Growing need for analyzing and interpreting large amounts of data, rise in customer satisfaction, adoption of reliable cloud applications, and surge in investment in AI technologies drive the global enterprise Artificial Intelligence market. However, lack of trained and experienced staff hinders the market growth. On the other hand, rise in adoption of AI in developing economies and developing smarter virtual assistants and robots would create new opportunities in the market.
According to the report, the global enterprise Artificial Intelligence industry garnered $4.68 billion in 2018, and is expected to generate $53.06 billion by 2026, growing at a CAGR of 35.4% from 2019 to 2026.
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Based on technology, the Machine Learning segment contributed more than half of the total share of the global enterprise Artificial Intelligence market in 2018, and is estimated to maintain its leadership status during the forecast period. This is attributed to factors such as increase in applications in identity access management, cognitive technologies, recognizing objects, emotions & behavior. However, the natural language processing segment is expected to grow at the fastest CAGR of 42.3% from 2019 to 2026. The growing need to fill the communication gap between humans and computers fuels the segment.
Based on deployment type, the on-premise segment held the largest market share in the global enterprise Artificial Intelligence market, contributing to nearly three-fifths of the total market in 2018, and is estimated to maintain its dominance throughout the forecast period. The increase in concerns over data privacy and security is fueling the demand for on-premise AI solutions among large organizations. However, the cloud segment is estimated to register the fastest CAGR of 38.9% from 2019 to 2026. The rise in need to check AI components constructed by other teams within an enterprise and access AI content is fueling the growth of this segment.
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Based on region, North America held the highest market share in 2018, contributing for more than two-fifths of the global enterprise Artificial Intelligence market, and will maintain its dominant position in terms of revenue during the forecast period. This is due to the presence of major market players in this region, increase in adoption of head-up display screens in smart wearables, luxury cars, and growth in venture capital investments. However, Asia-Pacific would register the highest CAGR of 41.4% during the forecast period. This is due to increase in number of startups that are investing in AI technologies and using its applications to compete in the global market.
The report focuses on the growth prospects, restraints, and trends of the enterprise artificial intelligence (AI) market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global enterprise (AI) market.
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The market is dominated by the global enterprise artificial intelligence (AI) players such as Alphabet Inc. (Google Inc.), Apple Inc., Amazon Web Services, Inc., International Business Machines Corporation, IPsoft Inc., MicroStrategy Incorporated, NVIDIA Corporation, SAP, Verint, and Wipro Limited.
Key Benefits for Enterprise Artificial Intelligence (AI) Market:
- This study presents the analytical depiction of the global enterprise Artificial Intelligence (AI) market trends and future estimations to determine the imminent investment pockets.
- A detailed analysis of the segments measures the potential of the enterprise artificial intelligence (ai) market. These segments outline the favorable conditions for the market.
- The report presents information related to key drivers, restraints, and opportunities.
- The current enterprise artificial intelligence (ai) market is quantitatively analyzed from 2018 to 2026 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the industry.
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