Enterprise Artificial Intelligence Market Size, Share, Growth, And Industry Analysis, By Type (Business Intelligence, Customer Management, and Marketing), By Application (Retail, Medical Insurance, Automobile Industry, and Aerospace), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Enterprise Artificial Intelligence Market Report Overview

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The global enterprise artificial intelligence market size was USD 1191.5 million in 2021 and market is projected to touch USD 14063 million by 2031, at CAGR of 27.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the enterprise artificial intelligence market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The term "enterprise artificial intelligence" (AI) describes the use of AI methods and technology in the context of companies and other organizations. It entails the implementation of AI technologies and solutions to improve and automate various business processes, jobs, and decision-making. A wide range of applications in various businesses and sectors are included in enterprise Intelligence. In general, corporate AI has the power to alter industries by strengthening decision-making processes, increasing operational effectiveness, and enabling businesses to get insights from their data to spur innovation and competitive advantage.

Several factors are causing the enterprise artificial Intelligence (AI) market to expand. First of all, businesses are aware of AI's potential to boost productivity, streamline procedures, and better decision-making. Using AI tools such as machine learning and natural language processing, businesses can glean insights from enormous amounts of data. Second, AI is now more widely available and less expensive due to improvements in processing power and AI algorithms. Last but not least, the expansion of the AI market is fueled by the growing accessibility of AI tools and platforms, as well as favorable regulatory frameworks.

COVID-19 Impact: Delays in the Adoption of AI as there was a Global Disruptions in Operations

Global corporate activities were interrupted by the epidemic, which delayed the adoption of AI programmes. Businesses were forced to focus their attention on handling the crisis's immediate effects, which had an impact on their ambitions to adopt and use AI. The pandemic changed data availability and trends, which had an impact on AI models that used historical data as their training set. Existing data's relevance and quality had been affected, necessitating modifications to AI algorithms and models. In order to handle the immediate needs of remote work, health and safety precautions, and business continuity, many organizations had to reallocate money and resources. As a result, investments in and efforts related to AI had slowed down.

Latest Trends

"Fusion of AI with NLP and NLG Technologies to Enhance the Interactions between Technology and People "

The fusion of artificial intelligence (AI) with natural language processing (NLP) and natural language generation (NLG) technologies is one of the most recent advancements in the enterprise artificial intelligence sector. Through this integration, AI systems may comprehend and produce language that is similar to that of humans, enhancing interactions between people and technology. AI systems can carry out automated conversations, understand and respond to natural language questions, and produce written content with great accuracy and fluency thanks to advanced NLP and NLG algorithms. As a result of this innovation, virtual assistants, chatbots, automated content creation, and voice-activated systems are becoming more advanced, improving user experiences and productivity in a variety of workplace applications, including knowledge management, data analysis, and customer service.

Enterprise Artificial Intelligence Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into business intelligence, customer management, and marketing

• By Application Analysis

Based on application, the market can be divided into retail, medical insurance, automobile industry, and aerospace

Driving Factors

"Increasing Data Availability and Computational Power is Significantly Driving the Enterprise Industry "

The market for enterprise artificial intelligence is being driven in large part by the availability of more data and improvements in computing power. Businesses today produce enormous volumes of organized and unstructured data, which can be used by AI algorithms to derive insightful conclusions and inform deft decision-making. Additionally, businesses can handle and analyses huge datasets in real-time thanks to the development of computing technologies such as cloud computing and high-performance processors, which unleashes the full potential of AI applications.

"Enhanced Customer Experience and Personalization is Leading Enterprises to Employ AI to Analyze Client Data "

In order to achieve a competitive advantage, businesses understand how critical it is to provide excellent client experiences and personalized services. Natural language processing, sentiment analysis, and recommendation systems are just a few instances of the AI-powered technologies that allow businesses to deliver personalized experiences at scale while also understanding client preferences. Enterprises can increase customer happiness, foster customer loyalty, and set themselves apart from the competition by utilizing enterprise artificial intelligence to analyses client data and behavior.

Restraining Factors

"Scarcity of Skilled AI Practitioners is a Major Barrier to the AI Market Expansion"

The scarcity of qualified AI talent is one of the limiting factors for enterprise artificial intelligence market growth. A skill gap exists as there is a huge demand for experts with knowledge of AI, data science, and machine learning compared to the supply. Many businesses struggle to find and retain skilled AI practitioners who can design, build, and manage AI systems. Due to fierce competition and the quick development of AI technology, it is also challenging to keep top AI talent. The widespread adoption and application of AI in businesses could be hampered by the lack of competent workers.

Enterprise Artificial Intelligence Market Regional Insights

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"Strong Ecosystem of IT Giants and Well-developed Infrastructure Are Promoting the Regional Market Dominance "

Due to a number of important variables, North America has dominated the enterprise artificial intelligence market share. First off, a strong ecosystem of IT giants, academic institutions, and startups has kept the region at the forefront of technical innovation and is responsible for the advancement of AI. Additionally, North America has a well-developed infrastructure that makes it easier to apply AI. This infrastructure includes strong internet access and cloud computing capabilities. The market's expansion has also been aided by the presence of venture capital firms and investments in AI businesses. To add to the region's supremacy in the corporate AI market, North American businesses were early adopters of AI, realizing its potential to drive competitive advantage, enhance operational efficiency, and deliver new customer experiences.

Key Industry Players

"Key Players Focus on Marketing Efforts to Position Themselves as Dependable Leaders in the Market "

The artificial Intelligence market is being dominated by competitors who are employing a variety of tactics. To improve their AI capabilities and create cutting-edge AI products, they are making significant investments in research and development. In addition, players are concentrating on strategic alliances and acquisitions to broaden their product lines and penetrate new markets. They also actively interact with consumers, offer specialized solutions, and give all-inclusive support and services. In order to demonstrate their AI knowledge and position themselves as dependable leaders in the market, players are also spending in marketing and awareness efforts.

List of Market Players Profiled

• SAS Institute (U.S.)
• IBM (U.S.)
• Microsoft (U.S.)
• Amazon Web Services (U.S.)
• Intel (U.S.)

Report Coverage

This report covers the enterprise artificial intelligence market. The CAGR expected to be in during the forecast period, and also the USD value in 2021 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.