Market Analysis
The global enterprise artificial intelligence market will touch USD 6 billion at a 46% CAGR in the forecast period 2016- 2023, as per the new Market Research Future (MRFR) analysis. Enterprise AI, simply put, is the ability of implanting artificial intelligence methodology that combines the human capacities for perception, interaction, and learning all at a complexity level which will help the enterprise in predicting business outcomes.
Various factors are fuelling the global enterprise artificial intelligence market growth. As per the recent MRFR market estimates, such factors include the growing need for AI-based platforms and solutions, significant improvement in machine learning, growing need to enhance business functions, emerging innovation across industries, use during COVID-19 pandemic, and increasing adoption in different end use industries such as advertising, automotive, manufacturing, financial services, retail, and government.
On the contrary, lack of skilled labor, concerns about data sharing, and slow rate of digitization may impede the global enterprise artificial intelligence market growth over the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global enterprise artificial intelligence market based on solution, services, deployment, and industry vertical.
By solution, the global enterprise artificial intelligence market is segmented into digital commerce, finance and operation, sales and marketing, customer management, business intelligence, and others.
By services, the global enterprise artificial intelligence market is segmented into managed service & professional service. The professional service is again bifurcated into support and maintenance service, consulting service, and integration and deployment service.
By deployment, the global enterprise artificial intelligence market is segmented into on-premise and cloud deployment. Of these, the cloud deployment segment will dominate the market over the forecast period.
By industry vertical, the global enterprise artificial intelligence market is segmented into IT and Telecommunications, banking and financial services, media and entertainment, aerospace, automotive, healthcare, retail, and others.
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Regional Analysis
By region, the global enterprise artificial intelligence market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World. Among these, North America will head the market over the forecast period. The presence of rich concentration of vendors offering solutions and services for enterprise intelligence for various applications, early adoption of newer technology, integration of AI spreading its reach across various industry verticals, and increasing adoption in automotive sector, retail, commercial, and IT and Telecom in the US are adding to the global enterprise artificial intelligence market growth in the region. Besides, the integration of AI with traditional industrial solutions, and rising demand for customization from customers are also adding market growth.
In Europe the global enterprise artificial intelligence market is predicted to hold the second-largest share over the forecast period. Technological advances coupled with increased application of AI in automotive, supply chain monitoring, and predictive maintenance are adding to the global enterprise artificial intelligence market growth in the region.
In the APAC region, the global enterprise artificial intelligence market is predicted to grow at a fast pace over the forecast period. Developments in enterprise AI market, advanced software solutions and development in India, and different start-ups building their base in AI technology offering solutions and services to various industries are adding to the global enterprise artificial intelligence market growth in the region.
In RoW, the global enterprise artificial intelligence market is predicted to have sound growth over the forecast period.
Key Players
Some of the leading contenders profiled in the global enterprise artificial intelligence market report include Arimo (U.S.), Anodot Ltd (Israel), Cycorp, Inc (U.S.), Dataiku (U.S.), Artifacia (India), Sapho (U.S.), Appier, Inc (Taiwan), Wade & Wendy (U.S.), HireVue Inc (U.S.), Zendesk (U.S.), Trifacta (U.S.), Tamr (U.S.), Petuum (U.S.), LeapMind (Japan), Element AI (Canada), DataRobot (U.S.), CrowdFlower (U.S.), Algolia (U.S.), Wipro Technologies (India), Hewlett Packard Enterprise (U.S.), Oracle Corporation (U.S.), Sentinent Technologies (U.S.), SAP SE (Germany), Google, LLC (U.S.), Intel Corporation (U.S.), Amazon Web Services (U.S.), Microsoft Corporation (U.S.), International Business Machines, Corporation (U.S.), and SAS Institute (U.S.), among others.
The enterprise artificial intelligence market is highly fragmented and competitive in nature with the presence of several well-established domestic and international players. These industry players have used several strategies to stay ahead such as mergers and acquisitions, partnerships, collaborations, geographic expansions, and others. Further, they are also investing in research and development activities.
Industry Updates
March 2021- C3 AI has entered into a partnership with Infor to jointly expand enterprise-class AI solutions across applicable industries for extending the latter’s native ML capabilities.
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