Artificial Intelligence
Heat Pump Market Size is projected to reach USD 132.45 billion by 2031, growing at a CAGR of 7.8%: Straits Research
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New York, United States, March 07, 2023 (GLOBE NEWSWIRE) — A heat pump is a mechanical or electrical device that uses a compressor and a refrigerant to move heat from a source to a specific location. Heat pumps are more energy-efficient than other heating and cooling appliances like air conditioners and heaters because they can be used for heating and cooling. Heat pumps are generally recognized as a critical clean energy technology for the energy transition. Heat pumps are highly efficient and primarily rely on thermal energy from renewable sources as opposed to burning fossil fuels. 70–80% of the energy a typical heat pump provides is renewable because a large portion of the usable heat produced by a heat pump is derived from public environmental sources.
Heat pumps have long been acknowledged as an essential, financially sound option for lowering the carbon emissions associated with maintaining indoor temperatures on a national, regional, and international level. The dramatic drop in the price of low-carbon electricity over the past ten years has strengthened the case for electric heat pumps.
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Market Dynamics
Reduction of Carbon Footprint Through Heat Pump Technology
In addition to other places, homes, hospitals, and schools depend on energy as a power source. However, its creation and use lead to a sizable amount of greenhouse gas emissions. Therefore, significant economies worldwide are gradually shifting away from non-renewable energy sources to reduce greenhouse gas emissions and toward renewable ones. Heat pump technology is a promising strategy for lowering greenhouse gas emissions. Geothermal and aerothermal heat pumps provide a space-heating method that is energy-efficient. The heat pump is frequently regarded as a sustainable heating, ventilation, and air conditioning technology. In the commercial, residential, and industrial sectors, heat pumps are used for space heating, cooling, and water heating. Both the air and the ground contain enormous thermal energy reserves. Heat pumps primarily use electricity, energy input, to increase the temperature to extract ambient heat from the air and cold surfaces.
Increasing Internet of Things (IoT) Integration with Heat Pumps
Heat pumps powered by the Internet of Things (IoT) allow for component real-time monitoring, proactive maintenance, and remote diagnosis. Smart thermostats that help monitor environmental changes and communicate with their water heater equipment are part of the Internet of Things (IoT)-based heat pumps. Heat pumps are being adopted by end users from various industries more frequently. Their structures and methods of operation, however, have not changed. Heat pumps now come with LCDs and warning lights to make them easier to understand. The major market players, including Panasonic and Samsung, focus on integrating different technologies into their heat pumps to ensure ease of use and maintenance. The heat pumps’ integration eliminates the need for physically turning on or off heat pumps with machine learning and artificial intelligence, which can study consumer usage patterns and analyze their operational time and duration.
Report Scope
| Report Metric | Details |
| Market Size | USD 132.45 Billion by 2031 |
| CAGR | 7.8% (2021-2031) |
| Historical Data | 2020-2021 |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By End User, By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Mitsubishi Electric, Enertech Group, Carrier Corporation, Bryant heat pumps, Robert Bosch, NIBE, Ingersoll Rand, Viessmann |
| Key Market Opportunities | Increasing Internet of Things (IoT) Integration with Heat Pumps |
| Key Market Drivers | Reduction of Carbon Footprint Through Heat Pump Technology |
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Regional Analysis
North America is the highest contributor to the global heat pump market and is anticipated to grow at a CAGR of 8.23% during the forecast period. The increase in consumer demand for energy-efficient systems, government programs to encourage clean heating and emission reduction, and cooling systems to adopt clean and sustainable technology has significantly impacted North America’s demand. Additionally, the rise in household units and population growth will accelerate the expansion of the residential market. Stakeholders anticipate that the area will attract significant business investment and grow into a hub for the heat pump industry. The demand for green heating and cooling solutions has increased due to rapid urbanization and industrialization. New initiatives are being introduced to promote the development of HVAC technologies to address the effects of severe weather in nations like the United States and Canada. To launch the Cold Climate Heat Pump Technology Challenge, the US Department of Energy (DOE) reached an agreement with six top businesses, including Daikin, Mitsubishi Electric, Johnson Controls, Lennox International, Carrier, and Trane Technologies.
Asia Pacific is expected to grow at the fastest CAGR of 8.79% during the forecast period because of the rising demand from the construction, residential, and industrial sectors. China is in the lead in producing heat pumps in the area. East Asia is still creating a pool of opportunities in the heat pump market as it is also rapidly urbanizing and industrializing. Consumers’ growing preference for green technology, government awareness campaigns, and consideration of the effects of climate change and rising global temperatures are expected to influence demand in the East Asian heat pump market significantly. A notable increase in the use of heat pumps has also been brought on by various energy-efficient and environmentally friendly heating technologies adopted by the residential, commercial, and industrial sectors.
Key Highlights
- The global heat pump market size is projected to reach USD 132.45 billion by 2031, growing at a CAGR of 8.5% during the forecast period (2023-2031).
- Based on type, the global heat pump market is bifurcated into air-source heat pumps, water-source heat pumps, and ground-source heat pumps. The air-source heat pump segment is the highest contributor to the market and is forecasted to grow at a CAGR of 8.1% during the forecast period.
- Based on rated capacity, the global heat pump market is bifurcated into Up to 10 kW, 10 – 20 kW, 20 – 30 kW, and Above 30 kW. The Up to 10 kW segment is the highest contributor to the market and is anticipated to grow at a CAGR of 8.74% % during the forecast period.
- Based on refrigerant, the global heat pump market is bifurcated into R410A, R407C, R744, and Others. The R410A segment is the highest contributor to the market and is expected to grow at a CAGR of 8.41% during the forecast period.
- Based on end users, the global heat pump market is bifurcated into commercial, residential, and industrial. The residential segment owns the highest market share and is forecasted to grow at a CAGR of 8.6% during the forecast period.
- North America is the highest contributor to the global heat pump market and is expected to grow at a CAGR of 8.23% during the forecast period.
Competitive Players
The global heat pump market’s major key players are
- Mitsubishi Electric
- Enertech Group
- Carrier Corporation
- Glen Dimplex Group
- Ingersoll Rand Plc
- Bryant heat pumps
- Robert Bosch
- NIBE
- Ingersoll Rand
- Viessmann, Daikin Industries Ltd.
- Melrose Industries PLC
- Stiebel Eltron
- Vaillant Group
- Panasonic Corporation.
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Global Heat Pump Market: Segmentation
By Type
- Air-Source Heat Pumps
- Water-Source Heat Pumps
- Ground-Source Heat Pumps
By Rated Capacity
- Up to 10 kW
- 10 – 20 kW
- 20 – 30 kW
- Above 30 kW
By Refrigerant
- R410A
- R407C
- R744
- Others
By End-User
- Commercial
- Residential
- Industrial
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- EXECUTIVE SUMMARY
- RESEARCH SCOPE & SEGMENTATION
- Research Objectives
- Market Definition
- Limitations & Assumptions
- Market Scope & Segmentation
- Currency & Pricing Considered
- MARKET OPPORTUNITY ASSESSMENT
- Emerging Regions / Countries
- Emerging Companies
- Emerging Applications / End Use
- Investment Landscape
- New Business Models / Revenue Streams
- TAM
- MARKET TRENDS
- Drivers
- Market Warning Factors
- Latest Macro Economic Indicators
- Geopolitical Impact
- Human Factors
- Technology Factors
- MARKET ASSESSMENT
- Porters Five Forces Analysis
- Value Chain Analysis
- Raw Material Analysis
- Sales And Distribution Channel Analysis
- Trade Analysis
- M & A Agreements & Collabration Analysis
- Export Import Analysis
- Cost Structure Analysis
- ESG TRENDS
- GLOBAL HEAT PUMP MARKET SIZE ANALYSIS
- Global Heat Pump Market Introduction
- By Type
- Introduction
- Type By Value
- Air Source Heat Pumps
- By Value
- Water Source Heat Pumps
- By Value
- Ground Source Heat Pumps
- By Value
- Introduction
- By End User
- Introduction
- End User By Value
- Industrial
- By Value
- Residential
- By Value
- Commercial
- By Value
- Introduction
- NORTH AMERICA MARKET ANALYSIS
- Introduction
- By Type
- Introduction
- Type By Value
- Air Source Heat Pumps
- By Value
- Water Source Heat Pumps
- By Value
- Ground Source Heat Pumps
- By Value
- Introduction
- By End User
- Introduction
- End User By Value
- Industrial
- By Value
- Residential
- By Value
- Commercial
- By Value
- Introduction
- U.S.
- By Type
- Introduction
- Type By Value
- Air Source Heat Pumps
- By Value
- Water Source Heat Pumps
- By Value
- Ground Source Heat Pumps
- By Value
- Introduction
- By End User
- Introduction
- End User By Value
- Industrial
- By Value
- Residential
- By Value
- Commercial
- By Value
- Introduction
- By Type
- Canada
- EUROPE MARKET ANALYSIS
- Introduction
- By Type
- Introduction
- Type By Value
- Air Source Heat Pumps
- By Value
- Water Source Heat Pumps
- By Value
- Ground Source Heat Pumps
- By Value
- Introduction
- By End User
- Introduction
- End User By Value
- Industrial
- By Value
- Residential
- By Value
- Commercial
- By Value
- Introduction
- U.K.
- By Type
- Introduction
- Type By Value
- Air Source Heat Pumps
- By Value
- Water Source Heat Pumps
- By Value
- Ground Source Heat Pumps
- By Value
- Introduction
- By End User
- Introduction
- End User By Value
- Industrial
- By Value
- Residential
- By Value
- Commercial
- By Value
- Introduction
- By Type
- Germany
- France
- Spain
- Italy
- Russia
- Nordic
- Benelux
- Rest Of Europe
- APAC MARKET ANALYSIS
- Introduction
- By Type
- Introduction
- Type By Value
- Air Source Heat Pumps
- By Value
- Water Source Heat Pumps
- By Value
- Ground Source Heat Pumps
- By Value
- Introduction
- By End User
- Introduction
- End User By Value
- Industrial
- By Value
- Residential
- By Value
- Commercial
- By Value
- Introduction
- China
- By Type
- Introduction
- Type By Value
- Air Source Heat Pumps
- By Value
- Water Source Heat Pumps
- By Value
- Ground Source Heat Pumps
- By Value
- Introduction
- By End User
- Introduction
- End User By Value
- Industrial
- By Value
- Residential
- By Value
- Commercial
- By Value
- Introduction
- By Type
- Korea
- Japan
- India
- Australia
- Taiwan
- South East Asia
- Rest Of Asia-Pacific
- MIDDLE EAST AND AFRICA MARKET ANALYSIS
- Introduction
- By Type
- Introduction
- Type By Value
- Air Source Heat Pumps
- By Value
- Water Source Heat Pumps
- By Value
- Ground Source Heat Pumps
- By Value
- Introduction
- By End User
- Introduction
- End User By Value
- Industrial
- By Value
- Residential
- By Value
- Commercial
- By Value
- Introduction
- UAE
- By Type
- Introduction
- Type By Value
- Air Source Heat Pumps
- By Value
- Water Source Heat Pumps
- By Value
- Ground Source Heat Pumps
- By Value
- Introduction
- By End User
- Introduction
- End User By Value
- Industrial
- By Value
- Residential
- By Value
- Commercial
- By Value
- Introduction
- By Type
- Turkey
- Saudi Arabia
- South Africa
- Egypt
- Nigeria
- Rest Of MEA
- LATAM MARKET ANALYSIS
- Introduction
- By Type
- Introduction
- Type By Value
- Air Source Heat Pumps
- By Value
- Water Source Heat Pumps
- By Value
- Ground Source Heat Pumps
- By Value
- Introduction
- By End User
- Introduction
- End User By Value
- Industrial
- By Value
- Residential
- By Value
- Commercial
- By Value
- Introduction
- Brazil
- By Type
- Introduction
- Type By Value
- Air Source Heat Pumps
- By Value
- Water Source Heat Pumps
- By Value
- Ground Source Heat Pumps
- By Value
- Introduction
- By End User
- Introduction
- End User By Value
- Industrial
- By Value
- Residential
- By Value
- Commercial
- By Value
- Introduction
- By Type
- Mexico
- Argentina
- Chile
- Colombia
- Rest Of LATAM
- COMPETITIVE ASSESSMENT
- Adoption Matrix
- Heat Pump Market Share By Manufacturers
- Heat Pump Market Ranking By Revenue For Manufacturers
- Average Price By Manufacturers
- Vendor Footprint Analysis
- MARKET PLAYERS ASSESSMENT
- Mitsubishi Electric
- Overview
- Business Information
- Revenue
- ASP
- Gross Margin
- Swot Analysis
- Recent Developmments
- Enertech Group
- Carrier Corporation
- Bryant Heat Pumps
- Robert Bosch
- NIBE
- Ingersoll Rand
- Viessmann
- Mitsubishi Electric
- RESEARCH METHODOLOGY
- Research Data
- Secondary Data
- Major Secondary Sources
- Key Data From Secondary Sources
- Primary Data
- Key Data From Primary Sources
- Breakdown Of Primaries
- Secondary And Primary Research
- Key Industry Insights
- Secondary Data
- Market Size Estimation
- Bottom-Up Approach
- Top-Down Approach
- Market Projection
- Research Assumptions
- Assumptions
- Limitations
- Risk Assessment
- Research Data
- APPENDIX
- Discussion Guide
- Customization Options
- Related Reports
- DISCLAIMER
Table of Content and Figure @ https://straitsresearch.com/report/heat-pump-market/toc
Market News
- July 2022, Viessmann Werke GmbH & Company KG announced that it was constructing a new production facility in Legnica, Poland, to hasten the ramp-up of heat pump production in Europe. Additionally, the business might be spending 200 million euros on new technology sites. In 2023, the construction is anticipated to be finished.
- May 2022, A contract for the purchase of 50% of the shares of the Italian company Argoclima and the remaining stake within five years was signed by NIBE Industrier AB. Heat pump and air conditioning products are produced and distributed in Italy by Argoclima SpA.
News Media
Geothermal Heat Pumps Market Size Worth USD 17,119 Million by 2030 | CAGR of 7%
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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.
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“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”
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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.
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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
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Download Free Sample Report: https://www.meticulousresearch.com/download-sample-report/cp_id=5806
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
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