Artificial Intelligence (AI) is the theory and development of computer systems, having the capability to perform tasks that require human intelligence. Enterprises are recognizing the value of incorporating AI into their business processes. The benefits of AI include backing up enterprise functions of various business divisions, such as finance, human resource, operation, and marketing. AI platforms and tools help enterprises in running these divisions smoothly.
MarketsandMarkets expects the global enterprise 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. 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). The market players have adopted the strategies of new product launches, product enhancements, acquisitions, collaborations, and partnerships to offer feature-rich products, solutions, and services to their customers, and penetrate deeper into uncatered regions.
IBM is a global American multinational company, an established Information Technology (IT) player, and a globally renowned vendor, offering dedicated software, hardware, and related services. In July 2017, IBM launched the Watson-based service platform, which was created on cloud and designed to enhance the service provider’s operations. The platform enables service providers to deliver quick and secure results while dealing with client problems. In March 2017, IBM expanded its presence in the Middle East and African (MEA) region by opening the IBM Digital Sales Center in Cairo, Egypt. The expansion would serve as an agreement between IBM and the Egyptian government, and would enable clients to transform their business using cloud, big data analytics, and mobile and social technologies.
SAP is engaged in the development of business software. The company operates through 2 business segments, namely, applications, technologies, and services; and SAP business network. It caters to various industries, such as energy and natural resources, financial, discrete industries, consumer industries, service industries, and public services, and has 355,000+ customers across 180 countries. SAP offers various products under the categories of analytics, customer engagement and commerce, finance, human resource, IoT and digital supply chain, cloud and data platforms, Enterprise Resource Planning (ERP) and digital core, and procurement and networks. In September 2017, SAP has launched a new solution along with IBM to empower brick-and-mortar store retailers to enhance customer experience and increase profitability. In July 2017, SAP expanded its global partnership with Fujitsu Limited, a Japanese Information and Communications Technology (ICT) company. The partnership is intended to offer advanced ERP solutions to the customers who use AI and IoT.
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
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