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Enterprise Artificial Intelligence Market Report by Component (Solution, Services), Deployment Mode (Cloud, On-premises), Technology (Natural Language Processing (NLP), Machine Learning, Computer Vision, Speech Recognition, and Others), Organization Size (Large Enterprises, Small and Medium-sized Enterprises), Industry Vertical (BFSI, Media and Advertising, IT and Telecom, Retail, Healthcare, Automotive and Transportation, and Others), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A6373
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Global Enterprise Artificial Intelligence Market:
The global enterprise artificial intelligence market size reached US$ 22.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 341.5 Billion by 2032, exhibiting a growth rate (CAGR) of 34% during 2024-2032. The rising trends of using digital manufacturing, Industrial Internet of Things (IIOT), edge computing, industrial robots, and self-driving vehicles across the manufacturing sector are propelling the market.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2023
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|
Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 22.8 Billion |
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Market Forecast in 2032
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US$ 341.5 Billion |
| Market Growth Rate 2024-2032 | 34% |
Enterprise Artificial Intelligence Market Analysis:
- Major Market Drivers: The increasing digitalization across various end-use industries is stimulating the market.
- Key Market Trends: The development of reliable cloud computing infrastructures in dynamic AI solutions for customer behavior analysis, preventive maintenance, and detection of fraud and risks is acting as a significant growth-inducing factor.
- Competitive Landscape: Some of the prominent companies in the global market include Amazon Web Services Inc. (Amazon.com Inc.), C3.ai Inc., DataRobot Inc., Google LLC, Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, SAP SE, Sentient.io Pte Ltd, Verint Systems Inc., and Wipro Limited, among many others.
- Geographical Trends: Ongoing improvements in robots and smart virtual assistants are stimulating the market in North America.
- Challenges and Opportunities: The lack of skilled talent to develop and manage AI systems is hampering the market. However, robust upskilling initiatives for the existing workforce are anticipated to fuel the market in the coming years.
Enterprise Artificial Intelligence Market Trends:
Rising Integration of Advanced Technologies
Extensive applications of AI that enable predictive analytics and smart data analysis are propelling the market. Additionally, this integration allows for more efficient operations. In August 2024, Contextual AI raised US$80 Million in a Series A funding round to scale operations and accelerate the go-to-market for its production-grade large language models (LLMs) for enterprises. Its platform also lets enterprises build RAG 2.0 applications in minutes and customize them with end-to-end machine learning (ML).
Popularity of AI-Powered Automation
The inflating need for streamlining repetitive and time-consuming tasks is acting as a significant growth-inducing factor. AI algorithms can handle tasks, such as invoice processing, data entry, and customer service interactions with greater accuracy, which is expanding the enterprise artificial intelligence market analysis report. In August 2024, TerraZero collaborated with enterprise artificial intelligence specialists Qeleo to accelerate the scalability of TerraZero’s core product, intraverse, and other operational initiatives.
Increasing Focus on Personalized Customer Experiences
Enterprises are leveraging AI to deliver highly personalized customer experiences, which is stimulating the market. AI-driven analytics and machine learning algorithms analyze customer data to understand behaviors, preferences, and purchasing patterns. In July 2024, HCL Technologies Ltd. introduced its enterprise AI foundry on Microsoft Azure to help enterprises combine their artificial intelligence assets to drive generative AI adoption.
Global Enterprise Artificial Intelligence Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with the enterprise artificial intelligence market forecast at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the component, deployment mode, technology, organization size, and industry vertical.
Breakup by Component:
- Solution
- Services
Solution dominates the market
The report has provided a detailed breakup and analysis of the market based on the component. This includes solution and services. According to the report, solution represented the largest market segmentation.
The rising demand for comprehensive tools designed to enhance business operations across various industries is propelling the segment growth. For example, Google Cloud’s AI solution offers robust tools for data analysis.
Breakup by Deployment Mode:
- Cloud
- On-premises
Cloud currently holds most of the total enterprise artificial intelligence market share
The report has provided a detailed breakup and analysis of the market based on the deployment mode. This includes cloud and on-premises. According to the report, cloud represented the largest market segmentation.
Continuous technological innovations drive the segment. Microsoft’s Azure AI, for instance, offers a comprehensive suite of AI tools and services that integrate with the Azure cloud platform.
Breakup by Technology:
- Natural Language Processing (NLP)
- Machine Learning
- Computer Vision
- Speech Recognition
- Others
Machine learning holds the majority of the global enterprise artificial intelligence market demand
The report has provided a detailed breakup and analysis of the market based on the technology. This includes natural language processing (NLP), machine learning, computer vision, speech recognition, and others. According to the report, machine learning represented the largest market segmentation.
Advanced machine learning capabilities offer enterprises powerful tools for developing custom models, which is augmenting the market. IBM unveiled Watson machine learning, a comprehensive platform that allows businesses to deploy, build, and manage ML models at scale.
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Large enterprises dominate the enterprise artificial intelligence market outlook
The report has provided a detailed breakup and analysis of the market based on the organization size. This includes large enterprises and small and medium-sized enterprises. According to the report, large enterprises represented the largest market segmentation.
Large enterprises derive actionable insights from vast datasets and drive innovation, which is contributing to the market. Google Cloud’s Enterprise AI platform delivers cutting-edge capabilities in natural language processing.
Breakup by Industry Vertical:
- BFSI
- Media and Advertising
- IT and Telecom
- Retail
- Healthcare
- Automotive and Transportation
- Others
IT and telecom dominate the enterprise artificial intelligence market outlook report
The report has provided a detailed breakup and analysis of the market based on the industry vertical. This includes BFSI, media and advertising, IT and telecom, retail, healthcare, automotive and transportation, and others. According to the report, IT and telecom represented the largest market segmentation.
The increasing need to streamline operations, enhance network reliability, and deliver superior customer service is acting as a significant growth-inducing factor.
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America exhibits a clear dominance in the market
The enterprise artificial intelligence market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.
North America holds a dominant share of the market, driven by the rising demand for AI tools that are designed for data-driven predictive analytics, decision-making, and automation. Additionally, extensive R&D activities are also propelling the regional market. In July 2024, tech consulting and digital solutions company LTIMindtree Ltd. developed Canvas.ai, its enterprise-ready artificial intelligence platform, on the Snowflake AI Data Cloud.
Competitive Landscape:
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market include:
- Amazon Web Services Inc. (Amazon.com Inc.)
- C3.ai Inc.
- DataRobot Inc.
- Google LLC
- Hewlett Packard Enterprise Company
- International Business Machines Corporation
- Microsoft Corporation
- NVIDIA Corporation
- Oracle Corporation
- SAP SE
- Sentient.io Pte Ltd
- Verint Systems Inc.
- Wipro Limited
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Enterprise Artificial Intelligence Market Recent Developments:
- August 2024: Contextual AI raised US$80 Million in a Series A funding round to scale operations and accelerate the go-to-market for its production-grade large language models (LLMs) for enterprises.
- August 2024: TerraZero collaborated with enterprise artificial intelligence specialists Qeleo to accelerate the scalability of TerraZero’s core product, intraverse, and other operational initiatives.
- July 2024: HCL Technologies Ltd. introduced its enterprise AI foundry on Microsoft Azure to help enterprises combine their artificial intelligence assets to drive generative AI adoption.
Enterprise Artificial Intelligence Market Report Scope:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Scope of the Report | Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
|
| Components Covered | Solution, Services |
| Deployment Modes Covered | Cloud, On-premises |
| Technologies Covered | Natural Language Processing (NLP), Machine Learning, Computer Vision, Speech Recognition, Others |
| Organization Sizes Covered | Large Enterprises, Small and Medium-sized Enterprises |
| Industry Verticals Covered | BFSI, Media and Advertising, IT and Telecom, Retail, Healthcare, Automotive and Transportation, Others |
| Regions Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Amazon Web Services Inc. (Amazon.com Inc.), C3.ai Inc., DataRobot Inc., Google LLC, Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, SAP SE, Sentient.io Pte Ltd, Verint Systems Inc., Wipro Limited, etc. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the enterprise artificial intelligence market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the global enterprise artificial intelligence market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the enterprise artificial intelligence industry and its attractiveness.
- The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.
The global enterprise artificial intelligence market was valued at US$ 22.8 Billion in 2023.
We expect the global enterprise artificial intelligence market to exhibit a CAGR of 34% during 2024-2032.
The increasing popularity of industrial automation, along with the escalating demand for enterprise AI, as it aids in enhancing workflow, improving user experience, eliminating room for human errors, reducing overall costs, etc., is primarily driving the global enterprise artificial intelligence market growth.
The sudden outbreak of the COVID-19 pandemic has led to the growing deployment of enterprise artificial intelligence across various end-use industries, as it mirrors the human brain to communicate with decision-makers in an organization and solve problems through logic.
Based on the component, the global enterprise artificial intelligence market can be segmented into solution and services. Currently, the solution holds the majority of the global market share.
Based on the deployment mode, the global enterprise artificial intelligence market has been divided into cloud and on-premises, where the cloud currently exhibits a clear dominance in the market.
Based on the technology, the global enterprise artificial intelligence market can be categorized into Natural Language Processing (NLP), machine learning, computer vision, speech recognition, and others. Among these, machine learning accounts for the majority of the total market share.
Based on the organization size, the global enterprise artificial intelligence market has been segregated into large enterprises and small and medium-sized enterprises, where large enterprises currently exhibit a clear dominance in the market.
Based on the industry vertical, the global enterprise artificial intelligence market can be bifurcated into BFSI, media and advertising, IT and telecom, retail, healthcare, automotive and transportation, and others. Currently, the IT and telecom industry holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global enterprise artificial intelligence market include Amazon Web Services Inc. (Amazon.com Inc.), C3.ai Inc., DataRobot Inc., Google LLC, Hewlett Packard Enterprise Company, International Business Machines Corporation, Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, SAP SE, Sentient.io Pte Ltd, Verint Systems Inc., and Wipro Limited.
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