by AI technologies allow machines and systems to learn from experience, adjust to new inputs and perform human-like tasks. Enterprise AI solutions enable companies to leverage large amounts of data, automate time-consuming business processes and transform customer interactions.
Key adoption drivers for AI within enterprises include better decision making using data insights, improved operational efficiency through automation and enhancing user and customer experiences. AI is being extensively used across industries for applications such as predictive analytics, machine learning, natural language processing and deep learning. The global Enterprise Artificial Intelligence (AI) Market is projected to grow multi-fold over the coming years, as businesses recognize the potential of advanced analytics to optimize operations and drive innovation.
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.
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, Corsair, Razer Inc., Rapoo Corporation, Lenovo, Dell HP Development Company, A4TECH, and SteelSeries.
Rising data volumes across industries is propelling the demand for enterprise artificial intelligence research market solutions that can help companies gain actionable insights from both structured and unstructured data. AI technologies are enabling businesses to discover patterns and correlations that were previously impossible to detect, aiding business decisions and transformation initiatives.
The enterprise AI space is also witnessing significant investments and partnerships as companies look to expand their footprint globally. Several startups are emerging with innovative AI products tailored for specific industrial needs. Increased accessibility of cloud-based AI services is also driving the adoption of AI-powered tools among small and medium enterprises across regions.
Market Key Trends
One of the key trends gaining traction in the enterprise AI market is the integration of AI capabilities within existing enterprise applications and platforms. Major software vendors are enhancing their solutions with Enterprise Artificial Intelligence (AI) Market Size And Trend features to accelerate digital transformation for customers. Advanced conversational interfaces using natural language processing are also being incorporated across industries to offer improved customer and employee engagement. Going forward, advanced ML techniques focusing on decision optimization, predictive maintenance, fraud detection and cybersecurity are expected to witness increased focus among enterprises.
Porter’s Analysis
Threat of new entrants: Low startup costs in AI allow new companies to enter the market easily. However, large customers prefer well established brands with proven success in deploying AI systems.
Bargaining power of buyers: Large companies have strong bargaining power due to their ability to demand customized AI solutions at discounted rates. Mid-sized buyers have moderate power while small buyers have low power.
Bargaining power of suppliers: A few AI technology providers such as IBM, Microsoft and Google dominate the supplier market. This gives them significant bargaining power over customers.
Threat of new substitutes: Alternative emerging technologies like blockchain, IoT and robotics can replace some AI use cases. However, AI’s versatility makes it difficult to completely substitute.
Competitive rivalry: Intense competition exists among key players to gain larger market share and expand product portfolios. Players try to differentiate based on capabilities, customer experience and pricing.
Geographical regions: North America holds the highest share due to widespread AI adoption among enterprises of all sizes. The region has a large concentration of AI companies and customers.
The fastest growing region for enterprise AI market is Asia Pacific. China leads AI spending in the region due to government initiatives and presence of digital companies embracing disruptive technologies. Other Asian countries are also increasingly adopting AI to improve processes.
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*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author - Priya Pandey
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement. LinkedIn Profile
