COVID19:ENTERPRISE AI MARKET TO REACH USD 30.8 BILLION BY 2027 | CAGR 49% — FORENCIS RESEARCH
Global Enterprise AI Market: Key Highlights
- According to the new market research report “Enterprise AI Market by Component (Solution, Services), by Deployment (Cloud, On-Premises), by Technology Type (Machine Learning and Deep Learning and Natural Language Processing), by Application (Customer Support, Security and Risk Management, Process Automation, HR and Recruitment Management, Marketing Management and Analytics Application), by End-Use (Government, Banking, Financial Services and Insurance (BFSI), Energy and Utilities, Manufacturing, Media and Entertainment, Healthcare, and Retail and Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2020 to 2027)”, the global Enterprise AI Market is estimated to reach USD 30.8 Billion by 2027 at a CAGR of around 49% during the review period.
- Enterprise AI has the ability to implant AI to enhance the learning, interaction and perception for the enterprise to project the business growth which will enhance the growth of the market in projected period.
- Moreover, it will boost the business processes as well as sales process which will lead to enhance the demand of the enterprise AI market in the forecast period.
Global Enterprise AI Market: Key Market Dynamics
- With the rising artificial intelligence-based cognitive solution is witness to increase the demand of the market in the forecast period. Whereas, the significant growth in machine learning will also advance the AI solution for the business growth.
- In 2017, the Netflix has use machine learning for the level of personalization which help the company to improve its user by more than 20%.
- One of the major key concern of the enterprise AI market is the lack of trained and experienced staff which may hamper the market growth. However, the machine learning and artificial intelligence requires an advance skill to process the data correctly.
- The various IT framework of the business have also not been adequate to support the artificial intelligence workloads for the future. These will lead to hinder the growth of the enterprise AI market in the forecast period.
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Global Enterprise AI Market: Regional Overview
The Asia-Pacific is at the initial stage for the adoption of information and communications technology to boost the government as well as the financial sector. Also, Indian government has taken an initiative for the growth and development of small and medium sized business with the Make in India program. According to the Internet of Governance Forum, the UBS bank has projected the growth of AI market in the Asia will be more than 15% CAGR by 2015 to 2020 with more than USD 10 Billion of growth.
Hence, Asia-Pacific is witness to increase the demand for the market as it has large economic like Japan and China with the advance technology growth
In the region, the European Parliament has adopted an initiative resolution for the robotics and artificial intelligence solution to boost the European Commission in 2017. As well as in 2018, the EC has introduced a communication of Artificial Intelligence for Europe to enhance its growth and development of the region. Moreover, the European Union has invested more than USD 1 billion for the AI innovation and research under the Horizon 2020.As well as the European Union strategies for artificial intelligence and data focus to motivate businesses to work with the emerging new technologies with the people trust.
Hence, region is one of the major player in the growth of technology market, which will lead to enhance the growth of the Enterprise AI Market.
Global Enterprise AI Market: Key Players Overview
- IBM Corporation:
International Business Machines Corporation is an American multinational technology company which provides information technology services for the customer all around the world. The company provides the most open and secure public cloud for business and a next generation hybrid multi-cloud platform and advanced AI services for the industries growth. In 2019, the company has been ranked the world leading market share of Artificial Intelligence for third consecutive year. Whereas the software, hardware and services enhance IBM AI revenue by more than 15%.
- SAP SE:
SAP SE is a multinational company which product software to manage business operation and relation with customer. The company has become market in end to end enterprise application software and intelligence technologies. The SAP AI business services help their user to reach the intelligence enterprise by providing its services. In 2019, company has announced a series of innovations to SAPS/4HANA for artificial intelligence (AI) and robotics, and to customize applications.
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