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AI in Action: Enterprise Artificial Intelligence Market Projections 2024
Enterprise Artificial Intelligence Market
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According to The Business Research Company's, The enterprise artificial intelligence market size has grown exponentially in recent years. It will grow from $14.74 billion in 2023 to $20.78 billion in 2024 at a compound annual growth rate (CAGR) of 41.0%. The growth in the historic period can be attributed to increased advances in machine learning algorithms, growth in big data and data analytics, expansion of cloud computing, increase in computing power and processing speed, adoption of ai in business process automation.
The enterprise artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $82.55 billion in 2028 at a compound annual growth rate (CAGR) of 41.2%. The growth in the forecast period can be attributed to integration of ai in cybersecurity solutions, growth in explainable ai for transparency, increased adoption of ai in human resources, expansion of ai in healthcare and life sciences, emphasis on responsible and ethical ai practices. Major trends in the forecast period include development of ai-driven chatbots and virtual assistants, integration of ai with internet of things (iot), rise of edge ai for real-time processing, adoption of ai in supply chain and logistics, focus on ai-powered personalization in customer experience.
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Market Drivers and Trends:
The increasing adoption of AI is expected to propel the growth of the enterprise artificial intelligence market going forward. Artificial intelligence refers to the simulation of human intelligence processes by machines, especially computer systems for analysing enormous volumes of data. Adopting AI improves the efficiency with which things are done and dramatically improves the decision-making process in enterprises of various sizes. For instance, in May 2022, according to the IBM Global AI Adoption Index 2022, by International Business Machines Corporation, a US-based technological company, 35% of organizations stated they use AI in their company, while another 42% said they are looking into it in 2022. AI adoption is constantly increasing, with a four-point increase since 2021. Therefore, the increasing adoption of AI is driving the enterprise artificial intelligence market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
International Business Machines (IBM), Wipro Limited, Amazon Web Services, Intel Corporation, Google LLC, SAP SE, Sentinent Technologies, Oracle Corporation, Hewlett Packard Enterprise, IPsoft Inc., MicroStrategy Incorporated, NVIDIA Corporation, Verint Systems Inc., SAS Institute Inc., Accentur*e plc, Appen Limited., Dataiku Ltd., DataRobot Inc., Dell Technologies Inc., Deloitte Touche Tohmatsu Limited, Freenome Holdings Inc., Infosys Limited, KPMG International Limited, Mindtree Limited, NTT DATA Group Corporation, Palantir Technologies, PricewaterhouseCoopers International Ltd., Salesforce Inc., Samsung Group
Enterprise Artificial Intelligence Market 2024 Key Insights:
• The enterprise artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $82.55 billion in 2028 at a compound annual growth rate (CAGR) of 41.2%.
• Rapid Adoption Of Ai Transforms The Enterprise Landscape Insights From The Ibm Global Ai Adoption Index 2022
• Ai Solutions Unveiling Cloud Infrastructure Ai Services For Enhanced Developer Capabilities
• North America was the largest region in the enterprise artificial intelligence market in 2023
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