Enterprise Artificial Intelligence Market – Overview
The renewed focus on improving artificial intelligence has increased the need for enterprise artificial intelligence market to a great extent. Focused Market reports connected to the information and communications technology sector among others lately have been made available by Market Research Future which publishes a report on this sector. The market for enterprise artificial intelligence is expected to develop at a favorable pace in the forecast period.
The application of AI in enterprises has been successful as the benefits that are derived from the market are tremendous. The data driven nature of the AI in enterprises has led to generation of quantifiable results that will transform the development pace of the market considerably. The combination of AI and machine learning will boost the growth of the market significantly through the forecast period.
Enterprise Artificial Intelligence market is estimated to reach 6 billion growing at a CAGR of 46% during the forecast period 2017-2023
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Enterprise AI Industry Segments
The industry for enterprise artificial intelligence market consists of segments based on solution, services, deployment, industry vertical and region
The solution segment of the market comprises of business intelligence, customer management, sales & marketing, digital commerce, finance & operation and others. On the basis of services, the industry is segmented into managed service and professional service. The professional service is additionally segmented into consulting service, integration and deployment service and support & maintenance service. The deployment segments the market into on-premise deployment and cloud deployment. The industry vertical segment of the enterprise artificial intelligence market comprises of automotive, aerospace, retail, healthcare, media & entertainment, banking & financial services, IT & Telecommunication among others. The regional segmentation of the market is segmented into Europe, North America, Asia Pacific and rest of the world.
Enterprise AI Market Detailed Regional Analysis
The enterprise artificial intelligence industry globally is expected to grow at a substantial rate owing to growing developments in the artificial intelligence domain, and an advanced rate of adoption in many industrial verticals. The geographical analysis of Enterprise Artificial Intelligence Market includes regions like Europe (including Russia), North America, Asia Pacific (including Australia and New Zealand) and rest of the world (including Africa, the Middle East and South America). The industry among these regions is led by the North American region. The North American region has a rich concentration of vendors giving services and solutions for enterprise artificial intelligence for different uses. One of the main factors responsible for growth of enterprise artificial intelligence in the North American region is owing to the early adoption of newer technology. The incorporation of artificial intelligence has spread its influence across different industrial verticals. The United States backs a major share of this growth, particularly in the commercial, IT & Telecom, retail and automotive sector.
The addition of artificial intelligence to traditional industrial solutions is still developing. The businesses are rolling out changes in their solution due to the rising demand for customization from the customer. The North American region holds more than 70% of the prominent players in this market. The European region follows the North American region in this market. As the European region is a technologically advanced region, the increased application of artificial intelligence in predictive maintenance, supply chain monitoring, and automotive are the main factors contributing to the growth of this market. On the other hand, the Asia Pacific region is anticipated to be the fastest developing region in the enterprise artificial intelligence market.
Global Competitive Analysis
Challengers in the market who are constantly delivering customer value have devised their corporate strategy blueprint in a manner that can bring about the best outcomes for development in the current scenario, while also concurrently enhancing their product’s value. The capability to fuel their competitive edge is one of the chief causes powering their efforts in this period. The opportunity for development in the industry appears to be encouraging through the forecast period. The escalating interest for diversification in the industry, has indirectly allowed the companies to utilize many scenarios available in the industry. This situation has created prospects for portfolio improvements along with diversification in the sector, which has enhanced the scenario for market competitors immensely in this industry. The firms in this industry are also trying to improve and preserve financial liquidity that can be vital to invest in growth prospects as and when they arise.
The foremost competitors in the market for enterprise artificial Intelligence include International Business Machines, Corporation (U.S.), Microsoft Corporation (U.S.), Intel Corporation (U.S.), SAP SE (Germany), SAS Institute (U.S.), Google, LLC (U.S.), Oracle Corporation (U.S.), Amazon Web Services (U.S.), Sentinent Technologies (U.S.), Hewlett Packard Enterprise (U.S.), Wipro Technologies (India) among others.
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Intended Audience
Enterprise AI service providers
Enterprise AI solution vendors
Application developers
System developers and integrators
Government agencies
Application end-user
Research Firms
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