With 41.3% CAGR Enterprise Artificial Intelligence (AI) Market Size to Cross US$ 146.6 Billion by 2028

The latest research study "Enterprise Artificial Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the global enterprise artificial intelligence market size reached US$ 16.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 146.6 Billion by 2028, exhibiting a growth rate (CAGR) of 41.3% during 2023-2028.

Enterprise artificial intelligence (AI) represents a technology that allows businesses to leverage cognitive capabilities and advanced machines to discover and deliver organizational data, knowledge, and information. The service reflects the human brain to make decisions, respond to evolving scenarios, solve problems through logic, and communicate with decision-makers in an organization. Enterprise AI enhances workflow, improves user experience, enables faster innovation cycles, saves valuable time, reduces overall costs, eliminates room for human error, and promotes efficiency. As a result, this service finds widespread applications across various sectors, such as media and advertising, healthcare, information technology (IT), automotive, telecommunications, and banking, financial services, and insurance (BFSI).

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Enterprise Artificial Intelligence Market Trends and Drivers:

The emerging trend of digitization in several end-use industries is among the primary factors driving the enterprise artificial intelligence market. Besides this, the incorporation of robots, self-driving vehicles, edge computing, industrial internet of things (IIOT), and augmented and virtual reality (AR/VR) in manufacturing processes is further bolstering the market growth. Moreover, the introduction of reliable cloud computing infrastructures and the development of dynamic AI solutions for customer behavior analysis, preventive maintenance, and detection of fraud and risks are also catalyzing the global market. Apart from this, the escalating demand for this solution among several enterprises for analyzing and interpreting large amounts of information is acting as another significant growth-inducing factor. Additionally, the elevating requirement for this technology in the healthcare industry, owing to its capacity to ensure more accurate treatment, analyze vast amounts of genomic data and prevent medical mishaps, is also stimulating the market growth. Furthermore, the growing popularity of robots and smart virtual assistants, the inflating disposable incomes, and the launch of several policies by the government bodies promoting industrial automation, are anticipated to propel the enterprise artificial intelligence market over the forecasted period.

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Enterprise Artificial Intelligence Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players 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.

The report has segmented the market on the basis of end use industry.

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

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Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.