The opportunity for partners in artificial intelligence (AI) are growing quickly.
The global enterprise AI market is set to explode in the coming years, jumping from approximately $845 million last year to more than $6.1 billion by 2022.
That’s according to a new report by MarketsandMarkets, which expects a compound annual growth rate (CAGR) of almost 49 percent.
Rising demand for AI-based solutions and platforms, and the need to analyze large and complex data sets, are expected to drive market growth, according to MarketsandMarkets.
Natural language processing (NLP) technology, a subset of AI, is expected to grow at an even higher CAGR through 2022. It is used to collect, analyze, and visualize customer-related data, such as responses to particular products and services.
The enterprise AI market is divided into cloud and on-premises. Cloud will boast the larger market size, the researchers predict. The adoption of cloud AI is growing rapidly as organizations focus on planning cost-effective services, such as training programs.
Big growth in AI is expect In Asia Pacific (APAC), where both global and domestic enterprises are investing in the technology. Business in China and Japan, in particular, use AI tools via platforms in different industries to provide effective solutions. The growth in APAC is attributed to the higher technological advancements among developing countries.