Enterprise Artificial Intelligence (AI) Market Analysis
The global enterprise artificial intelligence industry was valued at $4.68 billion in 2018, and is projected to reach $53.06 billion by 2026, registering a CAGR of 35.4% from 2019 to 2026.
According to the enterprise AI market size in Asia-Pacific, the market is projected to generate highest growth rate during the forecast period, owing to increase in adoption and investment in AI technologies by large and mid-size enterprises.
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Artificial intelligence (AI) is poised to revolutionize industries across the board, attracting not only enterprises but also government entities to invest heavily in this transformative technology. Despite the existence of AI technologies for decades, recent advancements in computing power and algorithmic developments are making AI solutions more appealing to new entrants in the enterprise AI market.
Enterprises are increasingly leveraging advanced analytics technologies for various purposes, including understanding consumer behaviors, gaining a competitive edge, and enhancing operational efficiency. AI technologies such as machine learning are being utilized for customer behavior analysis, fraud detection, risk assessment, and predictive maintenance, among other applications. Additionally, natural language interfaces are being widely adopted to develop interactive chatbots and B2B applications, catering to the evolving needs of businesses and consumers alike.
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Early adopters of AI technologies have garnered valuable experience and insights into best practices, giving them a competitive edge over newcomers. However, with the establishment of centers of excellence (CoEs) and the recruitment of analytics leaders and data scientists, new entrants can rapidly bridge this gap and capitalize on the benefits of AI.
Manufacturers in the enterprise AI market are encountering significant intellectual challenges in the development and refinement of AI technology. Despite these challenges, the market for artificial intelligence continues to thrive, driven by factors such as enhanced productivity, diverse application areas, improved customer satisfaction, and the integration of big data.
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However, the growth of the enterprise artificial intelligence market is hindered by challenges such as a lack of skilled workforce and concerns about threats to human dignity. Nevertheless, the impact of these obstacles is expected to be mitigated by the introduction of new technologies and innovative solutions in the market, paving the way for continued growth and innovation in the field of AI.
Some of the key enterprise Artificial Intelligence (AI) industry players profiled in the report include Alphabet Inc. (Google Inc.), Apple Inc., Amazon Web Services, Inc., International Business Machines Corporation, IPsoft Inc., MicroStrategy Incorporated, NVIDIA Corporation, SAP, Verint, and Wipro Limited.
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