Enterprise Artificial Intelligence (AI) Market is Anticipated to Witness High Growth Owing to Increased Adoption Across Industries
Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. The major applications of AI in the enterprise domain include machine learning, natural language processing, robotics, computer vision and others.
The adoption of Enterprise Artificial Intelligence (AI) Market across industries is increasing as it helps organizations automate processes, perform predictive analysis and make better decisions in real-time using big data. Industries such as healthcare, manufacturing, transportation, BFSI are increasingly adopting AI solutions to improve operational efficiencies, enhance customer experience and gain a competitive advantage.
The global Enterprise Artificial Intelligence (AI) market size was valued at US$ 16.02 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 34.1% from 2023 to 2030.
The increasing need for intelligent business processes, growth of big data and rising demand for enhancing customer experience are some of the major factors driving the adoption of AI solutions across enterprises.
Key Takeaways
Key players operating in the enterprise artificial intelligence market are ZF Friedrichshafen AG €“ Cherry, Huizhou Greetech Electronics Co. Ltd. €“ Greetech, Kaihua Electronics Co., Ltd. €“ Kaihl, Trantek Electronics Co., Ltd. €“ TTC, OMRON Corporation. The increasing investments in AI startups, growing demand for cloud-based AI solutions and rising need for customer-centric AI systems present significant opportunities in the global market. North America currently dominates the enterprise AI market. However, Asia Pacific is expected to provide lucrative expansion opportunities during the forecast period owing to rapid digitalization of industries in countries such as China and India.
Market Drivers
Increased adoption across industries: Enterprise Artificial Intelligence (AI) Market Size And Trend is being widely adopted across industries like healthcare, manufacturing, transportation, BFSI etc. to improve operational efficiencies, enhance customer experience and gain a competitive advantage. This is a major market driver.
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