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Home Artificial Intelligence

Enterprise Artificial Intelligence Market Sees Steady Growth Driven by Rising AI Adoption and IoT Integration

December 4, 2024
in Artificial Intelligence, OpenPR, Web3
Reading Time: 10 mins read
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Enterprise AI Market

Enterprise AI Market

The Enterprise Ai market is expected to grow from an estimated USD 25.14 Billion in 2024 to USD 456.37 Billion in 2033, at a CAGR of 38.00%. The enterprise artificial intelligence (AI) market is poised for robust growth, driven by increasing adoption of AI technologies and integration with advanced systems like the Internet of Things (IoT). AI’s ability to mimic human intelligence and process massive data volumes is revolutionizing businesses across sectors, enhancing efficiency and decision-making capabilities.

According to the IBM Global AI Adoption Index 2022, 35% of organizations are now utilizing AI in their operations, with 42% exploring its potential. AI adoption has grown steadily, with a four-point increase since 2021. These trends underline the transformative power of AI in streamlining business processes, automating tasks, and driving actionable insights.

Download Free Exclusive Sample PDF@ https://www.emergenresearch.com/request-sample/3052

Key Market Drivers: Advanced Technology and IoT Integration

The rapid adoption of machine learning, natural language processing, and computer vision is enabling organizations to automate repetitive tasks, analyze data at unprecedented scales, and make data-driven decisions. Additionally, the convergence of AI with IoT and cloud computing has created a fertile ground for innovation, enhancing operational efficiency and customer responsiveness.

IoT plays a pivotal role in driving this growth. With connected IoT devices expected to reach 16.7 billion by the end of 2023, businesses are leveraging AI to extract actionable insights from these devices, improving both employee and customer experiences. This synergy between AI and IoT is a significant driver for the enterprise AI market.

Challenges: Skilled Workforce Shortages

Despite its promising potential, the enterprise AI market faces challenges, particularly a lack of skilled professionals. Implementing AI solutions requires expertise in deep learning, machine learning, and cognitive computing. As AI technology evolves, the demand for skilled data scientists and developers to manage and adapt these systems continues to outpace supply.

Additionally, integrating AI into existing systems can be complex, as minor errors in AI models can lead to significant disruptions. These hurdles underscore the need for continued investment in workforce development and education in AI-related fields.

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/3052

Deployment Insights: Cloud Solutions Lead the Way

The market is segmented into cloud and on-premises deployment types, with cloud-based solutions dominating in 2023. Businesses are increasingly turning to cloud platforms for their scalability, flexibility, and cost-effectiveness. These platforms facilitate the management of vast data volumes and provide advanced analytics and real-time processing capabilities, making them indispensable for AI-driven operations.

While cloud adoption grows, on-premises solutions are gaining traction due to heightened concerns about data security. Organizations handling sensitive information, such as research data and personal account transactions, are prioritizing on-premises deployments to ensure greater control over their data.

Industry Trends and Innovations

The enterprise AI market is witnessing increased investment and innovation. For instance, Contextual AI recently raised $80 billion in a Series A funding round to expedite the launch of production-grade large language models (LLMs) tailored for organizations. These LLMs allow companies to build and customize AI applications efficiently, further driving market growth.

Enterprise Ai Top Companies and Competitive Landscape

The key players that include IBM, Microsoft, Google, and SAP are highly competing firms in the Enterprise AI industry. These firms are using artificial intelligence to offer innovative solutions that improve the functioning of businesses, inform decisions, and make other sectors more efficient. The demand for automation, data analytics, and machine learning capabilities in the market has grown over the years. With this, organizations can avail themselves of huge volumes of data for strategic insights.

Furthermore, the growing number of startups is chipping away at competition by offering niche AI applications catered to the peculiar needs of an industry. The increasing extent of AI technology in companies leads to the requirement of collaboration with established firms and new entrants to offer something new or innovate while still keeping the pace with market demands.

In May 2024, IBM Corporation cooperated with Mistral AI and the Saudi Data and AI Authority (SDAIA) to improve its Watsonx platform, giving clients appropriate model options, powerful integration platforms, and dependable partners for implementing generative AI with little risk. This cooperation expands IBM’s solutions with advanced models, promoting a tailored strategy that enables businesses to innovate, develop applications, and efficiently traverse the difficulties of AI adoption.

Some of the key companies in the global Enterprise Ai Market include:

IBM

Microsoft

AWS

Intel

Google

SAP

Sentient Technologies

Oracle

HPE

Wipro

Browse Full Report Description + Research Methodology + Table of Content + Infographics @ https://www.emergenresearch.com/industry-report/enterprise-ai-market

Enterprise Ai Latest Industry Updates

In September 2024, Oracle Corporation has introduced a generative development (GenDev) architecture for organizations, which uses Oracle Database 23ai technologies to allow developers to focus on app functionality while simplifying data infrastructure requirements. This AI-centric platform enables rapid application generation with sophisticated features such as natural language interfaces, modular apps, and powerful AI capabilities, easing the development process and improving the integration of generative AI into enterprise solutions.

In August 2024, IBM Corporation and Intel Corporation have collaborated to deploy Intel Gaudi 3 AI accelerators, which will boost the scalability of enterprise AI systems. This collaboration intends to combine Gaudi 3 with IBM’s Watson AI platform, resulting in adaptable, cost-effective solutions for AI workloads in hybrid cloud settings.

In May 2021, Google V has announced the availability of Vertes Al, a managed Machine Learning (ML) platform that enables businesses to accelerate the implementation and maintenance of artificial intelligence (AI) models

Enterprise Ai Market Segmentation Analysis

Component Outlook (Revenue, USD Billion; 2020-2033)

Solution

Services

Professional services

Managed services

Technology Outlook (Revenue, USD Billion; 2020-2033)

Machine learning and deep learning

Natural Language Processing (NLP)

Application Area Outlook (Revenue, USD Billion; 2020-2033)

Security and risk management

Marketing management

Customer support and experience

Human resource and recruitment management

Analytics application

Process automation

Deployment Type Outlook (Revenue, USD Billion; 2020-2033)

Cloud

On-premises

Organization Size Outlook (Revenue, USD Billion; 2020-2033)

Small and Medium-sized Businesses (SMBs)

Large enterprises

Regional Outlook (Revenue, USD Billion; 2020-2033)

North America

United States

Canada

Mexico

Europe

Germany

France

United Kingdom

Italy

Spain

Benelux

Rest of Europe

Asia-Pacific

China

India

Japan

South Korea

Rest of Asia-Pacific

Latin America

Brazil

Rest of Latin America

Middle East and Africa

Saudi Arabia

UAE

South Africa

Turkey

Rest of MEA

Request For Customization Report@ https://www.emergenresearch.com/request-for-customization/3052

Look Over transcripts provided by Emergen Research

Enterprise AI Market Size@ https://www.emergenresearch.com/industry-report/enterprise-ai-market/market-size

Enterprise AI Market Share@ https://www.emergenresearch.com/industry-report/enterprise-ai-market/market-share

Enterprise AI Market Trends@ https://www.emergenresearch.com/industry-report/enterprise-ai-market/market-trends

Enterprise AI Regional Market Demand@ https://www.emergenresearch.com/industry-report/enterprise-ai-market/regional-market-demand

Enterprise AI Market Analysis@ https://www.emergenresearch.com/industry-report/enterprise-ai-market/market-analysis

Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: http://www.emergenresearch.com
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Visit for More Insights: https://www.emergenresearch.com/insights

About Us:
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

This release was published on openPR.

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