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.
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.
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.
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.
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.