Enterprise Artificial Intelligence (AI) Market, By Deployment Type (Cloud and On-premise), By Technology (Machine Learning, Natural Language Processing, Image Processing, and Speech Recognition), By Organization Size (Large Enterprises, and SME’s), By Industry Vertical (Media & Advertising, BFSI, IT & Telecom, Retail, Healthcare, Automotive & Transportation, and Others), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : Jun 2023

Code : CMI5920

Pages :168

Formats :

Excel and PDF

Industry : Information and Communication Technology

Enterprise Artificial Intelligence (AI) MarketSize and Trends

The global Enterprise Artificial Intelligence (AI) market size was valued at US$ 16.02 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 34.1% from 2023 to 2030. AI-powered tools and solutions can automate repetitive tasks, extract valuable insights from large datasets, enable predictive analytics, and enhance decision-making capabilities.

Global Enterprise Artificial Intelligence (AI) Market Trends:

Automated fraud detection systems in the BFSI sector are equipped with machine learning systems that identify illegal payment activities. Speech recognition technology is used to automate the telephonic customer service interactions in this industry. Currently, automated planners and financial advisors assist users to make efficient financial decisions. In addition, smart wallets learn and monitor behavioral patterns for making decisions about spending and saving (for example, wallet.AI). Whereas, AI has a significant growth opportunity for personalized financial services, wherein the services are provided in real time at lower costs, owing to the increased customized automation in this industry. Further, implementation of efficient systems that reduce fraudulent activities is opportunistic for the market.

Implementation of artificial intelligence (AI) has been increased by Google, Facebook, Amazon, IBM, Microsoft, and other technological companies for more effective advertising and marketing strategies. Further, the use of AI for automatically drafting narrative texts and articles about data-oriented topics in media is prevalent these days. The data volume has increased exponentially, with the increase in the use of mobiles, internet, social media, and low-cost sensors, which led to the development and innovations in techniques for analyzing and managing large data sets for better customer engagement. Ads that adapt according to the user reactions are projected to be a major growth factor for customer engagement and to further expand the market. Leveraging various AI platforms for improvement in advertisements and creating newer and effective models for attracting customers are huge growth opportunities for the market.