Artificial intelligence (AI) is the
ability to process information in a way similar to the thought process
of humans in learning, decision making, and problem solving. AI in
enterprises is rapidly moving beyond hype and is expected to become one
of the most significant technological segments. Enterprises are now
identifying the value associated with integrating AI into their business
processes. AI can be beneficial to enterprises in a number of ways that
changes the way in which organizations communicate & innovate their
processes, engage with customers, and assess the sales process.
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The number of commercial deployments of
AI technology is rising significantly around the globe. Throughout the
last few years, early adopting businesses of all sizes across various
verticals began to reap benefits. Some of the key industry sectors
already utilizing artificial intelligence include government, retail,
financial services, manufacturing, automotive, and advertising.
Digital transformation to artificial
intelligence helps enterprises in understanding extortion of data and
utilization of data-driven intelligence. Extensive adoption of AI in
enterprises is because majority of tasks which are delegated to AI are
data-driven and therefore it can be easily measured or benchmarked. AI
can take many different forms, from problem-solving applications and
reasoning to social intelligence solutions and natural language
generation. These techniques layered together form the AI solutions that
are seeing early adoption in enterprises. Specifically, predictive
analytics which uses machine learning, data mining, statistics and
modeling to analyze current data and to make predictions is the most
commonly used solution.
The rising demand for AI-based cognitive
solutions and the requirement for analyzing complex data sets in data
sensitive companies are on a robust growth trajectory. Significant
improvement in machine learning algorithms is also responsible for large
scale adoption of AI solutions in enterprises. Growing demand for
enhancing business functions and emerging innovation across industries
are creating growth opportunities for enterprise AI. However, lack of
skilled labor and concerns about data sharing are estimated to hinder
the growth of the market. Furthermore, the slow digitization rate
affecting the adoption of enterprise AI solutions in the emerging
economies is also expected to act as a restraint to the growth of the
enterprise AI market.
The global enterprise AI market
can be segmented based on component, technology, application,
organization size, and region. On the basis of component, the market can
be segmented into software (cloud-based and on-premise) and services
(managed and professional services).
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