Artificial Intelligence in Small
& Medium Business Market is forecasted to reach $90.68 Billion by 2027,
growing at CAGR of 22.10% during the forecast period 2022-2027. AI-powered
technology isn't just for big businesses. Many small and medium-sized
organizations are already reaping the benefits of AI through the applications
they use, even if they are unaware that the technology is intelligent.
QuickBooks, for example, uses AI in its software to automatically categorize
spending for customers. Increasing adoption of cloud-based services by SMEs
across the globe tends to be a major driving factor for the growth of Artificial
Intelligence in Small & Medium Business Market. For instance, according to
TechAisle, moving to the cloud is the top IT priority for SMEs in 2021, closely
followed by collaboration and remote work services. It has also stated that the cloud is part of the arsenal of technologies that can help SMEs improve their
businesses and keep themselves going successfully after the pandemic. These
advantageous features across SMEs are expected to propel the demand for Artificial
Intelligence for Small & Medium Businesses during the forecast period,
further enhancing its market growth.
Moreover, the use of AI in the cloud helps in the better synthesis of constantly evolving data systems for identifying helpful information. Then, this information can be implemented for practical business use cases. Recently, SMEs have shown a great interest in including cloud computing in their overall Information technology (IT) strategies. A recent report by The Science and Information (SAI) on the adoption rate of cloud services by SMEs informed that 70% of SMEs have formerly bought at least two cloud services and 40% have bought six or more cloud services. At the same time, Dell reports that companies that invest in cloud-based solutions have witnessed 53% faster revenue growth than their competitors. Further, as the volume of incoming data increases each year exponentially, the need for responsive cloud environments is evident. In addition, AI helps in managing the considerably massive volumes of information for making sense of the data. So, on the one hand, businesses will increase the responsiveness of the cloud environment. Hence these factors present a clear indication of the credible benefits of AI & cloud combination in the forecast period 2022-2027.
North America Artificial Intelligence in Small & Medium Business Market held a significant market share of 37.60% in 2021. The market for AI in small and medium businesses is expanding in this region owing to the early adoption of advanced technologies and cloud-based solutions across various industries. Moreover, U.S. government agencies are increasing their investments in AI to quantify various aspects of business flows. For instance, in 2020, the U.S. army awarded nearly $19 million to 23 small businesses to develop their artificial intelligence and machine learning solutions that will lead to more informed army decision-making, facilitate autonomous operations and increase the speed and scale of military action. Furthermore, the Canadian government is investing heavily in AI, with billions of dollars in funding committed. In 2022, the Canadian government announced the launch of the Canada Digital Adoption Program (CDAP), to help Canadian small- and medium-sized businesses grow their online presence and upgrade or adopt digital technologies with an investment of $4 billion over four years. These developments tend to boost the growth of Artificial Intelligence in Small & Medium Business Market in the North American region.
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Artificial Intelligence in Small & Medium Business Market Growth Drivers:
Usage of Artificial Intelligence in Small & Medium Businesses to effectively delegate routine tasks is expected to drive its market growth during the forecast period
In the past few years, artificial intelligence (AI) has not only moved to the top of the agenda for large businesses, but also for small and medium enterprises. AI is expected to benefit SMBs, including fighting Covid-19, enabling resilience and improving green, sustainable growth. AI in Small and Medium businesses is dominated by various industries such as e-commerce, healthcare and Insurance. According to the report given by American Express on 2021, more than 40% of customers demand quicker customer support,
and Artificial Intelligence can be that tool that can enable small businesses to fulfill this demand. Using AI-powered chatbots, many small and medium businesses with fewer human resources can offer world-class customer service and support to their existing and new users and delight them at every point of interaction. With these benefits, AI becomes the most appropriate choice for both SMEs and large-scale enterprises. According to the report given by the State of Artificial Intelligence for Enterprises in 2021, nearly 80% of the companies report that some form of AI is already in production in their organization, although 42% say that there is a lot of room for further implementation across the business. These advantageous features tend to bring significant growth in the demand for AI in small and medium businesses, further enhancing its market growth.
The Major Players in this Market Include
Mr. Venkat Reddy
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Contact Sales: +1-970-236-3677