Revenues from Enterprise AI Market to top 6,141.5 Million USD by 2022

(IT-NEWSWIRE.COM, April 03, 2019 ) The rising demand for AI-based solutions and platforms, and the need to analyse large and complex data sets are expected to drive the growth of the enterprise AI market.

MarketsandMarkets expects the global 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% during the forecast period.

The objective of the report is to define, describe, and forecast the size of the enterprise AI market based on components, technologies, services, application areas, deployment type, organization sizes, industries, and regions. The report also aims at providing detailed information about the major factors influencing the growth of the enterprise AI market (drivers, restraints, opportunities, and challenges).

Among technologies, the NLP segment is expected to grow at a higher CAGR during the forecast period. Due to the growing use of personal devices and smartphones, and the rising rate of internet usage, the need for human-to-machine level interaction has increased significantly in enterprises. With the growing demand for Machine-to-Machine (M2M) translation, the use of NLP is expected to grow. Many enterprises are deploying AI solutions to gain benefits from them.

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.

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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Revenues from Enterprise AI Market to top 6,141.5 Million USD by 2022