AI is the new black? Opportunity in artificial intelligence are growing rapidly, and companies like AWS, IBM and Microsoft are leading the way for enterprise adoption.
This has been revealed in a new report by MarketsandMarkets (cool name, by the way), which is positive enough to expect a compound annual growth rate for the global enterprise AI market at an almost unbelievable 49%.
In other words, the market is set to explode!
The research forecasts a jump from the approximately $845 million last year to more than $6.1 billion by as early as 2022.
What’s more remarkable is that the natural language processing field is on track to grow at an even higher CAGR through this time. NLP, a subset of AI, is used to collect, analyze, and visualize consumer related data.
In terms of major enterprise AI vendors, the report lists companies like IBM, Microsoft, Amazon Web Services, Intel, Google, SAP, Oracle and Hewlett-Packard Enterprise.
Among names like Sentient Technologies and Wipro.
Asia Pacific is one region set to see big growth in AI, where both global and domestic enterprises are heavily investing in the technology. This has been attributed to the higher technological advancements among developing countries APAC.
And the fact that business in China and Japan are using AI tools via platforms in different industries to provide more effective solutions across the value chain.
Experts divide the enterprise AI market into cloud and on-premises.
Out of these two, cloud is set to boast the larger market size. Researchers predicts that since organizations are focused on offering cost-effective services, the adoption of cloud AI will grow rapidly in the coming years. Not to mention the rising demand to analyze large, complex data sets.
What a time to be alive!
Give this report a read by pointing your browsers to this link.