Enterprise Artificial Intelligence (AI) Market Estimated To Witness High Growth Owing To Increasing Demand For Automation Of Business Processes

 

Enterprise Artificial Intelligence Market

The Enterprise Artificial Intelligence (AI) market is estimated to be valued at US$ 21.48 Bn in 2023 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Enterprise artificial intelligence refers to the use of AI technologies in enterprises. Key applications of enterprise AI include automation of various business processes using machine learning and deep learning algorithms. For example, AI is widely being used for customer service interaction and automation via chatbots, predictive maintenance of enterprise assets using IoT data, fraud detection in banking transactions, and automation of back-office processes using process mining.

Market Dynamics:
Growing demand for automation of routine business processes in various end-use industries such as banking, retail, manufacturing, and healthcare among others is expected to drive the growth of global enterprise AI market during the forecast period. Factors such as reducing cost of AI technologies and increasing availability of talent with AI skills are also propelling the market growth. Additionally, enterprises across industries are realizing the need for AI-powered systems and tools to gain competitive advantage in digital transformation and drive productivity, which is further expected to support the enterprise AI adoption over the coming years. However, concerns around data privacy and security challenges associated with AI technologies are some of the factors that may limit the enterprise AI market growth.

SWOT Analysis

Strength: Enterprise Artificial Intelligence (AI) provides efficiency and productivity benefits to businesses. AI systems can analyze vast amounts of data and identify useful patterns. AI can automate repetitive, routine tasks allowing employees to focus on more strategic work.

Weakness: Implementing AI projects requires large investments of time and money from businesses. Many companies lack the skilled workforce needed to properly develop and deploy AI technologies.

Opportunity: AI can help optimize business processes and improve customer experiences. AI technologies allow for personalized recommendations and improved customer service. Advanced AI algorithms also enable new products and services across many industries.

Threats: Privacy and security concerns continue as more data is collected and used by AI systems. Reliance on AI technologies could also reduce flexibility if systems fail or need to be changed.

Key Takeaways:

The global Enterprise Artificial Intelligence (AI) Market Demand is expected to witness high growth, exhibiting CAGR of 34.% over the forecast period, due to increasing demand for automation and analytics solutions among organizations. These AI solutions help streamline operations, enhance decision making, and boost efficiency.

The North America region currently dominates the global Enterprise AI market due to significant investments in AI technologies by companies in the region. The U.S. and Canada are early adopters of AI and have built comprehensive AI research and development hubs. However, the Asia Pacific region is expected to grow at the fastest pace, led by increasing digital transformation across Chinese, Indian and other Southeast Asian companies.

Key players operating in the Enterprise Artificial Intelligence (AI) market are Alphabet Inc., Apple Inc., Amazon Web Services, Inc., International Business Machines Corporation, IPsoft Inc., MicroStrategy Incorporated, NVIDIA Corporation, SAP SE, Verint Systems Inc., Wipro Limited, and Others. These companies are investing heavily in developing advanced AI platforms and enterprise-grade solutions. Leading firms also pursue acquisitions and partnerships to solidify their positions in this rapidly expanding market.

For more insights, Read-

https://www.pressreleasebulletin.com/enterprise-artificial-intelligence-market-demand/

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