Market Overview:
The global artificial intelligence in business market is expected to grow from USD 9.06 Billion in 2018 to USD 27.73 Billion by 2030, at a CAGR of 16.92% during the forecast period. The growth of this market can be attributed to the increasing demand for AI-based customer service and business intelligence solutions, rising adoption of AI-enabled product and marketing analytics solutions, and growing number of AI startups. However, data privacy concerns may restrain the growth of this market to some extent during the forecast period. The hardware segment is expected to hold the largest share of the global artificial intelligence in business market in 2018.
Product Definition:
Artificial intelligence is the ability of a computer system to learn and work like a human being. It can be used for tasks such as face recognition, voice recognition, natural language processing, and machine learning. In business, artificial intelligence can be used for things such as customer service, marketing research, financial analysis, and product development.
Hardware:
Hardware is the physical devices or tools used to create, store, and retrieve information. In other words, hardware is the technology that creates a bridge between man and machine. It helps in running various programs as per requirement with an aim to achieve desired results from data processing to data storage.
Software:
Software is the execution of algorithms and data processing by means of a computer program. In other words, it is a set of rules that are encoded in software and can be used to solve problems.
Application Insights:
The customer service application segment led the market and accounted for more than a 29% share of the global revenue in 2017. The customer service applications use natural language processing to understand customers¢â‚¬â„¢ queries and needs and provide them with responses that are appropriate to their level of expertise. This helps businesses improve their services by anticipating customers¢â‚¬â„¢ requirements.
The growing popularity of chatbots is expected to drive demand over the forecast period as they allow companies to offer improved customer services by understanding consumer requirements better. Furthermore, marketing analytics solutions help businesses analyze data collected from various sources such as website traffic, social media interactions, sales transactions captured via mobile apps etc., providing insights into consumer behavior which enables companies take effective marketing measures thus driving demand over the forecast period.
Regional Analysis:
The market in North America is expected to grow at a significant rate over the forecast period. The growth can be attributed to increasing investments by companies in the region and growing adoption of AI technology across several business functions. For instance, according to CB Insights, venture capital firms invested nearly USD X billion in artificial intelligence companies in 2017 and this number is projected to reach nearly USD X billion by 2020. Moreover, rising demand for consumer electronics with advanced features has led major manufacturers such as Samsung Electronics Co., Ltd.; Google LLC; LG Electronics Inc.; Sony Corporation; HTC Corporation; Huawei Technologies Co., Ltd.
In Asia Pacific, vendors are focusing on developing cost-effective systems that can be integrated into existing businesses rather than building complex systems that require large budgets or extensive training sessions from end users’ side which will drive growth over next eight years.
Growth Factors:
- Increasing demand for AI-enabled customer service and support
- The increasing demand for AI in the retail sector to improve the customer experience and personalize recommendations
- The increasing use of AI in finance and banking to identify patterns in financial data and provide insights that can help businesses make better decisions
- The growing popularity of chatbots, which are powered by AI, for automating business processes
- Advances in machine learning that are making it possible for businesses to train their algorithms to do more complex tasks
Scope Of The Report
Report Attributes
Report Details
Report Title
Artificial Intelligence in Business Market Research Report
By Type
Hardware, Software, Services
By Application
Customer Service, Business Intelligence, Product and Marketing Analytics, Others
By Companies
Google, Microsoft, IBM, Amazon Web Services, Nuance, Verint, DataRobot, SAS, MathWorks, Digital Reasoning, Cloudera, IPsoft, Uniphore, Kasisto, iFLYTEK
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
160
Number of Tables & Figures
112
Customization Available
Yes, the report can be customized as per your need.
Global Artificial Intelligence in Business Market Report Segments:
The global Artificial Intelligence in Business market is segmented on the basis of:
Types
Hardware, Software, Services
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Customer Service, Business Intelligence, Product and Marketing Analytics, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Microsoft
- IBM
- Amazon Web Services
- Nuance
- Verint
- DataRobot
- SAS
- MathWorks
- Digital Reasoning
- Cloudera
- IPsoft
- Uniphore
- Kasisto
- iFLYTEK
Highlights of The Artificial Intelligence in Business Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Hardware
- Software
- Services
- By Application:
- Customer Service
- Business Intelligence
- Product and Marketing Analytics
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Artificial Intelligence in Business Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Understanding Competition Scenario
- Product & Brand Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Artificial intelligence (AI) is a subset of machine learning that uses algorithms to simulate or emulate human cognitive abilities, such as natural language processing, problem solving and decision making. AI can be used in business to automate tasks and processes, improve customer service and make more informed decisions.
Some of the major companies in the artificial intelligence in business market are Google, Microsoft, IBM, Amazon Web Services, Nuance, Verint, DataRobot, SAS, MathWorks, Digital Reasoning, Cloudera, IPsoft, Uniphore, Kasisto, iFLYTEK.
The artificial intelligence in business market is expected to grow at a compound annual growth rate of 16.92%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Artificial Intelligence in Business Market Overview 4.1 Introduction 4.1.1 Market Taxonomy 4.1.2 Market Definition 4.1.3 Macro-Economic Factors Impacting the Market Growth 4.2 Artificial Intelligence in Business Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Artificial Intelligence in Business Market - Supply Chain Analysis 4.3.1 List of Key Suppliers 4.3.2 List of Key Distributors 4.3.3 List of Key Consumers 4.4 Key Forces Shaping the Artificial Intelligence in Business Market 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Global Artificial Intelligence in Business Market Size & Forecast, 2018-2028 4.5.1 Artificial Intelligence in Business Market Size and Y-o-Y Growth 4.5.2 Artificial Intelligence in Business Market Absolute $ Opportunity
Chapter 5 Global Artificial Intelligence in Business Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Artificial Intelligence in Business Market Size Forecast by Type
5.2.1 Hardware
5.2.2 Software
5.2.3 Services
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Artificial Intelligence in Business Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Artificial Intelligence in Business Market Size Forecast by Applications
6.2.1 Customer Service
6.2.2 Business Intelligence
6.2.3 Product and Marketing Analytics
6.2.4 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Artificial Intelligence in Business Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Artificial Intelligence in Business Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Artificial Intelligence in Business Analysis and Forecast
9.1 Introduction
9.2 North America Artificial Intelligence in Business Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Artificial Intelligence in Business Market Size Forecast by Type
9.6.1 Hardware
9.6.2 Software
9.6.3 Services
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Artificial Intelligence in Business Market Size Forecast by Applications
9.10.1 Customer Service
9.10.2 Business Intelligence
9.10.3 Product and Marketing Analytics
9.10.4 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Artificial Intelligence in Business Analysis and Forecast
10.1 Introduction
10.2 Europe Artificial Intelligence in Business Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Artificial Intelligence in Business Market Size Forecast by Type
10.6.1 Hardware
10.6.2 Software
10.6.3 Services
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Artificial Intelligence in Business Market Size Forecast by Applications
10.10.1 Customer Service
10.10.2 Business Intelligence
10.10.3 Product and Marketing Analytics
10.10.4 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Artificial Intelligence in Business Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Artificial Intelligence in Business Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Artificial Intelligence in Business Market Size Forecast by Type
11.6.1 Hardware
11.6.2 Software
11.6.3 Services
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Artificial Intelligence in Business Market Size Forecast by Applications
11.10.1 Customer Service
11.10.2 Business Intelligence
11.10.3 Product and Marketing Analytics
11.10.4 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Artificial Intelligence in Business Analysis and Forecast
12.1 Introduction
12.2 Latin America Artificial Intelligence in Business Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Artificial Intelligence in Business Market Size Forecast by Type
12.6.1 Hardware
12.6.2 Software
12.6.3 Services
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Artificial Intelligence in Business Market Size Forecast by Applications
12.10.1 Customer Service
12.10.2 Business Intelligence
12.10.3 Product and Marketing Analytics
12.10.4 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Artificial Intelligence in Business Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Artificial Intelligence in Business Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Artificial Intelligence in Business Market Size Forecast by Type
13.6.1 Hardware
13.6.2 Software
13.6.3 Services
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Artificial Intelligence in Business Market Size Forecast by Applications
13.10.1 Customer Service
13.10.2 Business Intelligence
13.10.3 Product and Marketing Analytics
13.10.4 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Artificial Intelligence in Business Market: Competitive Dashboard
14.2 Global Artificial Intelligence in Business Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Google
14.3.2 Microsoft
14.3.3 IBM
14.3.4 Amazon Web Services
14.3.5 Nuance
14.3.6 Verint
14.3.7 DataRobot
14.3.8 SAS
14.3.9 MathWorks
14.3.10 Digital Reasoning
14.3.11 Cloudera
14.3.12 IPsoft
14.3.13 Uniphore
14.3.14 Kasisto
14.3.15 iFLYTEK