Press release
Strong Growth Ahead: Enterprise Artificial Intelligence Market Size To Grow At Arecord 42.7% Cagr By 2029
Enterprise Artificial Intelligence
How Big Is the Enterprise Artificial Intelligence Market Size Expected to Be by 2034?
The scale of the enterprise artificial intelligence marketplace has seen considerable expansion over the past few years. The projection sets growth from $20.42 billion in 2024, escalating to $28.54 billion in 2025, with a vigorous compound annual growth rate (CAGR) of 39.8%. The unprecedented growth during the historical period is due to factors such as progress in machine learning algorithms, a boost in big data and data analysis, the proliferation of cloud computing, enhanced computing capabilities and processing velocity, and the incorporation of AI in business process automation.
In the coming years, the enterprise artificial intelligence market is anticipated to experience massive growth, ballooning to $118.51 billion by 2029, with a compound annual growth rate (CAGR) of 42.7%. This growth surge during the prediction period can be ascribed to the incorporation of ai in cybersecurity solutions, advancements in explainable ai for transparency, a heightened use of ai in human resources, the proliferation of ai in healthcare and life sciences, and a focus on responsible and ethical ai practices. Key trends predicted for this period encompass the creation of ai-powered chatbots and virtual assistants, the merging of ai with the Internet of Things (IoT), the emergence of edge ai for instantaneous processing, the engagement of ai in supply chain and logistics, and an emphasis on ai-enabled personalization in customer experience.
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What Are the Emerging Segments Within the Enterprise Artificial Intelligence Market?
The enterprise artificial intelligence market covered in this report is segmented -
1) By Component: Solution, Service
2) By Technology: Machine Learning, Natural Language Processing (NLP), Image Processing, Speech Recognition
3) By Deployment Type: Cloud, On-Premise
4) By Application: Security And Risk Management, marketing Management, Customer Support And Experience, Human Resource And Recruitment Management, Analytics Application, Process Automation
5) By Industry: Retail, Healthcare, Automotive, Banking And Financial Services, Media And Entertainment, Other Industries
Subsegments:
1) By Solution: Machine Learning Platforms, Natural Language Processing (NLP) Tools, Computer Vision Solutions, Robotic Process Automation (RPA), AI-Powered Analytics Tools
2) By Service: Consulting Services, Implementation Services, Managed AI Services, Training And Support Services
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What Long-Term Drivers Are Shaping Enterprise Artificial Intelligence Market Trends?
The rising application of artificial intelligence (AI) is anticipated to spur the expansion of the enterprise AI market. AI symbolizes the imitation of human intelligence activities by machinery, particularly computer systems, for analyzing large quantities of data. The utilization of AI magnifies efficiency and significantly enhances the decision-making procedure in enterprises of all sizes. For example, as per the IBM Global AI Adoption Index 2022 released by International Business Machines Corporation, a US-based technology firm, in May 2022, it was reported that 35% of the businesses confirmed they are utilizing AI, whilst 42% indicated they are considering it in 2022. Consequently, the escalating application of AI is triggering the upswing in the enterprise AI market.
Who Are the Top Competitors in Key Enterprise Artificial Intelligence Market Segments?
Major companies operating in the enterprise artificial intelligence market include International Business Machines (IBM), Wipro Limited, Amazon Web Services, Intel Corporation, Google LLC, SAP SE, Oracle Corporation, Hewlett Packard Enterprise, IPsoft Inc., MicroStrategy Incorporated, NVIDIA Corporation, Verint Systems Inc., SAS Institute Inc., accenture* 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
What Enterprise Artificial Intelligence Market Trends Are Gaining Traction Across Different Segments?
Key advancements in technology are gaining momentum as a trending factor in the enterprise artificial intelligence market. That is why the major players in this market are focusing on the creation of novel tech solutions to solidify their standing. For example, Ernst & Young, a professional services network from the UK, rolled out its artificial intelligence platform EY.ai in September 2023. The platform, EY.ai, assists businesses in incorporating AI into their systems. This integration can trigger new economic benefits and escalate efficiency in numerous business areas such as strategy, transformation, transactions, risk, assurance, and tax. The platform comes with generative AI capabilities that aid client-related teams to promptly address business transformation goals by offering state-of-the-art tools for data analysis and generating insights.
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Which Regions Are Becoming Hubs for Enterprise Artificial Intelligence Market Innovation?
North America was the largest region in the enterprise artificial intelligence market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Enterprise Artificial Intelligence Market?
2. What is the CAGR expected in the Enterprise Artificial Intelligence Market?
3. What Are the Key Innovations Transforming the Enterprise Artificial Intelligence Industry?
4. Which Region Is Leading the Enterprise Artificial Intelligence Market?
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