Enterprise Artificial Intelligence (AI) Market Worth $155.2 Billion by 2030: Grand View Research, Inc.

News provided by

Aug 08, 2022, 14:00 ET

SAN FRANCISCO, Aug. 8, 2022 /PRNewswire/ -- The global enterprise artificial intelligence market size is anticipated to reach USD 155.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 34.6% from 2022 to 2030. The digital revolution is driving the demand for artificial intelligence in enterprises, due to the increasing adoption rate from the manual user interfaces to digital technology such as chatbots, virtual assistants, or intelligent digital assistants in various enterprises sectors such as healthcare, IT & telecom, retail, BFSI, and other sectors.

Key Industry Insights & Findings from the report:

In terms of deployment, the cloud segment held the largest revenue share of 62.9% in 2021 and is projected to maintain its dominance over the forecast period. The adoption of AI technology is growing rapidly however new organizations are facing issues in cleaning large volumes of data, accessing quality data, and training AI systems. The on-premises segment is anticipated to grow at a CAGR of over 31.0% over the forecast period.
In terms of technology, the Natural Language Processing (NLP) segment held the largest revenue share of 33.0% in 2021 and is projected to maintain its dominance over the forecast period. The growth can be attributed to the increasing demand for voice-based interfaces, chatbots, and virtual assistants. The computer vision segment is expected to register the highest CAGR of over 36.0% over the forecast period.
In terms of organization, the large enterprises held the largest market share of 63.9% in 2021 and are projected to grow at a CAGR of 32.0% over the forecast period. The demand for AI solutions in this segment is mainly driven by the increasing adoption and awareness of the technology as large enterprises are leveraging AI to boost productivity, increase agility & flexibility, and reduce costs by automating routine tasks. The small and medium enterprises segment is likely to register a CAGR of 38.4% over the forecast period.
In terms of end-use, the IT & telecom segment dominated the market in 2021 and is projected to grow at a CAGR of 32.9% over the forecast period. The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by startups to provide AI solutions & services, and growing demand for AI in developing countries. The automotive & transportation segment is likely to register the highest CAGR of over 38.0% over the forecast period.
North America captured the highest market share of 38.1% in 2021 and is expected to retain its position over the forecast period. This can be attributed to the existence of a significant number of artificial intelligence companies and the high adoption rate owing to government measures that stimulate AI usage across various industries in the region.
Asia Pacific is expected to grow at the highest CAGR of over 36.4% over the forecast period. The growth is primarily due to the increasing skill gaps with a three-pronged approach: upskilling programs, collaborations, and out-tasking usage across the region.
In April 2022, Amazon Web Services (AWS) announced service updates that are expected to assist customers in APAC in deploying machine learning at scale, building full stack applications & digital twins quickly, and bringing the cloud nearer to the end-users.

Read 100 page full market research report for more latest insights, "Enterprise Artificial Intelligence Market Size, Share & Trends Analysis Report By Deployment, By Technology (Natural Language Processing, Computer Vision), By Organization, By End Use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Enterprise Artificial Intelligence Market Growth & Trends

The increasing adoption of artificial intelligence among enterprises is assisting them in shifting from traditional to digital business processes. The factors driving the demand for AI among enterprises include the increasing need to analyze exponentially growing volumes of data sets, the need for data security, privacy, and retention management, and the lack of ability to automate deviation of data for disaster recovery.

Many industries across the world were severely impacted due to the COVID-19 pandemic. However, the enterprise artificial intelligence market experienced significant growth owing to a surge in the demand for innovative AI-based enterprise services and products during the pandemic. The need for virtual assistants, chatbots, robots, and video conferencing tools also experienced exponential growth in various sectors during the period hence driving the growth of the industry.

The growing trend is empowering many players in the market to offer improved AI-enabled software and services that allow enterprises to provide customized solutions and services to enhance their customer's satisfaction.

Enterprise Artificial Intelligence Market Segmentation

Grand View Research has segmented the global enterprise artificial intelligence market based on deployment, technology, organization, end-use, and region:

Enterprise AI Market - Deployment Outlook (Revenue, USD Million, 2017 - 2030)

Cloud
On-premises

Enterprise AI Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)

Natural Language Processing (NLP)
Machine Learning
Computer Vision
Speech Recognition
Others

Enterprise AI Market - Organization Outlook (Revenue, USD Million, 2017 - 2030)

Large Enterprises
Small And Medium Enterprises

Enterprise AI Market - End-Use Outlook (Revenue, USD Million, 2017 - 2030)

Media & Advertising
Retail
BFSI
IT & Telecom
Healthcare
Automotive & Transportation
Others

Enterprise AI Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy

Asia Pacific

China
India
Japan

Latin America

Brazil
Mexico

Middle East & Africa

List of Key Players in the Enterprise Artificial Intelligence Market

Amazon Web Services, Inc.
IBM Corporation
Microsoft Corporation
Oracle Corporation
Intel Corporation
Alphabet
SAP SE
C3.ai, Inc.
DataRobot, Inc.
Hewlett Packard Enterprise
Wipro Limited
NVidia Corporation

Check out more related studies published by Grand View Research:

Artificial Intelligence Market - The global artificial intelligence market size is expected to reach USD 1,811.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 38.1% from 2022 to 2030. Artificial Intelligence (AI) denotes the concept and development of computing systems capable of performing tasks customarily requiring human assistance, such as decision-making, speech recognition, visual perception, and language translation. AI uses algorithms to understand human speech, visually recognize objects, and process information. These algorithms are used for data processing, calculation, and automated reasoning.
Artificial Intelligence For IT Operations Platform Market- The global artificial intelligence for IT operations platform market size is expected to reach USD 33.82 billion by 2030, registering a CAGR of 17.7%, according to a new report by Grand View Research, Inc. Rapid digital transformations in global business organizations have brought about increasingly complex datasets. Businesses spend a significant amount of time, cost, and effort on processing large volumes of data. IT operations are also on the edge of this transformation, wherein IT teams are required to manage complex datasets to sustain their business. Besides, there has been a considerable increase in data loads over the last few years due to the distributed architecture and dynamic nature of business applications and services.
Enterprise Application Market - The global enterprise application market size is estimated to be worth USD 259.51 billion by 2022, according to a new study by Grand View Research, Inc., registering a 7.8% CAGR during the forecast period. Increasing need among organizations for single data access point is anticipated to drive industry growth over the forecast period.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg

SOURCE Grand View Research, Inc.