Enterprise AI Market Expected to Gain $6,141.5 Million by 2022
Enterprise AI Market to grow from USD 625.0 Million in 2016 to USD 6,141.5 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 48.7%
Northbrook, IL -- (SBWire) -- 09/22/2021 --According to a new market research report "Enterprise AI Market by Component (Solution & Services), Technology, Application Area (Security & Risk, Marketing, Customer Support & Experience, HR & Recruitment, Process Automation), Deployment, Organization Size, Industry, & Region - Forecast to 2022" published by MarketsandMarkets™, the 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 rising demand for AI-based solutions and platforms, and the need to analyze large and complex data sets are expected to drive the growth of the enterprise AI market.
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The NLP technology is expected to grow at a higher CAGR during the forecast period
In the enterprise AI industry, the Natural Language Processing (NLP) technology is used to collect, analyze, and visualize customer-related data, such as responses to particular products and services. NLP is a human-to-computer interaction that analyzes and understands both the spoken and written forms of human languages. Therefore, it assists machines in understanding the languages in which humans communicate (both reading and writing), and formulating basic and advanced levels of interactions with humans. This form of communication enables computers to perform various other additional tasks, such as processing large volumes of data using NLP for information retrieval, information extraction, automatic summarization, and machine translation and dialogue systems. AI platform providers are concentrating on the development of strong cloud-based deployment type for their clients, as many businesses have migrated to either private or public cloud.
The cloud deployment type is expected to have the larger market size during the forecast period
On the basis of deployment type, the enterprise AI market is segmented into cloud and on-premises. Among these, the cloud deployment type is expected to have the larger market size during the forecast period. The adoption of the cloud deployment type is growing rapidly, as organizations are focusing on planning cost-effective services, such as training programs.
APAC is expected to grow at the highest CAGR during the forecast period
In the Asia Pacific (APAC) region, global as well as domestic enterprises are investing in the enterprise AI technology. The APAC region has great scope for growth in the enterprise AI market. Enterprises in the rapidly growing economies of the APAC region, such as China and Japan, are using AI tools via AI platforms in different industries to provide effective solutions. The growth in the APAC region is attributed to the higher technological advancements among developing countries.
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The enterprise AI market report encompasses the competitive landscape and company profiles of the key vendors based on their product offerings and business strategies. The major enterprise AI vendors include IBM (US), Microsoft (US), AWS (US), Intel (US), Google (US), SAP (Germany), Sentient Technologies (US), Oracle (US), HPE (US), and Wipro (India).
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