Enterprise AI Market Size to grow by USD 48960 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Enterprise AI Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio, the global Enterprise AI market is a segment of the broader Global Technology Hardware, Storage, and Peripherals Market, which encompasses manufacturers of IT hardware, data storage components, and peripherals. This market includes sales of cellular phones, personal computers, servers, electronic computer components, and peripherals, such as monitors, keyboards, printers, and audio-video cards. The Global Technology Hardware, Storage, and Peripherals Market size is determined by the revenue generated from the sales of these hardware devices, equipment, and components. Factors driving the growth of this market include the expanding demand for data centers, fueled by the increased need for work-from-home technologies due to the COVID-19 pandemic. - The Enterprise AI Market is experiencing significant growth, fueled by the Increasing interest in chatbot AI. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Increasing interest in chatbot AI
  • Rising demand for automation among enterprises
  • Lack of AI professionals
  • Complexity of understanding data
• Growth Projections

The market size is estimated to grow by USD 48960 million, at a CAGR of 46.52% during the forecast period. In the realm of Enterprise AI, Medium and Small-sized Enterprises (SMEs) are increasingly recognizing the value of integrating Artificial Intelligence (AI) into their business operations. While Multinational Corporations (MNCs) have the inherent resources and technical expertise to fully embrace AI, SMEs are strategically focusing on implementing AI for specific business processes. This approach allows SMEs to attain a competitive edge against larger competitors, leveling the playing field. Historically, SMEs have been hesitant to adopt new technologies due to financial constraints. However, the potential advantages, such as first-mover advantage, are no longer exclusive to well-established firms. By adopting a "think big, start small" strategy, SMEs can effectively challenge larger organizations in the marketplace.

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• Regional Insights

The North American enterprise AI market holds a significant dominance in the global market, driven by the extensive adoption of AI technology by numerous businesses in the region. Key contributors to this growth include IBM, Intel, and Microsoft, who have integrated AI into various business functions and offered innovative tools and solutions to foster global enterprise AI expansion. Collaborative efforts among industry players in North America, particularly in the BFSI sector, are also propelling market growth. These firms have incorporated AI into their operations, bolstering the region's position as a global leader in enterprise AI innovation.

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