Artificial Intelligence
Global Cyber Security Services Market By Service Type, By Professional Services Type, By Managed Services Type, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027
New York, March 01, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Cyber Security Services Market By Service Type, By Professional Services Type, By Managed Services Type, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06240985/?utm_source=GNW
Corporations are outsourcing security services to discover flaws, examine the security environment, and respond quickly to assaults in order to solve possible security concerns. Over the forecast period, the requirement to resolve flaws in online and mobile apps, as well as manage loss of data risks associated with cybercrime, is likely to drive the usage of cyber security services.
The incidents of cyber-attacks occurring throughout the world continue to thrive down. Simultaneously, cyber-attacks are becoming more sophisticated, and cyber-attack-related losses are growing. As new networks are now being deployed and current networks are being extended, cyber-attacks are becoming increasingly prevalent.
COVID-19 Impact
While many businesses are implementing stringent remote working rules following the outbreak of the COVID-19 pandemic, cyber-attacks on company data and equipment are on the rise. The pandemic’s onset has pushed businesses to implement a Work From Home (WFH) practice in accordance with government rules in order to safeguard the safety of their workers. However, due to the increased usage of cloud services via unsecured devices, this operational move has revealed the infrastructure to risks. Financial organizations, manufacturing units, educational institutions, and information technology corporations are all in danger, necessitating the need to change security delivery approaches.
Market Growth Factors:
Rising demand for the cybersecurity network
A current conceptual approach to security architectures is the cybersecurity mesh. It allows scattered companies to deliver and enhance security in which it is required the most. It’s a decentralised notion that tries to secure users’ or computers’ identities, and it’s one of the hottest techniques right now. Whether on-premises or in the cloud, the goal is to restrict access to an organization’s network to authorised individuals (or systems). The cybersecurity mesh, in theory, aids IT professionals in managing security from each access point while also preventing hackers from obtaining access to the device.
Acceptance of IoT security
IoT traffic is likely to increase in the coming years as more businesses embrace IoT devices to boost operational efficiency and communication. The expanding use of IoT devices has broadened the attack surface for hackers. In the coming years, organisations dealing with sensitive business and personal data are likely to adopt a cybersecurity model approach because it provides security professionals with more visibility into user can access networks from numerous places, made accessible applications, and the precise time of access.
Market Restraining Factors:
High cost of deployment
In order to adopt Next-Generation Firewalls (NGFWs) and Advanced Threat Protection (ATP) technologies, young firms’ cybersecurity budgets are insufficient. Small businesses in underdeveloped nations are expected to be stymied in their deployment of cybersecurity solutions due to a lack of investment and resources. Because of their limited financial resources, many businesses lack the necessary IT security infrastructure, resulting in a sluggish development of new technologies and corporate security solutions. Small businesses are tasked with managing budget finances for a variety of operational issues and business continuity plans.
Service Type Outlook
Based on Service Type, the market is segmented into Professional Services (Training, Consulting & Advisory, Integration, Support & Maintenance, Penetration Testing & Bug Bounty, and Others) and Managed Services (into Managed Security Incident & Event Management (SIEM), Compliance & Vulnerability Management, Managed Detection Response (MDR), and Others). The managed services segment obtained a significant revenue share of the market in 2020. Organizations are partnering with Managed Security Service Providers due to the growing threat landscape and the challenges of controlling all component of the cyber threat scenario in-house (MSSPs). Partnering with MSSPs provides enterprises with access to advanced security solutions, and also problem hunting experts and security professionals, and aids in real-time threat monitoring.
End User Outlook
Based on End User, the market is segmented into Government & Defense, Manufacturing, BFSI, IT & Telecom, Retail, Healthcare, and Others. In 2020, the BFSI segment held a significant revenue share of the overall Cyber Security Services market. In the BFSI industry, cybersecurity is used to identify data thefts that disrupt IT systems by hacking key information via malware, spyware, or phishing. By maintaining the confidentiality of information systems, cybersecurity solutions enable firms in the BFSI industry to detect, monitor, report, and counter cyber-attacks. The growing usage of cloud-based security solutions and the increasing danger of data loss are two main drivers of cybersecurity in the BFSI market.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific regional market acquired the promising revenue share in the cyber security services. The regional market is expected to increase as a result of the strong efforts to secure networks and detect vulnerabilities.
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Cisco Systems, Inc. and Deloitte Touche Tohmatsu Limited are the forerunners in the Cyber Security Services Market. Companies such as IBM Corporation, Capgemini SE, Accenture PLC are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Crowdstrike Holdings, Inc., Deloitte Touche Tohmatsu Limited, Capgemini SE, IBM Corporation, Accenture PLC, Cisco Systems, Inc., DXC Technology Company, AT&T, Inc. (AT&T Intellectual Property), Atos Group, and Rapid7, Inc.
Recent Strategies Deployed in Cyber Security Service Market
Partnerships, Collaborations and Agreements:
Jan-2022: AT&T joined hands with Cisco, an American multinational technology conglomerate corporation. This collaboration aimed to develop a new managed SASE offering that can streamline the way businesses provide highly secure, anywhere, anytime access to any application.
Dec-2021: IBM formed a partnership with Du, Emirates Integrated Telecommunications Company. Under this partnership, Du would leverage IBM’s security software and solutions across its Digital Trust portfolio and its Cyber Defense Centre.
Apr-2021: IBM came into a partnership with HCL Technologies, an Indian multinational information technology. Under this partnership, HCL’s Cybersecurity Fusion Centres would draw upon IBM’s Cloud Pak to develop a unified platform for connecting security teams, tools, and processes within the threat lifecycle.
Product Launches and Product Expansions:
Dec-2021: Atos released Managed Detection and Response for media. This service would address media and video content piracy and protect companies against targeted cyber threats.
Nov-2021: AT&T Cybersecurity unveiled a new managed solution. This solution aimed to assist U.S. Federal Agencies to modernize and protect their IT Infrastructure in compliance with Trusted Internet Connection (TIC) 3.0 cybersecurity guidance.
Mar-2021: AT&T Cybersecurity introduced Managed SASE Solution. This solution would expand the company’s portfolio of Managed Security Services through its collaboration with Fortinet to develop Secure Access Service Edge (SASE) for enterprises.
Jan-2020: Cisco launched Cisco Cyber Vision, an IoT security architecture. This solution would offer improved visibility across IT and OT environments, and secures industrial procedures. In addition, the solution would allow the collection and generation of data from the IoT edge so companies can improve efficiencies to make informed business decisions and escalate digitization projects.
Acquisitions and Mergers:
Dec-2021: Capgemini took over VariQ, an information technology company. This acquisition aimed to strengthen the company’s position in the Federal market and create momentum for continued growth.
Aug-2021: Deloitte took over the industrial cybersecurity business (aeCyberSolutions) of Greenville, SC-based Applied Engineering Solutions. This acquisition aimed to strengthen Deloitte’s prevailing cybersecurity offerings with the aeCyberSolutions business’ well-tested methodologies, frameworks, and technology-enabled tools for industrial control systems/operational technology (ICS/OT) security.
Jul-2021: Rapid7 took over IntSights, cybersecurity operations firm. Through this acquisition, Rapid7 would integrate its community-infused threat intelligence and expert understanding of customer environments with IntSights’ external threat intelligence capabilities.
Jun-2021: Accenture acquired Sentor, a Sweden-based independent provider of cyber defense and managed security services. This acquisition aimed to expand its ability to assist customers to match this challenging cybersecurity environment.
Jun-2021: Cisco took over Kenna Security, a cybersecurity leader that offers a risk-based vulnerability management platform. This acquisition aimed to transform how security and IT teams work to minimize the attack surface and time it takes to identify and respond
Feb-2021: Rapid7 completed the acquisition of Alcide, a leading Kubernetes Security Provider. This acquisition aimed to improve Rapid7’s ability to offer a cloud-native security platform to its customers and facilitate constant management of risk and compliance within their cloud environments.
Feb-2021: Atos completed the acquisition of Motiv ICT Security, a leading cybersecurity services company. This acquisition aimed to expand Atos’s comprehensive network of global SOCs, a pivotal component of the Atos Prescriptive Security approach.
Jan-2021: Deloitte & Touche took over Root9B, a dynamic provider of cyber security and advanced technology. This acquisition aimed to boost Deloitte’s prevailing Detect and Respond cyber client offering to assist customers to gain enhanced cyber defense, combine fragmented security toolsets, gain efficiencies in security operations programs, boost response time to potential threats and deliver data-driven threat insights.
Jan-2021: Atos took over In Fidem, a Canada-based specialized cybersecurity consulting firm. This acquisition aimed to would expand Atos’ global customer portfolio and expertise in cybersecurity services and would assist in further investing in Canadian businesses and the digital workforce by adding value for local customers and the local talent pool.
Jan-2021: Accenture took over Real Protect, a Brazil-based Information Security Company. This acquisition aimed to expand its cybersecurity presence and capabilities in Latin America. In addition, Real Protect would support the prevailing managed security services business of Accenture.
Dec-2020: Atos acquired SEC Consult, a leading Cybersecurity consulting company. This acquisition aimed to strengthen Atos’ prevailing consulting capabilities and would deliver additional value to its digital consulting innovation practice. In addition, the acquisition would also expand the company in APAC and DACH region.
Apr-2020: Accenture completed the acquisition of Broadcom’s Symantec Cyber Security Services Business. This acquisition aimed to improve Accenture Security’s position as a leading provider of managed security services, which would boost its capability to assist companies to anticipate, detect and respond to cyber threats.
Apr-2020: Accenture acquired Revolutionary Security, a cybersecurity services firm. Under this acquisition, Revolutionary Security’s service offerings would complement Accenture’s portfolio, and assist the company’s mission to better protect and defend clients’ organizations across their whole ecosystem.
Mar-2020: Accenture took over Context Information Security, a UK-Based Cybersecurity Consultancy. This acquisition would complement Accenture by integrating a group of highly skilled cybersecurity professionals across the globe along with offering distinct services to customers in the U.K. market.
Geographical Expansions:
Dec-2021: Capgemini expanded its geographical footprint by opening a center in Katowice, Poland. This center would offer regional and international cybersecurity services, which would support organizations across the region.
Scope of the Study
Market Segments covered in the Report:
By Service Type
• Professional Services
o Training
o Consulting & Advisory
o Integration
o Support & Maintenance
o Penetration Testing & Bug Bounty
o Others
• Managed Services
o Managed Security Incident & Event Management (SIEM)
o Compliance & Vulnerability Management
o Managed Detection Response (MDR)
o Others
By End User
• Government & Defense
• Manufacturing
• BFSI
• IT & Telecom
• Retail
• Healthcare
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Crowdstrike Holdings, Inc.
• Deloitte Touche Tohmatsu Limited
• Capgemini SE
• IBM Corporation
• Accenture PLC
• Cisco Systems, Inc.
• DXC Technology Company
• AT&T, Inc. (AT&T Intellectual Property)
• Atos Group
• Rapid7, Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
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Artificial Intelligence
5G Enterprise Market Projected to Reach $115.81 billion by 2030 – Exclusive Report by 360iResearch
PUNE, India, May 2, 2024 /PRNewswire/ — The report titled “5G Enterprise Market by Equipment (Distributed Antenna System, Radio Node, Service Node), Organization Size (Large Enterprises, SMEs), End User – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $17.30 billion in 2023 to reach $115.81 billion by 2030, at a CAGR of 31.20% over the forecast period.
“The Pivotal Role of 5G Technology in Enterprise Evolution”
The advent of 5G technology marks a transformative era for businesses worldwide, offering exceptional speed, reduced latency, and enhanced connectivity that promise to elevate operational efficiency and digital innovation across various sectors. From enabling precise real-time monitoring and predictive maintenance in manufacturing to advancing telemedicine and seamless data collaborations in healthcare, 5G stands as a cornerstone for future advancements. Its pivotal role is revolutionizing transportation by supporting autonomous vehicles and smart infrastructure, significantly elevating safety and efficiency. The surge in 5G enterprise adoption is fueled by the growing need for robust and swift network connections to accommodate an increasing array of Internet of Things (IoT) devices and applications. Challenges include the substantial upfront costs associated with 5G infrastructure and concerns over data security. The potential for 5G to spur innovation is immense, mainly through the development of 5G-as-a-Service (5GaaS) and its synergy with cutting-edge technologies such as edge computing and artificial intelligence. Regionally, North America is major in adoption, supported by significant telecom investments, while the European Union’s concerted efforts bolster 5G integration across industries. The Middle East’s ambitions to become a significant region globally in 5G through smart city and industrial automation investments distinguish it. In contrast, the APAC region’s rapid growth is supported by early adoption and extensive government support, particularly in South Korea, China, and Japan. Thus, 5G is set to redefine enterprise operations, driving innovation and enabling smart solutions globally, heralding a new chapter in digital transformation for industries worldwide.
Download Sample Report @ https://www.360iresearch.com/library/intelligence/5g-enterprise
“5G’s Role in Advancing Industry 4.0 and Digital Innovations”
In today’s fast-evolving digital age, the seamless integration of cutting-edge technologies such as artificial intelligence (AI), the Internet of Things (IoT), and blockchain into everyday business operations is becoming increasingly crucial. This integration is driving a significant surge in the need for uninterrupted, high-speed network coverage across various sectors. As technologies become more affordable and their performance enhanced, their adoption in both private and public sectors is witnessing a remarkable increase, paving the way for innovative payment solutions and digital currencies. This transformation reshapes diverse commercial landscapes, including entertainment, journalism, advertising, and retail. Consequently, the demand for 5G connectivity is escalating, recognized for its capability to deliver speeds of 15 to 20 Gbps, connect a vast array of devices, and facilitate the creation of virtual networks tailored to specific needs. Moreover, as Industry 4.0 propels manufacturing into the digital era with its emphasis on automation and digital technologies, the role of 5G in supporting these advancements becomes indispensable. By enabling faster connectivity for AI, data analytics, IoT, blockchain, and machine learning applications, 5G is at the forefront of improving operational efficiency and flexibility in the manufacturing sector, setting the stage for the exponential growth of the 5G enterprise market.
“The Integral Role of Radio Nodes, DAS, and Service Nodes in Enhancing 5G Networks”
In the rapidly evolving world of 5G networks, the harmonious functioning of radio nodes, distributed antenna systems (DAS), and service nodes plays a pivotal role in ensuring uninterrupted, high-speed connectivity across diverse environments. Radio nodes, vital for facilitating direct communication between devices, including smartphones and tablets, ensure the seamless execution of critical radio functions such as modulation and demodulation. They shine especially in areas where a robust, reliable connection is paramount, catering to the needs of densely populated zones. DAS is used in complexes such as stadiums and large buildings, working behind the scenes to boost wireless coverage through a network of strategically placed antenna nodes. This ensures that every corner is connected, enhancing user experience in challenging architectural layouts. Meanwhile, service nodes are the backbone of network management, orchestrating essential functions, including user authentication and mobility management, enabling smooth delivery of services throughout the 5G ecosystem. These components overcome physical and technological hurdles and lay down the infrastructure critical for delivering the next generation of wireless connectivity.
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“Telefonaktiebolaget LM Ericsson at the Forefront of 5G Enterprise Market with a Strong 16.19% Market Share”
The key players in the 5G Enterprise Market include Huawei Technologies Co., Ltd., Deutsche Telekom AG, Nokia Corporation, Telefonaktiebolaget LM Ericsson, AT&T Inc., and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the 5G Enterprise Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the 5G Enterprise Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive 5G Enterprise Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
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“Dive into the 5G Enterprise Market Landscape: Explore 181 Pages of Insights, 298 Tables, and 22 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket Insights5G Enterprise Market, by Equipment5G Enterprise Market, by Organization Size5G Enterprise Market, by End UserAmericas 5G Enterprise MarketAsia-Pacific 5G Enterprise MarketEurope, Middle East & Africa 5G Enterprise MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/5g-enterprise
Related Reports:
5G Non-Terrestrial Network Market – Global Forecast 2024-20305G in Defense Market – Global Forecast 2024-20305G Satellite Communication Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
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Artificial Intelligence
SimSpace Welcomes Matt Knutsen as New Chief Revenue Officer to Spearhead Expansion Plan
SimSpace strengthens their leadership team, appointing Knutsen to drive revenue growth for the company as it expands further into the public sector
BOSTON, May 2, 2024 /PRNewswire/ — SimSpace, the US-based industry leader in AI-Powered cyber ranges, announced today the appointment of Matt Knutsen as its new Chief Revenue Officer (CRO). Matt will champion SimSpace’s global sales and revenue growth strategy. He will drive expansion initiatives and foster strategic partnerships to stress test businesses’ and state agencies’ people, processes and technologies against the most advanced adversaries.
With more than 20 years of experience in the field, Matt most recently held the position of CRO at cyber training provider Immersive Labs, where he increased revenue growth by over 4000% and attracted over $180M in investment. He also launched the company into new markets, expanding the team across Australia, Europe, the Middle East, New Zealand and the US. The combination of Matt’s wealth of experience and his in-depth industry knowledge make him well-equipped to lead SimSpace’s next phase of growth.
As nation-state attacks rise in frequency, and AI drives a new wave of severe cyberattacks, companies also have to navigate uncertain economic conditions. SimSpace empowers organizations to cut unnecessary spending through stack optimization, allowing CISOs to maximize their ROI and effectiveness of their technology stack. Knutsen’s influence in the field will propel the SimSpace Platform to new heights, advancing access for companies and governments that need to optimize their cybersecurity defenses and safeguard their critical infrastructure from an increasingly volatile threat landscape.
Matt Knutsen is the most recent addition to SimSpace’s Executive Leadership Team, following Clint Sand’s appointment as Chief Product Officer in February 2024. His appointment underscores SimSpace’s continued growth trajectory, headed by the $45M they secured in funding from L2 Point Management, bringing the total capital raised over the past year to $70M. The company has also bolstered their presence in the public sector, marked by their recent partnership with Carahsoft and their multi-year contract with Florida to enhance the state’s cybersecurity preparedness. SimSpace’s high fidelity cyber ranges and simulations will enable state agencies and programs like Cyber Florida to rehearse and respond to cyberattacks.
Commenting on Matt’s arrival, SimSpace CEO William Hutchison said, “Matt is a seasoned executive, who has accumulated years of knowledge on cybersecurity best practices and established himself as a leading authority in cyber range exercises. His industry influence, strategic vision and conviction in the importance of cybersecurity preparedness will shape the future success of the company at this crucial time of expansion. With Matt leading our revenue organization, we have full confidence in our capacity to deepen our valued partnerships and build strong, new connections which will further elevate SimSpace’s position as a trusted cybersecurity partner.”
Matt Knutsen, Chief Revenue Officer commented, “I’m looking forward to bringing a proactive approach to cybersecurity risk management to even more private and public sector organizations. I’ve already been impressed by SimSpace’s high-fidelity cyber range simulations, both on and off premise. It’s a great time to be joining the company and I’m excited to build upon SimSpace’s recent rapid growth with even more partnerships.”
About SimSpace
SimSpace is the global leader in AI-Powered cyber ranges, founded by experts from U.S. Cyber Command and MIT’s Lincoln Laboratory to respond to a new era of unprecedented cyber threats. Having raised nearly $70 million in funding over the past year, the company’s Platform enables the most sophisticated enterprises, governments, and critical national infrastructure organizations to find intelligence-driven answers to the most vexing security, governance, training, and cyber readiness questions. SimSpace provides high-fidelity cybersecurity simulations, training, and safe live-fire exercises to Fortune 2000 financial, retail, insurance, and other commercial markets. SimSpace’s Platform results in an average reduction in cyber operational costs of 30% and a 40% reduction in breaches.
For more information, please visit: www.SimSpace.com.
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Artificial Intelligence
Enterprise AI Market to Be Worth $171.2 Billion by 2031–Exclusive Report by Meticulous Research®
REDDING, Calif., May 2, 2024 /PRNewswire/ — According to a new market research report titled, ‘Enterprise AI Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Technology (ML, NLP), End-use Industry (IT & Telecom, Healthcare, Retail & E-commerce, Media & Advertisement) and Geography—Global Forecast to 2031,’ the global enterprise AI market is projected to reach $171.2 billion by 2031, at a CAGR of 32.9% from 2024 to 2031.
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Enterprise artificial intelligence (AI) is the integration of advanced AI-enabled technologies and techniques within large organizations to enhance business functions. Enterprise AI encompasses routine tasks of an organization such as data collection and analysis, supply chain management, finance, marketing, customer service, human resources and cybersecurity, and risk management. Enterprise AI is an integration of AI-enabled technologies such as machine learning, natural language processing, image processing, and speech recognition. Enterprise AI is used in various industries such as media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, and IT & telecom.
The growth of the enterprise AI market is driven by enterprises’ increasing need to enhance customer satisfaction and the growing implementation of enterprise AI solutions in the IT & telecom sectors. However, the high costs of enterprise AI solutions restrain the growth of this market. Furthermore, the increasing need for conversational AI solutions for optimized sales & marketing management and the growing need to automate business processes are expected to generate growth opportunities for the players operating in this market. However, data privacy & security concerns are a major challenge impacting market growth. Additionally, the growing adoption of AI chatbots for customer interaction and the increasing integration of Machine Learning (ML) technology into enterprise AI solutions are prominent trends in this market.
The global enterprise AI market is segmented by offering (solutions and services [professional services and managed services]), deployment mode (cloud-based deployment and on-premise deployment), organization size (large enterprises and small & medium-sized enterprises), technology (machine learning, image processing, natural language processing, and speech recognition), end-use industry (media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, IT & telecom, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
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Based on offering, in 2024, the solutions segment is expected to account for the larger share of 63% of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions to solve specific business challenges or streamline business processes and the growing implementation of these solutions to automate tasks, analyze data, and provide insights.
However, the services segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the growing need for AI consulting, data analysis, and enterprise-grade AI solution development, maintenance, and support and the rising adoption of services to automate tasks and help improve business operations efficiently.
Based on deployment mode, in 2024, the on-premise deployment segment is expected to account for the largest share of the enterprise AI market, with a revenue contribution of around USD 13 billion. The segment’s large market share is attributed to the increasing on-premise deployment of enterprise AI solutions by large enterprises and the growing demand for service flexibility, enhanced customer experience, and efficiency in managing risks and compliance.
However, the cloud-based deployment segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by benefits associated with cloud-based deployment, including easy maintenance of customer data, cost-effectiveness, and scalability, and the increasing demand for enterprise AI solutions that support multi-cloud deployments.
Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the enterprise AI market. The segment’s large market share is attributed to the growing emphasis on developing strategic IT initiatives among large enterprises, the increasing need to manage large volumes of customer-level data, and the early adoption of advanced technologies across various sectors such as retail, manufacturing, healthcare, and automotive.
However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the increasing need for chatbots and digital assistants among small & medium-sized enterprises and the increasing need to improve performance, quality management, and customer satisfaction in call centers.
Based on technology, in 2024, the machine learning segment is expected to account for the largest share of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions with machine learning capabilities to analyze historical data and identify patterns and the increasing use of these solutions in e-commerce, streaming platforms, and content websites.
However, the natural language processing segment is expected to register the highest CAGR of 37.4% during the forecast period. The growth of this segment is driven by the growing need to understand, interpret, and generate human language data and the rising adoption of NLP to analyze user preferences, behaviors, and interactions to deliver personalized content.
Based on end-use industry, in 2024, the IT & telecom segment is expected to account for the largest share of 26% of the enterprise AI market. The segment’s large market share is attributed to the increasing demand for personalized customer experiences enabled by AI technologies, the rising adoption of AI for analyzing data from network sensors to optimize operations, and the growing utilization of AI to enhance network performance and deliver customized services. Also, this segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2024, North America is expected to dominate the global enterprise AI market. North America enterprise AI market is estimated to be worth USD 9 billion in 2024. North America’s significant market share can be attributed to the growing adoption of enterprise AI solutions in the retail, healthcare, and finance sectors, the rising implementation of AI to enhance customer engagement, inventory management, and personalized shopping experience, and the increasing use of chatbots on websites, social media platforms, and messaging apps to respond customer inquiries.
However, Asia-Pacific is expected to register the highest CAGR of 34.3% during the forecast period. The growth of this regional market is driven by the growing emphasis by companies to launch chatbots and virtual assistants in the Asia-Pacific region, growing demand for chatbots and voice assistant solutions, and increasing demand for AI-powered customer support services.
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The key players operating in the enterprise AI market are NVIDIA Corporation (U.S.), Google LLC (A subsidiary of Alphabet Inc.) (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Verint Systems Inc. (U.S.), SAP SE (Germany), Pegasystems Inc. (U.S.), Wipro Limited (India), Intel Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy Incorporated (U.S.), Amelia US LLC (U.S.), Sentient.io (Singapore).
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Scope of the Report:
Global Enterprise AI Market Assessment—by Offering
SolutionsServicesProfessional ServicesManaged ServicesGlobal Enterprise AI Market Assessment—by Deployment Mode
On-premise DeploymentCloud-based DeploymentGlobal Enterprise AI Market Assessment—by Organization Size
Large EnterprisesSmall & Medium-sized EnterprisesGlobal Enterprise AI Market Assessment—by Technology
Machine LearningNatural Language ProcessingImage ProcessingSpeech RecognitionGlobal Enterprise AI Market Assessment—by End-use Industry
IT & TelecomNetwork OptimizationCustomer Service Automation and Virtual AssistantsHuman Resource ManagementCustomer AnalyticsCybersecurityOther IT & Telecom Applications BFSISecurity and Risk ManagementStreamlining Regulatory ComplianceCustomer Relationship ManagementReal-Time Transaction MonitoringData Analytics & PredictionOther BFSI Applications HealthcareHospital Workflow ManagementLifestyle ManagementPatient Data & Risk AnalyticsMedical Imaging & DiagnosisPrecision MedicineRemote Patient MonitoringRobot-assisted SurgeryDrug Discovery Retail & E-commerceSearch and RecommendationsCustomer Relationship ManagementInventory ManagementSupply Chain OptimizationIn-store Visual Monitoring & SurveillancePredictive AnalyticsDemand ForecastingChatbots Media & AdvertisementChatbots and Virtual AssistantsPredictive AnalyticsSales & Marketing AutomationAdvertising RecommendationContent GenerationTalent IdentificationProduction Planning & Management AutomotiveAdvanced Driver Assistance SystemsHuman-Machine InterfaceVehicle PersonalizationDesigning and Production ManagementSupply Chain ManagementOther Automotive Applications GovernmentFraud Detection and PreventionAdministrative ProcessesDisaster Management and ResponsePersonalized User SupportOther Government Applications Other End-use IndustriesGlobal Enterprise AI Market Assessment —by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaMiddle East & AfricaRelated Reports:
Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing) – Global Forecast to 2030
Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography – Global Forecast to 2030
AI in Manufacturing Market by Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance & Machinery Inspection, Quality Management, Supply Chain Optimization), End-use Industry – Global Forecast to 2030
AI in E-commerce Market by Technology (ML, NLP, Computer Vision), Business Model, Deployment Mode, Product Offering (Beauty & Fashion, Pharmaceutical, Electronic), End User (B2B, B2C), and Geography – Global Forecast to 2031
Healthcare Artificial Intelligence Market by Offering (Software, Services), Technology (ML, NLP), Application (Hospital Workflow Management, Patient Management), End User (Hospitals & Diagnostic Centers), and Geography – Global Forecast to 2031
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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Mr. Khushal BombeMeticulous Market Research Inc.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe : +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-researchContent Source: https://www.meticulousresearch.com/pressrelease/1041/enterprise-ai-market-2031
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