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.
Market Size in 2023
US$ 22.8 Billion
Market Forecast in 2032
US$ 341.5 Billion
Market Growth Rate 2024-2032
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:
Breakup by Deployment Mode:
Breakup by Technology:
Natural Language Processing (NLP)
Breakup by Organization Size:
Small and Medium-sized Enterprises
Breakup by Industry Vertical:
Media and Advertising
IT and Telecom
Automotive and Transportation
Breakup by Region:
Middle East and Africa
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.
Base Year of the Analysis
Component, Deployment Mode, Technology, Organization Size, Industry Vertical, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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
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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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