Enterprise AI Market Sees Promising Growth during 2017-2022

MarketsandMarkets expects the global enterprise Artificial Intelligence (AI) market to grow from USD 845.4 million in 2017 to USD 6,141.5 million by 2022, at a Compound Annual Growth Rate (CAGR) of 48.7% during the forecast period. The AI technology helps enterprises solve their business problems quickly, economically, and in a way that is responsive to future changes. Additionally, there is an increasing demand for AI for various business applications, such as analyzing large and complex data, and emerging innovations across industries. These factors are expected to drive the growth of the enterprise AI market.

North America is expected to lead the market in deploying enterprise AI solutions, and is projected to be the highest contributor to the enterprise AI market as compared to the other regions. North America hosts a large number of AI solution providers and is a strong and competitive market.

The growth in the Asia Pacific (APAC) region is attributed to the high technological advancements taking place in the developing countries. The rapid expansion of domestic enterprises and advanced development of infrastructures are some of the important reasons that affect the growth of the enterprise AI market in APAC. Major enterprises are competing with each other to expand their presence in all major countries in this region. Organizations in the Information Technology (IT) and telecommunication; Banking, Financial Services, and Insurance (BFSI); and retail and eCommerce industries are among the most technology-driven enterprises in the region and are extensively working to enhance the customer experience while meeting the security compliances.

On the basis of components, the global enterprise AI market is broadly classified into solution and services. Among services, the professional services segment is expected to grow at a higher CAGR during the forecast period, as these services offer end-to-end effective implementation, starting from requirement gathering to user training.

Among components, the services segment is expected to grow at a higher CAGR during the forecast period. Enterprise AI services also play a vital role in maintaining the deployed AI solutions, as services are essential for the solutions to work effectively. The services in the enterprise AI market play a vital role in the efficient and effective functioning of Natural Language Processing (NLP) and machine learning applications.

On the basis of technologies, the enterprise AI market has been segmented into machine learning and deep learning, and NLP. Out of these, the NLP segment is expected to grow at a higher CAGR during the forecast period.

On the basis of deployment type, the enterprise AI market is segmented into cloud and on-premises. The cloud deployment type is expected to have the larger market size and is projected to grow at a higher CAGR during the forecast period. The growing demand for cloud-based services due to cost-effectiveness of cloud solutions is accelerating the integration of AI-enabled cloud deployments in the region. There is an increasing demand for AI-enabled enterprise business processes.

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