Allied Market Research (AMR) has released a new report that suggests that the enterprise Artificial Intelligence market will grow at an astronomical rate for the next few years. The value of the market will climb from $4.68 billion in 2018 to $53.06 billion by 2026, displaying a phenomenal CAGR of 35.4 percent throughout a forecast period that begins in 2019.
The research firm credits much of that growth to big data, which needs to be analyzed and interpreted before it can be acted upon at the corporate level. There is also a rising demand for cloud technology. On-premises solutions currently account for roughly 60 percent of the market, but the cloud sector will expand at a CAGR of 38.9 percent.
Machine learning is the most commonly used type of AI technology, thanks in large part to its utility in identity and access management solutions, including object and behavioral recognition. The tech accounts for more than half of the AI enterprise market, though natural language processing will become increasingly important (42.3 percent CAGR) as companies develop better virtual assistants that make oral communication feel more natural. For example, Nuance’s new Gatekeeper platform leverages voice recognition, behavioral biometrics, and AI to give large enterprises more robust anti-fraud capabilities.
While the Asia Pacific region will experience the most growth (41.4 percent CAGR), North America will retain the largest market share in 2026. AMR notes that many people are still not familiar with the technology, and the lack of training may slow the expansion of AI in certain sectors.
AMR has previously predicted that the behavioral biometrics market will reach $3.9 billion by 2025, and that the image recognition market will hit a whopping $86 billion in the same timeframe. Technavio, meanwhile, believes that AI will play a particularly prominent role in the healthcare industry.