Enterprise Artificial Intelligence Global Market Report 2024

Enterprise AI is a subcategory of the business system that utilises cutting-edge AI methods to promote digital transformation. A new technological stack is needed for the large-scale development and deployment of enterprise AI. It is used to automate tasks, improve data-driven decision-making, and produce better insights.

The main components of enterprise artificial intelligence are solutions and services. A solution refers to a system that combines people, processes, information, and technology to support a group of business or technical skills that address one or more business challenges. The different technologies include machine learning and deep learning, natural language processing, image processing, and speech recognition that are used in security and risk management, marketing management, customer support and experience, human resource and recruitment management, analytics applications, and process automation. The several end users include retail, healthcare, automotive, banking and financial services, media, and entertainment, among others.

The enterprise artificial intelligence report is one of a series of new reports that provides enterprise artificial intelligence statistics, including enterprise artificial intelligence industry global market size, regional shares, competitors with an enterprise artificial intelligence share, detailed enterprise artificial intelligence segments, market trends and opportunities, and any further data you may need to thrive in the enterprise artificial intelligence industry. This enterprise artificial intelligence market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The enterprise artificial intelligence market size has grown exponentially in recent years. It will grow from $14.74 billion in 2023 to $20.78 billion in 2024 at a compound annual growth rate (CAGR) of 41.0%. The growth in the historic period can be attributed to increased advances in machine learning algorithms, growth in big data and data analytics, expansion of cloud computing, increase in computing power and processing speed, adoption of ai in business process automation.

The enterprise artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $82.55 billion in 2028 at a compound annual growth rate (CAGR) of 41.2%. The growth in the forecast period can be attributed to integration of ai in cybersecurity solutions, growth in explainable ai for transparency, increased adoption of ai in human resources, expansion of ai in healthcare and life sciences, emphasis on responsible and ethical ai practices. Major trends in the forecast period include development of ai-driven chatbots and virtual assistants, integration of ai with internet of things (iot), rise of edge ai for real-time processing, adoption of ai in supply chain and logistics, focus on ai-powered personalization in customer experience.

The increasing adoption of AI is expected to propel the growth of the enterprise artificial intelligence market going forward. Artificial intelligence refers to the simulation of human intelligence processes by machines, especially computer systems for analysing enormous volumes of data. Adopting AI improves the efficiency with which things are done and dramatically improves the decision-making process in enterprises of various sizes. For instance, in May 2022, according to the IBM Global AI Adoption Index 2022, by International Business Machines Corporation, a US-based technological company, 35% of organizations stated they use AI in their company, while another 42% said they are looking into it in 2022. AI adoption is constantly increasing, with a four-point increase since 2021. Therefore, the increasing adoption of AI is driving the enterprise artificial intelligence market growth.

The increasing adoption of IoT devices is expected to propel the growth of the enterprise artificial intelligence market in the coming years. IoT devices are physical devices that contain software, sensors, and other technologies that allow them to connect and interact with other devices or systems over the internet. AI and IoT devices work together to extract valuable insights that facilitate better decision-making, process automation, and the development of more effective and customized experiences for both customers and staff. For instance, in May 2023, according to the IoT Analytics GmbH State of IoT Spring 2023 report, a Germany-based complete statistical assessment structure for the Internet of Things, AI, computational edge, cloud-based services, and Industry 4.0, the total number of linked IoT devices is expected to increase by 16% to 16.7 billion active terminals by 2023, while global IoT connections are expected to increase by 18% to 14.3 billion active IoT terminals in 2022. Therefore, the increasing adoption of IoT devices is driving the enterprise artificial intelligence market.

Technological advancements are a key trend gaining popularity in the enterprise artificial intelligence market. Major companies operating in the enterprise artificial intelligence market are focused on developing new technological solutions to reinforce their position. For instance, in November 2021, Oracle Corporation, a US-based computer technology corporation company, launched Oracle Cloud Infrastructure (OCI) AI services, which use artificial intelligence technology that is enabled in its various services such as OCI Language, OCI Speech, OCI Vision, OCI Anomaly Detection, OCI Forecasting, and OCI Data Labeling. With the new and unique OCI AI services, developers have the option of using pre-trained, out-of-the-box models on business-related data or custom training the services using data specific to their own organization. The six new services assist programmers with numerous challenging tasks, including language, computer vision, and time-series forecasting. The new OCI AI services give developers the option of bridging the gap between the promise of AI and its implementation, which allows them to achieve real-world benefits.

Major companies operating in the enterprise artificial intelligence market are adopting a strategic partnership approach to accelerate enterprise AI adoption. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in October 2022, Oracle Corporation, a US-based computer technology firm, announced a strategic partnership with Nvidia Corporation to assist companies in resolving business difficulties with faster computing and AI. The cooperation seeks to deliver the whole NVIDIA accelerated computing stack to Oracle Cloud Infrastructure (OCI), from GPUs to computers to software. OCI is expanding its capacity by tens of thousands of NVIDIA GPUs, encompassing the A100 and the forthcoming H100. When combined with OCI's AI cloud architecture of bare metal, cluster networking, and storage, this gives organizations a diverse set of alternatives for AI training and deep learning inference at scale. Oracle's extended partnership with NVIDIA will bring together the best of both companies' expertise to assist clients across industries, from medical and industrial to telecommunications, banking, and finance, in overcoming the numerous difficulties they confront. Nvidia Corporation is a US-based artificial intelligence company.

In March 2022, Microsoft Corporation, a US-based technology corporation that produces computer software, acquired Nuance Communications for an undisclosed amount. Through this acquisition combination of conversational AI and ambient intelligence and Microsoft's secure and reliable industry cloud offerings, businesses across all sectors would be able to provide more individualised and meaningful customer experiences. Nuance Communications Inc. is a US-based computer software technology corporation and AI software leader, representing decades of accumulated healthcare and enterprise AI experience.

Major companies operating in the in the enterprise artificial intelligence market report are International Business Machines (IBM), Wipro Limited, Amazon Web Services, Intel Corporation, Google LLC, SAP SE, Sentinent Technologies, 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

North America was the largest region in the enterprise artificial intelligence market in 2023. 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

The countries covered in the enterprise artificial intelligence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The enterprise artificial intelligence market includes revenues earned by entities by providing business intelligence and customer management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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