Pune, India -- (SBWIRE) -- 02/05/2019 -- The Report of 100 Pages Speaks about Global Enterprise AI Market which is Based on Current Industry Report.
Artificial Intelligence, defined as intelligence exhibited by machines, has many applications in today's society. More specifically, it is Weak AI, the form of AI where programs are developed to perform specific tasks, that is being utilized for a wide range of activities including medical diagnosis, electronic trading, robot control, and remote sensing. AI has been used to develop and advance numerous fields and industries, including finance, healthcare, education, transportation, and more.
The Global Enterprise AI Market was Valued at USD 796.3 Million and is Expected to Reach USD 9880.4 Million by 2023, Witnessing a CAGR of 51.1% during the Forecast Period 2018 to 2023. The report profiles the on-cloud and on-premise providers of enterprise AI solutions and service for various industries.
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The Enterprises are increasingly recognizing the value associated with incorporation of artificial intelligence (AI) into their business processes as they improve operational efficiency and reduce cost, through automation of process flows. Thus, companies are using autonomous processes to improve operations, and change the face of customer service (for example, through AI-powered chatbots), while spurring innovation to new heights. AI is a set of algorithms that can solve a specific set of problems and it works best with a large amount of quality big data.
Also, AI investment is growing fast, dominated by digital giants, such as Google and Baidu. Globally, tech giants spent USD 20 billion to USD 30 billion on AI in 2016, with most of this expenditure on research and development (R&D) and deployment, and remaining on AI acquisitions. Machine learning, as an enabling technology, received the largest share of both internal and external investment.
Enterprise AI Market Major Players:
Hewlett Packard Enterprise
Amazon Web Services
Manufacturing Sector is expected to grow with a Significant Rate
With digital manufacturing and Industry 4.0, 3D printing/additive manufacturing, industrial robots, self-driving vehicles, drones, augmented/virtual reality, Industrial Internet of Things (IIOT), edge computing, and more are making manufacturing more agile, flexible, and personalized. Moreover, smart factories have emerged due to Industry 4.0 and are based on a set of manufacturing concepts intended to streamline business. These optimizing principles include full connectivity, agility, lot size of one, and parts, subassemblies, and products moving on automated guided vehicles (AGVs). However, these technologies might have negative connotations for the workforce. AI in enterprises avoid these problems and can automate work by augmenting human capacity. AI tools lend themselves well to pattern recognition exercises (which employees find tedious) and suggest next best actions based on certain rules, so that people focus more on value-adding and strategic work.
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Europe is Expected to Account for a Significant Share in Enterprise AI Market
Owing to the mainstream trends, such as industrial revolution and industrial automation, the enterprise AI market in Europe is witnessing an increased demand. The firms in the region have been identified to invest in various automation technologies, such as robotics, artificial intelligence with developments in machine learning. The industries in the region are also increasingly adopting robot technology for automation, and the robot usage in the region has also increased. This trend has given rise to the use of robotic process automation (RPA).
Along with these investments in AI, the cognitive era is expanding its reach in the region. Thus, with the growing demand for AI and cognitive computing, companies are increasingly investing in cognitive technologies. For example, IBM announced making Munich its new global headquarters and research lab that will build Watson-based applications for Web-connected devices. This facility and eight other global centers are part of a USD 3 billion investment earmarked by the company.
Key Developments in the Enterprise AI Market
Jun 2018: IBM and H2O.ai underwent a strategic global partnership focused on combining IBM POWER Systems and H2O Driverless AI to address the AI demands of enterprises. This joint solution is ideal for financial services, retail, manufacturing, IoT, and healthcare industries
Jun 2018: - Hewlett Packard Enterprise planned to invest USD 4 billion in Intelligent Edge technologies and services over the next four years. This strategic organic investment is expected to be focused on helping customers turn all their data, from every edge to any cloud, into intelligence that drives seamless interactions between people and things, delivers personalized user experiences, and employs AI and machine learning to continuously adapt to changes in real time
Increasing Demand for AI-Based Solutions and Platforms
Need to Analyze Large and Complex Data Sets
Focus of Market Players for The Development of Innovative Products
Growth in Adoption of Cloud Based Applications and Services
Slow Digitization Rate
Lack of Understanding of State-Of-The-Art Systems
Rising Demand to Enhance Business Functions
Emerging Innovations Across Industries
Concerns Regarding Data Privacy and Security
Lack of Skilled Employees
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Reasons to Purchase Enterprise AI Market Report
Impact of growth of digitalization on the market
Analysis of various perspectives of the market with the help of Porter's five forces analysis
The segments that are expected to dominate the market
Regional analysis of the market during the forecast period
Latest developments, market shares, and strategies employed by the major market players and key innovators
3-month analyst support, along with the Market Estimate sheet (in excel)
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