According to a new report, published by KBV research, The Global Enterprise Artificial Intelligence Market size is expected to reach $67.2 billion by 2028, rising at a market growth of 30.9% CAGR during the forecast period.
The BFSI segment is showcasing a CAGR of 29.5% during (2022 - 2028). This expansion can be attributable to the growing need from banks and financial organizations to improve operational efficiency, minimize downtime, and lower capital expenditure costs. AI aids banks in forecasting future events and trends because of its capacity to make predictions about the future based on past behavior.
The Cloud segment acquired maximum revenue share in the Global Enterprise Artificial Intelligence Market by Deployment Type in 2021 thereby, achieving a market value of $44.6 billion by 2028. The growth might be ascribed to elements like rising technological investments and the desire to lower the price of on-premise infrastructure upkeep. Businesses can use cloud deployment to upgrade their current systems with AI-based technologies without having to reinvest in their capital expenditures.
The Small & Medium Enterprises segment has shown the growth rate of 32.7% during (2022 - 2028). The surge in small and medium-sized businesses' use of AI to speed up laborious tasks, boost decision-making, and increase productivity, scalability, and cost-efficiency is credited with the segment's expansion. In addition, the digitalization among enterprises along with the growing support by the governments for small enterprises would augment the growth of the segment.
The Natural Language Processing (NLP) segment is leading the Global Enterprise Artificial Intelligence Market by Technology in 2021 thereby, achieving a market value of $21.9 billion by 2028. The rise in enterprise adoption of virtual support services and increased investments in AI technology by many industry verticals are both factors contributing to the expansion of this market. The need for NLP technology among businesses is also being driven by the capability to generate and extract intent from a document in an accessible, correct grammar, and stylistically natural manner.
The North America market dominated the Global Enterprise Artificial Intelligence Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $24.6 billion by 2028. The Europe market is exhibiting a CAGR of 30.3% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 31.5% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/enterprise-artificial-intelligence-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Google LLC, Amazon Web Services, Inc., IBM Corporation, Apple, Inc., SAP SE, Wipro Limited., MicroStrategy, Inc., NVIDIA Corporation, Verint Systems, Inc., and IPsoft, Inc.
By Vertical
By Deployment Type
By Organization Size
By Technology
By Geography
Companies Profiled
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