The global enterprise artificial intelligence market will grow at a 46% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Increasing Adoption of AI Applications in Enterprises to Boost Market Growth
The increasing trend of the adoption of AI applications in enterprises is going up that may boost market growth. Enterprises and businesses today are now relating to the value related to deploying AI into the business procedures. Artificial intelligence has proved to be immensely beneficial to enterprises in different areas which change how enterprises innovate, communicate, and improve their processes.
Developments in Robots and Smart Virtual Assistants to offer Robust Opportunities
The ongoing developments in robots and smart virtual assistants may offer robust opportunities for the market in the forecast period.
Incompatibility Concerns to act as Market Restraint
The incompatibility concerns coupled with lack of skilled employees to use AI in enterprises may act as market restraint over the forecast period.
Slow Digitalization Rate to act as Market Challenge
The slow digitalization rate coupled with concerns related to data piracy may act as market challenge over the forecast period. Besides, the impact of the COVID-19 pandemic too may impede market growth.
The global enterprise artificial intelligence market has been segmented based on solution, services, deployment, and vertical.
- By solution, the global enterprise artificial intelligence market is segmented into digital commerce, finance and operation, sales and marketing, customer management, business intelligence, and others.
- By services, the managed service segment will lead the market over the forecast period.
- By deployment, the on-premise segment will dominate the market over the forecast period.
- By vertical, the IT and telecommunication segment will spearhead the market over the forecast period.
- Regional Analysis
North America to Command Enterprise Artificial Intelligence Market
North America will command this market in the forecast period. The presence of rich concentration of vendors offering solutions and services for enterprise artificial intelligence for different apps, early adoption of newer technology, increasing adoption in the US in various sectors including automotive, retail, commercial, and IT and telecom, rising demand for customization from customers, the presence of key AI companies, the use of enterprise AI technology effectively in various business applications like process automation, customer support and experience, marketing management, and security and risk management, and increasing adoption of AI by large enterprises and SMEs are adding to the global enterprise artificial intelligence market growth in the region.
Eminent players profiled in the global enterprise artificial intelligence market report include 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) among others. Other vendors include Algolia (U.S.), CrowdFlower (U.S.), DataRobot (U.S.), Element AI (Canada), LeapMind (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.) among others.
The global enterprise artificial intelligence market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
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