Press release
Enterprise Artificial Intelligence Market Sees Steady Growth Driven by Rising AI Adoption and IoT Integration
Enterprise AI Market
According to the IBM Global AI Adoption Index 2022, 35% of organizations are now utilizing AI in their operations, with 42% exploring its potential. AI adoption has grown steadily, with a four-point increase since 2021. These trends underline the transformative power of AI in streamlining business processes, automating tasks, and driving actionable insights.
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Key Market Drivers: Advanced Technology and IoT Integration
The rapid adoption of machine learning, natural language processing, and computer vision is enabling organizations to automate repetitive tasks, analyze data at unprecedented scales, and make data-driven decisions. Additionally, the convergence of AI with IoT and cloud computing has created a fertile ground for innovation, enhancing operational efficiency and customer responsiveness.
IoT plays a pivotal role in driving this growth. With connected IoT devices expected to reach 16.7 billion by the end of 2023, businesses are leveraging AI to extract actionable insights from these devices, improving both employee and customer experiences. This synergy between AI and IoT is a significant driver for the enterprise AI market.
Challenges: Skilled Workforce Shortages
Despite its promising potential, the enterprise AI market faces challenges, particularly a lack of skilled professionals. Implementing AI solutions requires expertise in deep learning, machine learning, and cognitive computing. As AI technology evolves, the demand for skilled data scientists and developers to manage and adapt these systems continues to outpace supply.
Additionally, integrating AI into existing systems can be complex, as minor errors in AI models can lead to significant disruptions. These hurdles underscore the need for continued investment in workforce development and education in AI-related fields.
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Deployment Insights: Cloud Solutions Lead the Way
The market is segmented into cloud and on-premises deployment types, with cloud-based solutions dominating in 2023. Businesses are increasingly turning to cloud platforms for their scalability, flexibility, and cost-effectiveness. These platforms facilitate the management of vast data volumes and provide advanced analytics and real-time processing capabilities, making them indispensable for AI-driven operations.
While cloud adoption grows, on-premises solutions are gaining traction due to heightened concerns about data security. Organizations handling sensitive information, such as research data and personal account transactions, are prioritizing on-premises deployments to ensure greater control over their data.
Industry Trends and Innovations
The enterprise AI market is witnessing increased investment and innovation. For instance, Contextual AI recently raised $80 billion in a Series A funding round to expedite the launch of production-grade large language models (LLMs) tailored for organizations. These LLMs allow companies to build and customize AI applications efficiently, further driving market growth.
Enterprise Ai Top Companies and Competitive Landscape
The key players that include IBM, Microsoft, Google, and SAP are highly competing firms in the Enterprise AI industry. These firms are using artificial intelligence to offer innovative solutions that improve the functioning of businesses, inform decisions, and make other sectors more efficient. The demand for automation, data analytics, and machine learning capabilities in the market has grown over the years. With this, organizations can avail themselves of huge volumes of data for strategic insights.
Furthermore, the growing number of startups is chipping away at competition by offering niche AI applications catered to the peculiar needs of an industry. The increasing extent of AI technology in companies leads to the requirement of collaboration with established firms and new entrants to offer something new or innovate while still keeping the pace with market demands.
In May 2024, IBM Corporation cooperated with Mistral AI and the Saudi Data and AI Authority (SDAIA) to improve its Watsonx platform, giving clients appropriate model options, powerful integration platforms, and dependable partners for implementing generative AI with little risk. This cooperation expands IBM's solutions with advanced models, promoting a tailored strategy that enables businesses to innovate, develop applications, and efficiently traverse the difficulties of AI adoption.
Some of the key companies in the global Enterprise Ai Market include:
IBM
Microsoft
AWS
Intel
SAP
Sentient Technologies
Oracle
HPE
Wipro
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Enterprise Ai Latest Industry Updates
In September 2024, Oracle Corporation has introduced a generative development (GenDev) architecture for organizations, which uses Oracle Database 23ai technologies to allow developers to focus on app functionality while simplifying data infrastructure requirements. This AI-centric platform enables rapid application generation with sophisticated features such as natural language interfaces, modular apps, and powerful AI capabilities, easing the development process and improving the integration of generative AI into enterprise solutions.
In August 2024, IBM Corporation and Intel Corporation have collaborated to deploy Intel Gaudi 3 AI accelerators, which will boost the scalability of enterprise AI systems. This collaboration intends to combine Gaudi 3 with IBM's Watson AI platform, resulting in adaptable, cost-effective solutions for AI workloads in hybrid cloud settings.
In May 2021, Google V has announced the availability of Vertes Al, a managed Machine Learning (ML) platform that enables businesses to accelerate the implementation and maintenance of artificial intelligence (AI) models
Enterprise Ai Market Segmentation Analysis
Component Outlook (Revenue, USD Billion; 2020-2033)
Solution
Services
Professional services
Managed services
Technology Outlook (Revenue, USD Billion; 2020-2033)
Machine learning and deep learning
Natural Language Processing (NLP)
Application Area Outlook (Revenue, USD Billion; 2020-2033)
Security and risk management
Marketing management
Customer support and experience
Human resource and recruitment management
Analytics application
Process automation
Deployment Type Outlook (Revenue, USD Billion; 2020-2033)
Cloud
On-premises
Organization Size Outlook (Revenue, USD Billion; 2020-2033)
Small and Medium-sized Businesses (SMBs)
Large enterprises
Regional Outlook (Revenue, USD Billion; 2020-2033)
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Benelux
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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Enterprise AI Market Size@ https://www.emergenresearch.com/industry-report/enterprise-ai-market/market-size
Enterprise AI Market Share@ https://www.emergenresearch.com/industry-report/enterprise-ai-market/market-share
Enterprise AI Market Trends@ https://www.emergenresearch.com/industry-report/enterprise-ai-market/market-trends
Enterprise AI Regional Market Demand@ https://www.emergenresearch.com/industry-report/enterprise-ai-market/regional-market-demand
Enterprise AI Market Analysis@ https://www.emergenresearch.com/industry-report/enterprise-ai-market/market-analysis
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