The global enterprise artificial intelligence (AI) market is forecast to reach USD 59.17 Billion by 2028, according to a new report by Reports and Data. With the advancements in technology, enterprises are taking advantage of intelligent automation, such as machine learning, to improve the operations of business, improve customer experience, and drive innovation.
Artificial Intelligence (AI) is transforming businesses across industries, delivering new opportunities through automated products. Machine learning falls under AI and is used to teach computers how to carry out various range of tasks by analyzing vast amounts of data. Interests in machine learning have increased owing to the breakthroughs in areas such as speech recognition, computer vision, and natural language understanding. Machine learning helps enterprises by automating large areas of work like back-office administration roles, customer contact center queries, and even eventually driving vehicles.
AI is expected to help advance the growth of IoT. With more and more data being produced from technologies like the IoT and virtual reality devices, AI and automation will be crucial in not only managing data but also in supporting the growing pressure on business networks. With businesses becoming more borderless, and far more competitive, AI and machine learning-powered networks are essential in enterprises to reduce complexity and repetition. However, concerns related to data security and privacy are hampering the market growth.
There are various different examples of major enterprises using machine learning: Rolls Royce uses it to analyze data from IoT sensors to spot telltale signs of wear in its engine of the plane and carry out required maintenance. Google uses DeepMind’s reducing energy to cool its data centers by about 40%.
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Further key findings from the report suggest
- The services segment under component is forecasted to grow with a CAGR of 49.1% during the forecast period. It plays a vital role in the effective functioning of Natural Language Processing (NLP) and machine learning applications. They integrate AI technologies with business modules and link them with the working environment.
- Large Enterprise led the market share on the basis of deployment mode. AI and automation will help in cutting down cost, increase flexibility and agility, and boost productivity by freeing up workers from a mundane task, and spur innovation.
- Digital transformation in companies are consistently changing and are continuing to be encouraged by cloud-adoption. Moreover, as cloud offerings require exceptionally secure environments, there is a better scope for cybersecurity products and services.
- Manufacturing is forecasted to grow with the highest CAGR of 50.9% during the forecast period. Certain trends such as 3D printing/additive manufacturing, digital manufacturing, self-driving vehicles, Industry 4.0, drones, augmented/virtual reality, industrial robots, Industrial Internet of Things (IIoT), and edge computing, among others are making the manufacturing more flexible, agile and personalized.
- The UK government, in June 2018, invested USD 50 Million in five new “centers of excellence for digital pathology and imaging,” which will propel the application of AI in medical advancement. The industrial revolution and industrial automation are boosting the growth of the market in the region.
some leading companies operating in the global Keyword market:
Oracle, IBM, SAP, Microsoft, Sentient Technologies, Google, Wipro, AWS, Apple Inc., Amazon Web Services, Inc., among others.
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AI has indeed become a powerful tool for enterprises, allowing them to differentiate themselves and achieve various business and efficiency goals. Here’s an expanded description paragraph based on the points you provided:
AI technology has emerged as a transformative force for enterprises, enabling them to elevate their operations and gain a competitive edge. By leveraging AI, businesses can improve a wide range of business metrics, from optimizing processes to reducing costs and enhancing overall efficiency. Through AI-powered customer service solutions, enterprises can better serve their customers, offering personalized experiences, quicker response times, and tailored recommendations.
One of the remarkable aspects of AI is its ability to enable scalability without the need for additional headcount. By automating tasks, analyzing data at scale, and performing complex analyses, AI systems empower enterprises to expand their operations efficiently, without the limitations of traditional workforce scaling.
Moreover, AI provides enterprises with deep insights into their data, unlocking valuable patterns, trends, and anomalies. This enables data-driven decision-making, empowering businesses to make informed choices that drive growth and innovation. With AI’s ability to consolidate and analyze vast amounts of information, organizations gain a comprehensive understanding of their operations, customers, and markets.
The demand for enhancing business functions through AI continues to grow, fueled by the emergence of innovation across industries. Enterprises recognize that embracing AI is essential to seize new opportunities and stay ahead in a rapidly evolving market landscape. In fact, enterprise interest in AI has surged by an impressive 270% over the past four years. The rate of AI adoption has also witnessed a significant increase, with approximately triple the number of firms implementing AI in some form since 2018, reaching an estimated 37%.
Looking ahead, the impact of AI is expected to magnify further. Virtually every industry is poised to transform their business models and core processes to harness the benefits of AI and machine learning fully. Enterprises are keenly adopting AI technologies as the risk of noncompetitiveness looms large for those who ignore its potential.
The global market is further segmented into type and application:
Component Outlook (Revenue: USD Billion; 2018-2028)
Application Area Outlook (Revenue: USD Billion; 2018-2028)
- Marketing Management
- Analytics Application
- Customer Support and Experience
- Human Resource and Recruitment Management
- Security and Risk Management
- Process Automation
Organization Size Outlook (Revenue: USD Billion; 2018-2028)
- Small and Medium enterprises
- Large Enterprises
Deployment Mode Outlook (Revenue: USD Billion; 2018-2028)
End Users Outlook (Revenue: USD Billion; 2018-2028)
- Advertising, Media and Entertainment
- IT and Telecommunications
- Retail and Ecommerce
- Government and Defense
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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