Enterprise Artificial Intelligence Market 20232030: Size, Share, and Growth Forecasts
The global Enterprise Artificial Intelligence Market has witnessed remarkable growth, reaching a value of USD 11,194.5 million in 2021, and is expected to continue its upward trajectory at a CAGR of 34.1% during the forecast period. The surge in demand for AI-based enterprise products across multiple sectors, including healthcare, retail, and education, has driven the market's expansion, with the impact of the COVID-19 pandemic playing a significant role.
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The pandemic prompted a surging demand for AI in the healthcare sector, where technology provided innovative tools and models to improve traditional analytics and decision-making capabilities. Machine Learning (ML) models proved beneficial in aiding public health decision-making during the pandemic, as discovered by experts from the Regenstrief Institute and Indiana University. Similarly, artificial intelligence was instrumental in helping clinicians allocate resources by identifying patients requiring Intensive Care Unit (ICU) treatment during the COVID-19 pandemic, according to research by the University of Waterloo and DarwinAl.
Moreover, the pandemic accelerated digital transformation and the adoption of AI technologies in various industries such as retail, e-commerce, manufacturing, transportation, and logistics. The Market experienced significant growth, and this trend is expected to continue post-pandemic.
One of the key driving forces behind the Enterprise Artificial Intelligence Market growth is the increasing investment in AI technology. AI's ability to assess data rapidly and forecast decisions using critical algorithms has transformed business management, workflow management, trend predictions, and advertising. Many startups and tech organizations are adopting open-source AI platforms, and the availability of low-cost quality AI technologies is further propelling market expansion.
Data analysis and interpretation are critical factors fueling the adoption of AI in various industries, including media, finance, healthcare, automotive, and more. The ability to evaluate massive volumes of data has led to AI's application in medical breakthroughs, genomic data analysis, and accurate treatment and prevention of medical diseases. However, the Market faces challenges related to data privacy and diverse algorithms. Concerns about data piracy and slow digitization rates in emerging markets are predicted to impact market growth.
The natural language processing (NLP) segment dominates the Market due to increased adoption of virtual support services, voice-based interfaces, chatbots, and virtual assistants. The IT & Telecom category leads the industry, with increased investment in AI solutions driving growth.
Regionally, Europe holds the largest revenue share in the Enterprise AI Market. The region's mainstream developments, such as the industrial revolution and automation, have propelled demand for AI technologies. Initiatives like the UK government's investment in digital pathology and imaging centers that employ AI for medical discoveries have further bolstered the Market in Europe.
Major players in the Enterprise Artificial Intelligence Market include Alphabet Inc., IBM, Apple Inc., Amazon Web Services, MicroNVIDIA Corporation, IPsoft Inc., Verint Systems Inc., SAP SE, and Wipro Limited, among others.
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