The global Enterprise Artificial Intelligence Market was valued at 14.4 billion in 2022 and it is anticipated to grow up to USD 281.3 billion by 2032, at a CAGR of 34.6% during the forecast period.
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Enterprise Artificial Intelligence (EAI) is a term for the application of artificial intelligence (AI) technology to business problems. EAI solutions are designed to help organizations automate tasks, improve decision making, and gain insights from data. EAI technology can be used for a variety of tasks, including automating customer service, improving marketing campaigns, and optimizing supply chain management. EAI solutions are often deployed as part of a larger digital transformation strategy, as they can help organizations automate manual processes and improve decision making. While EAI solutions can offer significant benefits, they also come with some risks, such as the potential for bias in algorithms. As such, it is important for organizations to carefully consider their needs before deploying EAI solutions.
Market Trends and Drivers
Factors such as the growing demand for virtual assistants, chatbots, and robots from numerous enterprises and the increasing need to analyze exponentially growing demand for data sets are driving the demand for artificial intelligence among enterprises. Additionally, the shift of businesses from traditional to digital platforms is fueling the demand for artificial intelligence technology in enterprises worldwide. Moreover, increasing adoption of artificial intelligence in enterprises to enhance customer satisfaction, provide better organization management, and organize data sets are the key factors boosting the demand for artificial intelligence in enterprises. Several AI service providers are innovating and developing new products & services by collaborating with several government institutes, and research & development departments to fulfill the growing demand for AI in the market
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Market Restraints and Challenges
The key restraints and challenges in enterprise artificial intelligence market are mainly due to the lack of skilled personnel and the high cost of AI technology. AI technology is still in its early stages of development and there is a lack of skilled personnel who are able to develop and implement AI applications. This lack of skilled personnel is a major challenge for enterprises looking to adopt AI technology. In addition, AI technology is currently very expensive and this is a major barrier for many enterprises.
Major Players in the Global Enterprise Artificial Intelligence Market
Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Enterprise Artificial Intelligence market include Alphabet Inc., Apple Inc., Amazon Web Services, Inc, IBM, IPsoft Inc., MicroStrategy Incorporated, NVIDIA Corporation, SAP SE, Verint Systems Inc., and Wipro Limited. among others.
COVID-19 Impact
The COVID-19 pandemic severely impacted every sector across the world. However, the enterprise artificial intelligence (AI) market experienced growth due to the increased demand for advanced and creative AI-based enterprise products across several sectors such as healthcare, retail, and education during the pandemic. In July 2020, UC San Diego Health, an academic medical center within the University of California, deployed a machine learning-based imaging algorithm that can detect signs of Covid-19 with the help of Amazon Elastic Compute Cloud (Amazon EC2).
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Global Enterprise Artificial Intelligence Market Segmentation
By Deployment
- On-Premise
- Cloud
By Organization Size
- Small & Medium-sized Enterprises
- Large Enterprises
By Technology
- Natural Language Processing (NLP)
- Machine Learning
- Computer Vision
- Speech Recognition
- Others
By Industry
- Media & Advertising
- BFSI
- IT & Telecom
- Retail
- Healthcare
- Automotive & Transportation
- Others
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