Enterprises are beginning to recognize the value associated with incorporating artificial intelligence (AI) into their business processes, according to a new report from Tractica. The number of proof-of-concept and pilot programs continues to grow, and larger scale commercial deployments of AI technology are being publicized by enterprise organizations around the globe.
Tractica forecasts that worldwide revenue from deployments of AI software, hardware, and services will increase from $14.9 billion in 2017 to $23.6 billion in 2018, a year-over-year increase of 58%. The market intelligence firm’s analysis finds that the top 10 industries for adoption of enterprise AI are as follows:
- Business Services
- Media & Entertainment
“Results from early enterprise AI deployments are quite strong in terms of improving operational efficiencies, reducing expenses, and enhancing the resolution of data analytics,” says principal analyst Keith Kirkpatrick. “Indeed, much of the success of AI is due to the fact that most tasks currently delegated to AI technology are data-driven and therefore easily measured or benchmarked. When AI technology is deployed, even during a small pilot program, the benefits can quickly be demonstrated and proven by looking at the performance data.”
Kirkpatrick adds that, in the longer term, AI market growth will move beyond data analytics use cases to include enhanced applications for computer vision and natural language processing (NLP) capabilities.
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. Detailed market forecasts provide a quantification of the opportunity by technology sector, world region, and industry for AI software, hardware, and services. The report includes detailed profiles of 48 key industry players. An Executive Summary of the report is available for free download on the firm’s website.