Enterprise AI Market to Be Worth $171.2 Billion by 2031--Exclusive Report by Meticulous Research®

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May 02, 2024, 12:45 ET

REDDING, Calif., May 2, 2024 /PRNewswire/ -- According to a new market research report titled, 'Enterprise AI Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Technology (ML, NLP), End-use Industry (IT & Telecom, Healthcare, Retail & E-commerce, Media & Advertisement) and Geography—Global Forecast to 2031,' the global enterprise AI market is projected to reach $171.2 billion by 2031, at a CAGR of 32.9% from 2024 to 2031.

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Enterprise artificial intelligence (AI) is the integration of advanced AI-enabled technologies and techniques within large organizations to enhance business functions. Enterprise AI encompasses routine tasks of an organization such as data collection and analysis, supply chain management, finance, marketing, customer service, human resources and cybersecurity, and risk management. Enterprise AI is an integration of AI-enabled technologies such as machine learning, natural language processing, image processing, and speech recognition. Enterprise AI is used in various industries such as media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, and IT & telecom.

The growth of the enterprise AI market is driven by enterprises' increasing need to enhance customer satisfaction and the growing implementation of enterprise AI solutions in the IT & telecom sectors. However, the high costs of enterprise AI solutions restrain the growth of this market. Furthermore, the increasing need for conversational AI solutions for optimized sales & marketing management and the growing need to automate business processes are expected to generate growth opportunities for the players operating in this market. However, data privacy & security concerns are a major challenge impacting market growth. Additionally, the growing adoption of AI chatbots for customer interaction and the increasing integration of Machine Learning (ML) technology into enterprise AI solutions are prominent trends in this market.

The global enterprise AI market is segmented by offering (solutions and services [professional services and managed services]), deployment mode (cloud-based deployment and on-premise deployment), organization size (large enterprises and small & medium-sized enterprises), technology (machine learning, image processing, natural language processing, and speech recognition), end-use industry (media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, IT & telecom, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

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Based on offering, in 2024, the solutions segment is expected to account for the larger share of 63% of the enterprise AI market. The segment's large market share is attributed to the growing adoption of enterprise AI solutions to solve specific business challenges or streamline business processes and the growing implementation of these solutions to automate tasks, analyze data, and provide insights.

However, the services segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the growing need for AI consulting, data analysis, and enterprise-grade AI solution development, maintenance, and support and the rising adoption of services to automate tasks and help improve business operations efficiently.

Based on deployment mode, in 2024, the on-premise deployment segment is expected to account for the largest share of the enterprise AI market, with a revenue contribution of around USD 13 billion. The segment's large market share is attributed to the increasing on-premise deployment of enterprise AI solutions by large enterprises and the growing demand for service flexibility, enhanced customer experience, and efficiency in managing risks and compliance.

However, the cloud-based deployment segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by benefits associated with cloud-based deployment, including easy maintenance of customer data, cost-effectiveness, and scalability, and the increasing demand for enterprise AI solutions that support multi-cloud deployments.

Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the enterprise AI market. The segment's large market share is attributed to the growing emphasis on developing strategic IT initiatives among large enterprises, the increasing need to manage large volumes of customer-level data, and the early adoption of advanced technologies across various sectors such as retail, manufacturing, healthcare, and automotive.

However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the increasing need for chatbots and digital assistants among small & medium-sized enterprises and the increasing need to improve performance, quality management, and customer satisfaction in call centers.

Based on technology, in 2024, the machine learning segment is expected to account for the largest share of the enterprise AI market. The segment's large market share is attributed to the growing adoption of enterprise AI solutions with machine learning capabilities to analyze historical data and identify patterns and the increasing use of these solutions in e-commerce, streaming platforms, and content websites.

However, the natural language processing segment is expected to register the highest CAGR of 37.4% during the forecast period. The growth of this segment is driven by the growing need to understand, interpret, and generate human language data and the rising adoption of NLP to analyze user preferences, behaviors, and interactions to deliver personalized content.

Based on end-use industry, in 2024, the IT & telecom segment is expected to account for the largest share of 26% of the enterprise AI market. The segment's large market share is attributed to the increasing demand for personalized customer experiences enabled by AI technologies, the rising adoption of AI for analyzing data from network sensors to optimize operations, and the growing utilization of AI to enhance network performance and deliver customized services. Also, this segment is expected to register the highest CAGR during the forecast period.

Based on geography, in 2024, North America is expected to dominate the global enterprise AI market. North America enterprise AI market is estimated to be worth USD 9 billion in 2024. North America's significant market share can be attributed to the growing adoption of enterprise AI solutions in the retail, healthcare, and finance sectors, the rising implementation of AI to enhance customer engagement, inventory management, and personalized shopping experience, and the increasing use of chatbots on websites, social media platforms, and messaging apps to respond customer inquiries.

However, Asia-Pacific is expected to register the highest CAGR of 34.3% during the forecast period. The growth of this regional market is driven by the growing emphasis by companies to launch chatbots and virtual assistants in the Asia-Pacific region, growing demand for chatbots and voice assistant solutions, and increasing demand for AI-powered customer support services.

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The key players operating in the enterprise AI market are NVIDIA Corporation (U.S.), Google LLC (A subsidiary of Alphabet Inc.) (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Verint Systems Inc. (U.S.), SAP SE (Germany), Pegasystems Inc. (U.S.), Wipro Limited (India), Intel Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy Incorporated (U.S.), Amelia US LLC (U.S.), Sentient.io (Singapore).

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Scope of the Report:

Global Enterprise AI Market Assessment—by Offering

Solutions
Services
- Professional Services
- Managed Services

Global Enterprise AI Market Assessment—by Deployment Mode

On-premise Deployment
Cloud-based Deployment

Global Enterprise AI Market Assessment—by Organization Size

Large Enterprises
Small & Medium-sized Enterprises

Global Enterprise AI Market Assessment—by Technology

Machine Learning
Natural Language Processing
Image Processing
Speech Recognition

Global Enterprise AI Market Assessment—by End-use Industry

IT & Telecom
- Network Optimization
- Customer Service Automation and Virtual Assistants
- Human Resource Management
- Customer Analytics
- Cybersecurity
- Other IT & Telecom Applications
BFSI
- Security and Risk Management
- Streamlining Regulatory Compliance
- Customer Relationship Management
- Real-Time Transaction Monitoring
- Data Analytics & Prediction
- Other BFSI Applications
Healthcare
- Hospital Workflow Management
- Lifestyle Management
- Patient Data & Risk Analytics
- Medical Imaging & Diagnosis
- Precision Medicine
- Remote Patient Monitoring
- Robot-assisted Surgery
- Drug Discovery
Retail & E-commerce
- Search and Recommendations
- Customer Relationship Management
- Inventory Management
- Supply Chain Optimization
- In-store Visual Monitoring & Surveillance
- Predictive Analytics
- Demand Forecasting
- Chatbots
Media & Advertisement
- Chatbots and Virtual Assistants
- Predictive Analytics
- Sales & Marketing Automation
- Advertising Recommendation
- Content Generation
- Talent Identification
- Production Planning & Management
Automotive
- Advanced Driver Assistance Systems
- Human-Machine Interface
- Vehicle Personalization
- Designing and Production Management
- Supply Chain Management
- Other Automotive Applications
Government
- Fraud Detection and Prevention
- Administrative Processes
- Disaster Management and Response
- Personalized User Support
- Other Government Applications
Other End-use Industries

Global Enterprise AI Market Assessment —by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
Latin America
Middle East & Africa

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Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography - Global Forecast to 2030

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