Enterprise Artificial Intelligence Market Report by Component (Solution, Services), Deployment Mode (Cloud, On-premises), Technology (Natural Language Processing (NLP), Machine Learning, Computer Vision, Speech Recognition, and Others), Organization Size (Large Enterprises, Small and Medium-sized Enterprises), Industry Vertical (BFSI, Media and Advertising, IT and Telecom, Retail, Healthcare, Automotive and Transportation, and Others), and Region 2024-2032
The global enterprise artificial intelligence market size reached US$ 22.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 341.5 Billion by 2032, exhibiting a growth rate (CAGR) of 34% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 22.8 Billion
Market Forecast in 2032
US$ 341.5 Billion
Market Growth Rate 2024-2032
34%
Enterprise artificial intelligence (AI) is a technology that allows businesses to leverage advanced machine and cognitive capabilities to discover and deliver organizational knowledge, data, and information. The software mirrors the human brain to solve problems through logic, make decisions, respond to evolving scenarios, and communicate with decision-makers in an organization. Enterprise AI saves valuable time, enhances workflow, improves user experience, enables faster innovation cycles, eliminates room for human error, reduces overall costs, and promotes efficiency. As a result, it finds extensive applications across the automotive, media and advertising, healthcare, information technology (IT), telecommunications, and banking, financial services, and insurance (BFSI) industries.
Enterprise Artificial Intelligence Market Trends:
The increasing digitization of end-use industries is one of the key factors driving the market growth. Additionally, the significant expansion in the manufacturing sector due to emerging trends such as industrial robots, self-driving vehicles, digital manufacturing, Industrial Internet of Things (IIOT), edge computing, and augmented and virtual reality (AR/VR), is favoring the market growth. Such solutions assist in making manufacturing processes more agile, flexible, and personalized. Apart from this, the introduction of reliable cloud computing infrastructures and improvements in dynamic AI solutions for preventive maintenance, customer behavior analysis, and detection of fraud and risks are providing a considerable boost to the market growth. Furthermore, the widespread product adoption among several organizations for analyzing and interpreting large amounts of data is positively influencing the market growth. Besides this, the increasing demand for AI in the healthcare industry, owing to its ability to analyze vast amounts of genomic data and ensure more accurate treatment and prevention of medical mishaps, is acting as another growth-inducing factor. Apart from this, ongoing developments in robots and smart virtual assistants, rising disposable incomes, and implementation of various government initiatives promoting industrial automation, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global enterprise artificial intelligencemarket report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on component, deployment mode, technology, organization size and industry vertical.
Breakup by Component:
Solution
Services
Breakup by Deployment Mode:
Cloud
On-premises
Breakup by Technology:
Natural Language Processing (NLP)
Machine Learning
Computer Vision
Speech Recognition
Others
Breakup by Organization Size:
Large Enterprises
Small and Medium-sized Enterprises
Breakup by Industry Vertical:
BFSI
Media and Advertising
IT and Telecom
Retail
Healthcare
Automotive and Transportation
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Amazon Web Services Inc. (Amazon.com Inc.), C3.ai Inc., DataRobot Inc., Google LLC, Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, SAP SE, Sentient.io Pte Ltd, Verint Systems Inc. and Wipro Limited.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
Segment Coverage
Component, Deployment Mode, Technology, Organization Size, Industry Vertical, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
Amazon Web Services Inc. (Amazon.com Inc.), C3.ai Inc., DataRobot Inc., Google LLC, Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, SAP SE, Sentient.io Pte Ltd, Verint Systems Inc., Wipro Limited
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global enterprise artificial intelligence market was valued at US$ 22.8 Billion in 2023.
We expect the global enterprise artificial intelligence market to exhibit a CAGR of 34% during 2024-2032.
The increasing popularity of industrial automation, along with the escalating demand for enterprise AI, as it aids in enhancing workflow, improving user experience, eliminating room for human errors, reducing overall costs, etc., is primarily driving the global enterprise artificial intelligence market.
The sudden outbreak of the COVID-19 pandemic has led to the growing deployment of enterprise artificial intelligence across various end-use industries, as it mirrors the human brain to communicate with decision-makers in an organization and solve problems through logic.
Based on the component, the global enterprise artificial intelligence market can be segmented into solution and services. Currently, solution holds the majority of the global market share.
Based on the deployment mode, the global enterprise artificial intelligence market has been divided into cloud and on-premises, where cloud currently exhibits a clear dominance in the market.
Based on the technology, the global enterprise artificial intelligence market can be categorized into Natural Language Processing (NLP), machine learning, computer vision, speech recognition, and others. Among these, machine learning accounts for the majority of the total market share.
Based on the organization size, the global enterprise artificial intelligence market has been segregated into large enterprises and small and medium-sized enterprises, where large enterprises currently exhibit a clear dominance in the market.
Based on the industry vertical, the global enterprise artificial intelligence market can be bifurcated into BFSI, media and advertising, IT and telecom, retail, healthcare, automotive and transportation, and others. Currently, the IT and telecom industry holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global enterprise artificial intelligence market include Amazon Web Services Inc. (Amazon.com Inc.), C3.ai Inc., DataRobot Inc., Google LLC, Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, SAP SE, Sentient.io Pte Ltd, Verint Systems Inc., and Wipro Limited.
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