What is the Enterprise Artificial Intelligence Market Size for the Past and Future Periods?
The enterprise artificial intelligence market has shown robust growth patterns as it is expected to grow from $20.42 billion in 2024 to $28.54 billion in 2025 at a compound annual growth rate (CAGR) of 39.8%. Increased advances in machine learning algorithms, growth in big data, data analytics, expansion of cloud computing, and rise in computing power and processing speed are among the key factors that have fueled this growth.
The future promises even more growth as the market is predicted to reach $118.51 billion in 2029 at a CAGR of 42.7%. This growth can be attributed to the 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, and the emphasis on responsible and ethical AI practices.
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What Drives The Growth of The Enterprise Artificial Intelligence Market?
The increasing adoption of AI is spearheading the growth of the enterprise artificial intelligence market. Embracing AI-based systems dramatically improves the decision-making process in enterprises of various sizes by analyzing extensive volumes to data to deliver meaningful insights. According to the IBM Global AI Adoption Index 2022 done by the International Business Machines Corporation, 35% of organizations stated they use AI, while another 42% were contemplating its implementation in 2022. Therefore, the escalating adoption of AI is fueling the growth of the enterprise artificial intelligence market.
What Are The Key Segments In The Enterprise Artificial Intelligence Market?
1) By Component: Solution, Service
2) By Technology: Machine Learning, Natural Language Processing (NLP), Image Processing, Speech Recognition
3) By Deployment Type: Cloud, On-Premise
4) By Application: Security And Risk Management, marketing Management, Customer Support And Experience, Human Resource And Recruitment Management, Analytics Application, Process Automation
5) By Industry: Retail, Healthcare, Automotive, Banking And Financial Services, Media And Entertainment, Other Industries
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Who are The Major Players Operating in The Enterprise Artificial Intelligence Market?
The enterprise artificial intelligence market is comprised of global giants such as International Business Machines (IBM), Wipro Limited, Amazon Web Services, Intel Corporation, Google LLC, SAP SE, Oracle Corporation, Hewlett Packard Enterprise, IPsoft Inc., MicroStrategy Incorporated, NVIDIA Corporation, Verint Systems Inc., SAS Institute Inc., Accenture plc, Appen Limited, DataRobot Inc., Dell Technologies Inc., Deloitte Touche Tohmatsu Limited, Freenome Holdings Inc., and Infosys Limited among others.
What Trends Are Emerging In The Enterprise Artificial Intelligence Market Landscape?
Technological advancements form a key trend in the enterprise artificial intelligence market. Notable market players are focusing on developing new solutions to cement their positions. For instance, in September 2023, Ernst & Young, a UK-based professional service network, launched the artificial intelligence platform, EY.ai. This platform enables organizations to integrate AI in their operations thereby enhancing efficiency across business functions.
Which Region is Expected to Grow The Fastest In The Enterprise Artificial Intelligence Market?
While North America was the largest region in the enterprise artificial intelligence market in 2024, Asia-Pacific is expected to be the fastest-growing region during the forecast period.
What is the Market Definition of The Enterprise Artificial Intelligence Market Report 2025?
Enterprise AI involves the utilization of AI practices to promote digital transformation. A new technological stack is required for the large-scale development and deployment of enterprise AI. The Enterprise Artificial Intelligence Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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