corp., Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, SAS Institute Inc., Sentient.io, Snowflake Inc., and Wipro Ltd. and others.
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Segment Overview
Technavio has segmented the market based on type, Deployment (On-premises and Cloud), End-user (Advertising and media and entertainment, Retail and e-commerce, Medical and life sciences, BFSI, and Government and defense and others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
Geography Overview
By geography, the global enterprise ai market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global enterprise ai market.
For insights on global, regional, and country-level parameters with growth opportunities from 2018 to 2028
Market Dynamics
The rising demand for automation among enterprises is the key factor driving market growth:
Rising enterprise demand for automation propels market growth. Recognizing AI's transformative potential, businesses automate tasks, streamline processes, and enhance operational efficiency. AI minimizes errors, boosts productivity, and cuts costs. Versatile AI solutions cater to diverse business needs, driving the global enterprise AI market amid ongoing digital transformations, where automation is pivotal.
Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a
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Analyst Review:
The Enterprise AI market is at the forefront of revolutionizing business processes and driving digitalization across industries. As businesses seek to enhance process flows and achieve better business outcomes, the adoption of AI technologies becomes imperative. This trend is particularly prominent in the context of the Fourth Industrial Revolution, where the convergence of physical and advanced digital technologies, including the Internet of Things, intelligent robots, and ubiquitous mobile supercomputing, reshapes industry landscapes.
Key players such as Bank of America are investing significantly in the industrial robot segment, leveraging Robotics Process Automation (RPA) and critical manufacturing solutions to optimize operating costs and improve operating efficiency. Companies like SwissSEM are pioneering advancements in industrial automation, digital manufacturing, and integrated systems, ushering in an era of autonomous mobility and cutting-edge robotics.
The integration of AI into enterprise software applications facilitates AI adoption and governance, enabling predictive analytics solutions and driving efficiency and cost savings across various industries. Additionally, advancements in edge computing, augmented reality, virtual reality, and speech analytics further bolster the capabilities of AI-driven solutions, providing organizations with innovative tools to drive digital transformation and achieve business success in the era of the Fourth Industrial Revolution.
Market Overview:
The Enterprise AI Market is experiencing a transformative wave driven by digitalization and the Fourth Industrial Revolution. Businesses are optimizing efficiency and profitability through the integration of artificial intelligence, robotics, and predictive analytics solutions. Industrial automation, coupled with advanced manufacturing processes, is revolutionizing traditional industries. Cloud and edge computing are facilitating seamless AI adoption across sectors, while IoT connectivity is enabling ubiquitous data collection for informed decision-making. Enterprises are prioritizing digital transformation, leveraging AI governance and analytics to enhance operating efficiency and drive business outcomes. With a focus on innovation and strategic investment, industries are embracing AI-driven solutions to navigate the evolving landscape of global markets.
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About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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