Authored By: Sarah
11 Jul 2024

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

According to a research report “ Enterprise AI Market” by Deployment (On-premises, Cloud) End-user (Advertising and media and entertainment, Retail and e-commerce, Medical and life sciences, BFSI, Government and defense and others) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 48960 million, at a CAGR of  46.52% during the forecast period. Chatbot AI represents a significant innovation in customer engagement, enabling businesses to offer automated, 24/7 support through robot applications. These systems utilize advanced AI algorithms to process and respond to customer queries, derived from patterns identified in vast amounts of collected data. By employing AI, businesses can provide swift, accurate, and consistent replies, reducing the need for human intervention and resulting in substantial cost savings. Chatbot AI's ability to learn and adapt to consumer behavior further enhances its value, making it an essential component of modern business applications and a key driver of market growth.

Browse market data tables, figures, and in-depth TOC on “Enterprise AI Market” by Deployment (On-premises, Cloud) End-user (Advertising and media and entertainment, Retail and e-commerce, Medical and life sciences, BFSI, Government and defense and others) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Deployment, the On-premises segment is projected to dominate the market size in 2024

In the advertising and media entertainment sector, AI technology is experiencing significant growth due to its potential in applications such as anomaly detection, marketing and advertising, and the creation of customized content for specific audience demographics. Enterprise AI solutions are being adopted by businesses in this industry to minimize production costs and enhance operational efficiency. The media and entertainment industry, which encompasses TV, print, films, advertising, animation and VFX, gaming, and radio and music, is undergoing a rapid digital transformation. AI is utilized extensively in various stages of filmmaking, including pre-production, production, and post-production, making it an indispensable tool in the film industry. Filmmakers leverage AI to streamline processes, optimize resources, and enhance the overall quality of their productions.

By End-user, Advertising and media and entertainment  segment is expected to hold the largest market size for the year 2024

In the on-premises deployment model for Enterprise AI, businesses install AI infrastructure within their own facilities, housing high-performance computing (HPC) systems that can occupy over 100 square meters. This deployment option is gaining popularity due to heightened security concerns, as clients desire full control over hardware and software. Major international corporations are increasingly opting for on-premises AI infrastructure to ensure the utmost security for their data during processing. This trend is driving significant growth within the on-premises AI market segment.

North America is forecasted to hold the largest market size by region in 2024

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.

The Enterprise AI Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Abacus.AI
  • Alphabet Inc.
  • Alteryx Inc.
  • C3.ai Inc.
  • Databricks Inc.
  • Dataiku Inc.
  • DataRobot Inc.
  • H2O.ai Inc.
  • Hewlett Packard Enterprise Co.
  • Hypersonix Inc.
  • Intel Corp.
  • International Business Machines Corp.
  • Microsoft Corp.
  • Oracle Corp.
  • Salesforce Inc.
  • SAP SE
  • SAS Institute Inc.
  • Sentient.io
  • Snowflake Inc.
  • Wipro Ltd.
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The Enterprise AI market is experiencing exponential growth, with public cloud adoption driving the trend. Big-data AI analytics is at the heart of this revolution, enabling predictive analytics solutions to optimize business outcomes. Private 5G networks are set to further boost AI adoption, particularly in industries like advanced manufacturing and autonomous mobility. AI governance is becoming increasingly important to ensure ethical and secure use of AI in enterprise software applications. Pittsburgh-based startups are leading the charge in this digital transformation, with strategic investments in cutting-edge robotics and IIOT. Digital manufacturing is a key area of focus, with integrated systems streamlining production processes and improving operating efficiency and profitability. Critical Manufacturing and SwissSEM are among the companies leading the way in digitalization, helping businesses optimize costs, enhance process flows, and achieve better business outcomes. Overall, AI is set to revolutionize enterprise operations, from critical manufacturing to business processes, and will continue to be a key driver of profitability and innovation.

Market Research Overview

The Enterprise AI market is a dominant trend in the Fourth Industrial Revolution, with a significant impact on various industries such as Manufacturing, IT and Telecommunications. The target audience for Enterprise AI includes steelmakers, autonomous mobility providers, and businesses undergoing digital transformation. IEEE, a leading professional organization for engineering and technology, predicts that AI services will be a key driver of growth in the enterprise software application market. Data triangulation from Big-data AI analytics, IoT, and edge computing enables predictive analytics solutions, improving quality and continuous process improvement in production processes. Cloud service elasticity, whether in public or private 5G networks, allows for the adoption of AI governance and advanced manufacturing technologies like robotics and AI. Strategic investments in Pittsburgh-based startups specializing in AI, robotics, and IIOT are transforming manufacturing processes with intelligent robots, virtual reality, and augmented reality. Bank of America and Critical Manufacturing are among the enterprises leading the way in AI adoption, focusing on business outcomes, profitability, and operational efficiency. The industrial robot segment is expected to grow significantly, with autonomous technologies and automated manufacturing processes driving the trend towards digitalization. Ultimately, the goal is to reduce costs, improve efficiency, and enhance business processes through the integration of AI and other cutting-edge technologies.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio