Enterprises are Embracing AI to Increase Efficiencies, Productivity, and Cost Savings
Artificial intelligence (AI) is rapidly entering a new phase within the enterprise market, with an increasing number of businesses leveraging AI to turn the massive amounts of process, operational, and transactional data being collected into actionable insights that can improve the way they run their businesses as well as improve customer interactions, according to a new report from Tractica.
Based on the number and variety of pilot programs, proof-of-concept (PoC) demonstrations, and commercial deployments of AI technology already being publicized by enterprise customers around the globe, it is clear that AI is not a fad, but a key part of the technology landscape of today and tomorrow. Tractica forecasts that annual revenue for enterprise applications of AI will increase from $7.6 billion worldwide in 2018 to $107.3 billion in 2025.
“No longer is the discussion of AI limited to science fiction, autonomous vehicles, or Siri; AI is being deployed across a multitude of industries and use cases with enterprises leading the way,” says principal analyst Keith Kirkpatrick. “Thanks to the use of template-driven AI platforms, even a small pilot program can demonstrate real-world benefits. As enterprises are realizing, the benefits of AI are even greater when the technology is scaled across the entire organization.”
Tractica’s report, “Artificial Intelligence for Enterprise Applications”, examines the practical application of AI within commercial enterprises, providing a comprehensive analysis of use cases, business models, market drivers and barriers, technology issues, and the evolving market ecosystem. Tractica analyzed 167 distinct enterprise AI use cases to create its market forecasts, in addition to assessing the underlying meta technological functions being deployed in each use case, including vision, language, and analytics. Detailed market forecasts provide a quantification of the opportunity by technology sector, world region, and industry for AI software, hardware, and services through 2025. The report also includes detailed profiles of 48 key industry players. An Executive Summary of the report is available for free download on the firm’s website.