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Enterprise AI Market (Component - Solution, and Services; Deployment Type - Cloud, and On-premises; Application - Security and Risk Management, Customer Support and Experience, Process Automation, Analytics Application, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : December, 2020

  • Rep Id : ICT01268

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on enterprise AI market provides in-depth analysis of segments and sub-segments in the global as well as regional enterprise AI market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional enterprise AI market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global enterprise AI market. According to the report, the global enterprise AI market is projected to grow at a CAGR of 45.2% over the forecast period of 2020-2026.

 

Market Insight

Advancements in IT and telecommunication has transformed the way organizations operate. Enterprise software is used by many organizations in different industries to streamline their business functions and boost their revenues. Moreover, advanced technologies such as AI, Big Data, and IoT are been integrated with enterprise software and other technology solutions to improve business operations. enterprise AI is a type of enterprise software that leverages advanced artificial intelligence techniques to drive digital transformation. Integrating AI with enterprise software help in automating and transforming the various functions of the software as well as the organization. Furthermore, the emergence of new technologies including IoT and 5G is expected to increase the popularity of enterprise AI.

 

The growing investment in advanced technologies such as AI, IoT, and Big Data by the key players in various industries is expected to drive the enterprise AI market. For instance, the leading retail companies including Wal-Mart, Costco, Tesco, and Amazon are investing heavily in the development of AI technology. Through AI, retail companies can improve the consumer experience by offering them customized product options and better discounts. Moreover, the growing penetration of internet and smartphones is augmenting the adoption of enterprise AI. The consumer data generated from the internet and smartphone devices is analyzed by the AI to offer insight into consumer behavior and their buying pattern. The higher penetration of the internet and smartphones provide a large amount of data, which helps companies to target a broader consumer base. However, the lack of technological infrastructure required for integrating enterprise AI is majorly hampering the growth of the market. To integrate AI into the business, most of the business functions are required to be digitalized. It is difficult to digitalize all the business in some of the developing economies due to lack of availability or due to budget constraints.

 

Additionally, the spread of coronavirus has affected the enterprise AI market negatively. Lockdown orders by the governments of many countries have decreased the demand for various products, reducing the revenue of the different sectors. Furthermore, the global economy has been hit hard by the COVID19 pandemic leading to growing unemployment and lowered incomes. Weak economic conditions discourage people and organizations to spend on non-essential products and services and save money on essential goods and services. Nevertheless, a rise in the awareness regarding AI and its applications across several industries is expected to boost the growth of market in next few years.

 

In terms of region, North America generated the highest revenue for enterprise AI. The dominance of North America in the global market is attributed to the higher adoption of advanced technologies by the people and organizations. Moreover, the greater investment by the major companies in advanced technologies is anticipated to support the domination of North America in the global market. On the other hand, the Asia Pacific enterprise AI market is expected to grow at the highest rate owing to the booming industries in the region. Moreover, the improving technological environment in the Asia Pacific is augmenting the implementation of the enterprise AI industry.

 

Segment Covered

The report on global enterprise AI market covers segments such as component, deployment type, and application. On the basis of component, the sub-markets include solution, and services. On the basis of deployment type, the sub-markets include cloud, and on-premises. On the basis of application, the sub-markets include security and risk management, customer support and experience, process automation, analytics application, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Amazon.com, Inc., Alphabet Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Intel Corporation, Sentient Technologies, HP enterprise Company, and Wipro Ltd.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of enterprise AI market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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