Enterprise AI Market Size Scenario:
As per the Market Research Future Reports (MRFR), the global Enterprise AI Market Size is expected to record a CAGR of 46% during the forecast period with an estimated value of USD 6 billion by 2027.
The global enterprise artificial intelligence market 2020 is anticipated to expand at a considerable rate owing to increasing development in artificial intelligence, and a greater rate of adoption in several industrial sectors. Organizations acquire an eminent market value considering their services and solution created for different functions and business uses. These organizations largely use technologies like deep learning, machine learning, predictive analytics, automated data science, and automation to aid with a solution for various organizations. The market for enterprise artificial intelligence is estimated to witness an increasing growth rate. One of the crucial factors leading to the expansion of this market is the expanding requirement for artificial intelligence-based solutions and platforms. Furthermore, the increasing amount of data sets required to analyze, complex data for the implementation of artificial intelligence for effective performance is affecting the market. As artificial intelligence is experiencing a higher adoption rate in the industrial vertical, it becomes important for the organization to increase its solutions to fulfill the industrial standards.
The COVID-19 pandemic disruption is estimated to transform the Enterprise AI Market Size in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the Enterprise AI Market Size meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.
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- On the basis of the solution, the global enterprise artificial intelligence market is segregated into customer management, digital commerce, business intelligence, finance & operation, sales & marketing, and others.
- On the basis of services, the global enterprise artificial intelligence market is segregated into managed service and professional service. The professional service is divided into consulting service, integration and deployment service, and support & maintenance service.
- On the basis of deployment, the global enterprise artificial intelligence market is divided into on-premise deployment and cloud deployment.
- On the basis of industry vertical, the global enterprise artificial intelligence market is divided into healthcare, media & entertainment, retail, Aerospace, Automotive, banking & financial services, IT & Telecommunication, and others.
- On the basis of region, the global enterprise artificial intelligence market is classified into Asia Pacific, Europe, North America, and the Rest of the World (RoW).
Some of the key players in global Enterprise Artificial Intelligence market consist of International Business Machines, SAS Institute (U.S.), Corporation (U.S.), Amazon Web Services (U.S.), Microsoft Corporation (U.S.), Intel Corporation (U.S.), SAP SE (Germany), Google, LLC (U.S.), Oracle Corporation (U.S.), Sentinent Technologies (U.S.), Wipro Technologies (India), Hewlett Packard Enterprise (U.S.), among others.
With respect to the region, the market has been analyzed for Asia Pacific, Europe, North America, and the Rest of the World. Among all the regions, the global enterprise artificial intelligence market is led by North America owing to the increasing adoption rate of technology and a higher number of vendors aiding with services and solutions for Enterprise Artificial Intelligence for several usages. The United States is accredited for acquiring a considerable portion of the market expansion owing to the early adoption of the latest technology. The market consists of more than 70% of the eminent players providing services in this market.
Europe closely follows North America in this market. Europe is estimated to achieve its maturity in the Enterprise Artificial Intelligence market by 2026. Europe is a technologically advanced region, and the major factor adding to the expansion of this market is the rising application of artificial intelligence in supply chain monitoring, predictive maintenance, and automotive.
On the other hand, the APAC region is estimated to exhibit a progressive growth considering advancements in Enterprise Artificial Intelligence market. India is an advanced nation in software development and solutions. Several start-ups are constructing their base in artificial intelligence technology aiding in services and solutions to various sectors.
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