The global enterprise artificial intelligence (AI) market was valued at $4.68 billion in 2018, and is projected to reach $53.06 billion by 2026, registering a compound annual growth rate [CAGR] of 35.4% from 2019 to 2026, according to Research and Markets (www.researchandmarkets.com).
Manufacturers in the market are witnessing enormous underlying intellectual challenges in the development and revision of such technology, adds the research group. AI is positioned at the core of the nextogen software technologies in the market. Companies, such as Google, IBM, Microsoft, and other leading players, have actively implemented AI as a crucial part of their technologies.
Research and Markets says the increase in number of innovative start-ups and advancements in technology have led to rise in investment in artificial intelligence technologies. What’s more, escalating demand for analyzing and interpreting large amount of data boosts the requirement of artificial intelligence industry solutions. Also, development of more reliable cloud computing infrastructures and improvements in dynamic artificial intelligence solutions have a strong impact on the growth potential of the AI market. However, Research and Markets says that a lack of trained and experienced staff hinders the growth of the enterprise AI market.
Still, an increase in adoption of AI in developing economies, such as China, and India are expected to provide major opportunities for the market growth in the upcoming years. Also, ongoing developments in smart virtual assistants and robots are anticipated to be opportunistic for the growth of the enterprise artificial intelligence (AI) market, says Research and Markets.