Artificial Intelligence In Small & Medium Business Market By Type (Artificial Narrow Intelligence (ANI), Artificial General Intelligence (AGI) & Artificial Super Intelligence (ASI)), By Deployment (On-Premises, Cloud & Hybrid), By Technology (Machine Learning, Deep Learning, Natural Language Processing & Others), By Learning Model (Unsupervised Learning, Supervised Learning, Reinforced Learning, Semi-supervised Learning & Others), By SME Market Type (Solo Proprietorship, Partnership, Closed Corporation & Limited Liability Partnership), By Application (Customer Relationship Management, Fleet Management, Talent Management, Financial Reporting, Risk Assessment, Sales & Marketing Activity Handling, Improving Talent Acquisition, Visualization, Analysis & Reporting, Inventory Management, Security Application & Others), By End-User Industry (BFSI, Retail & E-commerce, Healthcare, Media & Entertainment, Manufacturing, Automotive, Transportation & Logistics & Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2022-2027

Report Code: ITR 0096 Report Format: PDF + Excel

Artificial Intelligence In Small & Medium Business Market Overview

The Artificial Intelligence In Small & Medium Business Market size is estimated to reach $90.68 Billion by 2027, growing at a CAGR of 22.10% during the forecast period 2022-2027 majorly due to the rising adoption of cloud computing technologies in small and medium enterprises sector coupled with the deployment of Internet of Things (IoT) driven solution across the industry. Artificial intelligence plays a vital role in offering supreme customer relationship management solution, primarily in the BFSI sector which tend to propel the growth of Artificial Intelligence in the Small & Medium Business Market industry. For instance, as stated by Personetics, a leading global provider of data-driven personalization and customer engagement solutions for the Financial Services industry that 67% of small businesses want their bank to offer online cashflow management, data analysis, forecasting and budgeting tools to help businesses control their finances and simplify money management. This increasing demand of solutions tends to bring significant growth in the Artificial Intelligence In Small & Medium Business Market share during the forecast period. Moreover, the transformation of the education sector with the deployment of facial recognition technology to increase student engagement and interest increase security use is analyzed to drive Artificial Intelligence in the Small & Medium Business Market in coming years.

Artificial Intelligence In Small & Medium Business Market Report Coverage

The “Artificial Intelligence In Small & Medium Business Market Report– Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Artificial Intelligence In Small & Medium Business Market.

By Type: Artificial Narrow Intelligence (ANI), Artificial General Intelligence (AGI) and Artificial Super Intelligence (ASI).
By Deployment: On-Premises, Cloud and Hybrid.
By Technology: Machine Learning, Deep Learning, Natural Language Processing and Others.
By Learning Model: Unsupervised Learning, Supervised Learning, Reinforced Learning, Semi-supervised Learning and Others.
By SME Market Type: Solo Proprietorship, Partnership, Closed Corporation and Limited Liability Partnership.
By Application: Customer Relationship Management, Fleet Management, Talent Management, Financial Reporting, Risk Assessment, Sales & Marketing Activity Handling, Improving Talent Acquisition, Visualization, Analysis & Reporting, Inventory Management, Security Application and Others.
By End-User Industry: BFSI, Retail & E-commerce, Healthcare, Media & Entertainment, Manufacturing, Automotive, Transportation & Logistics and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (U.K, Germany, France, Italy, Spain, Netherlands and Others), APAC (China, Japan India, South Korea, Australia, Singapore, Others), South America (Brazil, Argentina, Chile, Colombia, Others), RoW (Middle East, Africa).

Key Takeaways

  • Rising adoption of cloud-based services by small and medium enterprises (SMEs) is analyzed to drive Artificial Intelligence in the Small & Medium Business Market during the forecast period 2022-2027.
  • Based on technology, the machine learning segment dominated the global Artificial Intelligence in the Small & Medium Business Market in 2021 owing to the extensive advantages it offers to the end-users which include improved efficiency, catch manufacturing defects, predicting machine failures, reducing unplanned downtime and increasing productivity.
  • Artificial Intelligence in the Small & Medium Business Market in the BFSI sector is expected to grow at the highest rate during the forecast period 2022-2027, owing to the increasing adoption of AI to leverage data from multiple sources to make faster as well as accurate decisions and provide individualized frictionless customer experiences in banking.
  • Asia-Pacific region is analysed to grow at the highest rate in the Artificial Intelligence In Small & Medium Business Market across the globe during the forecast period 2022-2027, owing to the increasing penetration of AI solutions across various SMEs coupled with rising government investments to boost the small and medium business organizations in this region.

Global Artificial Intelligence In Small & Medium Business Market Value Share, by Region, 2021 (%)

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Artificial Intelligence In Small & Medium Business Mrket Segment Analysis - by Technology

Artificial Intelligence in the Small & Medium Business Market with Machine Learning technology held the largest share of 43.11% in 2021 and is analyzed to witness significant growth during the forecast period 2022-2027. Machine learning helps small and medium enterprises to improve efficiency, catch manufacturing defects, predict machine failures, reduce unplanned downtime and increase productivity. Rapid enhancement of machine learning and artificial intelligence produces the technology more applicable and accessible to small and medium-scaled businesses. According to the report given by Forbes, AI and ML systems are being employed by enterprises to provide intelligence to their security systems. This can help Small & Medium Business in preventing cyberattacks and respond to suspicious behaviour, which can further aid cybersecurity teams to be more proactive in preventing threats and responding to active attacks in real-time. For instance, in 2020, the Indian government in a major initiative onboarded the latest IT tools of Artificial Intelligence (AI) and Machine Learning for providing assistance and solutions to Small & Medium businesses. This multi-modal system has a portal at the virtual level and technology-equipped physical control rooms at around 69 locations of the country which tend to contribute significantly to the growth of machine learning technology in the Artificial Intelligence In Small & Medium Business Market during the forecast period.

Artificial Intelligence In Small & Medium Business Market Segment Analysis - by End-user Industry

Artificial Intelligence in the Small & Medium Business Market in Banking, Financial Services and Insurance (BFSI) sector is analyzed to grow at the fastest rate with a CAGR of 25.12% between 2022 and 2027. The growth of artificial intelligence in BFSI industry is majorly driven by the increasing implementation of innovative design-centric and data-driven products and services that can transform the small & medium business customer experience. Artificial Intelligence spurs the digital experience and utilisation of data that will transform SME banking services. According to World Bank, small & medium businesses contribute to around 90% of businesses and more than 50% of employment worldwide. To ensure stability and protection of SMBs against exploitation, there is a growing demand to smoothen the credit process which leads to the emergence of fintech. It has emerged as the game-changers in the country's micro-credit scenario. This fintech is powered by emerging technologies such as AI, ML and Big Data and is bringing about a transitional shift in micro-lending for small & medium enterprises which is analyzed to contribute significantly to the growth of Artificial Intelligence in the Small & Medium Business Market in the BFSI industry during the forecast period.

Artificial Intelligence In Small & Medium Business Market Segment Analysis - by Geography

Artificial Intelligence In Small & Medium Business Market in Asia Pacific region is analysed to grow at the fastest rate, with a CAGR of 26.34% during the forecast period 2022-2027, majorly driven by the growing governmental programs for the implementation of AI in small and medium enterprises in this region. For instance, in March 2020, the Ministry of Industry and Information Technology (MIIT) in China issued a special action plan for the digital empowerment of SMBs. The Fudan-Ping, a Research Institute for Macroeconomy report confirms the necessity of this action plan and recommends that governments at all levels increase their support to large technology companies that are developing standardized digital services which meet the needs of SMEs and provide tax cuts and financing facilities for SMEs' digital transformation projects. Moreover, increasing government investments in the deployment of various AI technologies in this region tend to contribute significantly to the growth of Artificial Intelligence in the Small & Medium Business Market in Asia-Pacific region during the forecast period.

Artificial Intelligence In Small & Medium Business Market Drivers

The rising adoption of cloud-based services by small and medium enterprises (SMEs) is analyzed to drive Artificial intelligence in the Small & Medium Business market:

The rise in the adoption of cloud-based solutions is a key factor driving the growth of Artificial Intelligence in the Small & Medium Business Market. This cloud-based solution will help in lowering the adoption costs, facilitates co-creation and innovation thereby driving AI-powered transformation in Small & Medium Business. 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 service 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 which tend to promote the growth of Artificial Intelligence in the Small & Medium Business Market during the forecast period.

Usage of Artificial Intelligence In Small & Medium Businesses to effectively delegate routine tasks is expected to drive the Market:

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 across the globe. AI is expected to benefit SMEs, 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. 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. In addition, the AI can also perform some mundane tasks like scheduling business meetings and many more. For instance, 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. These advantages offered by AI in SMBs tend to contribute significantly in its market growth during the forecast period.

Artificial Intelligence In Small & Medium Business Market Challenge

Increasing cyber threats and privacy concerns tend to hamper the growth of Artificial Intelligence in the Small & Medium Business Market:

With the growing adoption of the digital technologies, the risks of cyberattacks and data breaches have increased significantly. These cyberattacks may cause huge financial losses to organizations and consumers. Therefore, tackling this data privacy and cyberattack issue is a major threat to the global artificial intelligence market. Small & Medium businesses have become one of the biggest targets for cyber-attacks in the past few years. As a result of inadequate security and a lack of awareness and training for staff, they have become easy prey. According to The Identity Theft Center, data breaches have increased by 38% since 2021, costing $4.24 million and forcing 78% of companies to re-evaluate their cybersecurity practices. In the last four years, the financial impact of cybercrimes has increased heavily and the time it takes to resolve cyberattacks has doubled. The increase in data from various sources is cumbersome for several IT teams. The inefficiency of managing exabytes and petabytes of data has increased the chances of security breaches and data losses. These factors tend to be a major factor restraining the growth of Artificial Intelligence In Small & Medium Business Market across the globe.

Artificial Intelligence In Small & Medium Business Market Industry Outlook

Product launches, acquisitions and R&D activities are key strategies adopted by players in the Artificial Intelligence In Small & Medium Business Market Report. The top 10 companies in the Artificial Intelligence In Small & Medium Business Market are:

  1. Amazon
  2. IBM Corporation
  3. Microsoft Corporation
  4. Google LLC
  5. NVIDIA Corporation
  6. SAP SE
  7. Oracle Corporation
  8. Hewlett Packard Enterprises Development LP
  9. SAS Institute Inc.
  10. Salesforce Inc.

Recent Developments

  • In April 2022, Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company announced that the company invested more than $30 million to early-stage start-ups, known as new AWS Impact Accelerator, led by Black, Latino, LGBTQIA+ and women founders. As per the investment plan, every qualifying start-up receives up to $225,000 from AWS Impact Accelerator for accelerating their technological endeavors, including optimizing cloud infrastructure.
  • In April 2022, Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company signed a collaboration agreement with Boeing to offer support to Boeing in terms of extending the aerospace's existing cloud operations. The collaboration also streamlines Boeing’s approach to cloud computing with the help of AWS. In addition, AWS power the new and existing Boeing digital applications to denote valuable insights for driving more efficient operations, product innovation and enhanced customer support.
  • In November 2021, IBM Corporation signed the partnership agreement with NeuReality, a semiconductor company for the next generation of AI-Centric computing system. The business partnership was developed to design AI Interface Platform, resulting in providing software integration support as well as the system-level validation in terms of the NR1 service platform availability.

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1. Artificial Intelligence In Small & Medium Business Market - Market Overview
    1.1 Definitions and Scope
2. Artificial Intelligence In Small & Medium Business Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Type
    2.2 Key trends segmented by Geography
3. Artificial Intelligence In Small & Medium Business Market – Market Landscape
    3.1 Comparative Analysis
        3.1.1 Company/Product Benchmarking -Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 10 Companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis
4. Artificial Intelligence In Small & Medium Business Market – Startup companies Scenario Premium Premium
    4.1 Venture Capital and Funding Scenario
    4.2 Startup Company Analysis
5. Artificial Intelligence In Small & Medium Business Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis
6. Artificial Intelligence In Small & Medium Business Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Opportunity Analysis
    6.4 Porter five force model
        6.4.1 Bargaining power of suppliers
        6.4.2 Bargaining powers of customers
        6.4.3 Threat of new entrants
        6.4.4 Rivalry among existing players
        6.4.5 Threat of substitutes
7. Artificial Intelligence In Small & Medium Business Market – By Strategic Analysis (Market Size - $Million/Billion)
    7.1 Value Chain Analysis
    7.2 Product Life Cycle Analysis/ Market Life Cycle Analysis
    7.3 Distributors Analysis - Major Companies
8. Artificial Intelligence In Small & Medium Business Market- By Type (Market Size - $Million/Billion)
    8.1 Artificial Narrow Intelligence (ANI)
    8.2 Artificial General Intelligence (AGI)
    8.3 Artificial Super Intelligence (ASI)
9. Artificial Intelligence In Small & Medium Business Market - By Deployment (Market Size - $Million/Billion)
    9.1 On-Premises
    9.2 Cloud
    9.3 Hybrid
10. Artificial Intelligence In Small & Medium Business Market - By Technology (Market Size - $Million/Billion)
    10.1 Machine Learning
    10.2 Deep Learning
    10.3 Natural Language Processing
    10.4 Others
11. Artificial Intelligence In Small & Medium Business Market - By Learning Model (Market Size - $Million/Billion)
    11.1 Unsupervised Learning
    11.2 Supervised Learning
    11.3 Reinforced Learning
    11.4 Semi-supervised Learning
    11.5 Others
12. Artificial Intelligence In Small & Medium Business Market - By SME Market Type (Market Size - $Million/Billion)
    12.1 Solo Proprietorship
    12.2 Partnership
    12.3 Closed Corporation
    12.4 Limited Liability Partnership
13. Artificial Intelligence In Small & Medium Business Market - By Application (Market Size - $Million/Billion)
    13.1 Customer Relationship Management
    13.2 Fleet Management
    13.3 Talent Management
    13.4 Financial Reporting
    13.5 Risk Assessment
    13.6 Sales & Marketing Activity Handling
    13.7 Improving Talent Acquisition
    13.8 Visualization, Analysis & Reporting
    13.9 Inventory Management
    13.10 Security Application
    13.11 Others
14. Artificial Intelligence In Small & Medium Business Market - By End-User Industry (Market Size - $Million/Billion)
    14.1 BFSI
    14.2 Retail & E-commerce
    14.3 Healthcare
    14.4 Media & Entertainment
    14.5 Manufacturing
    14.6 Automotive
    14.7 Transportation & Logistics
    14.8 Others
15. Artificial Intelligence In Small & Medium Business Market - By Geography (Market Size - $Million/ Billion)
    15.1 North America
        15.1.1 Canada
        15.1.2 Mexico
        15.1.3 the U.S.
    15.2 South America
        15.2.1 Argentina
        15.2.2 Brazil
        15.2.3 Chile
        15.2.4 Colombia
        15.2.5 Rest of South America
    15.3 Europe
        15.3.1 France
        15.3.2 Germany
        15.3.3 Italy
        15.3.4 the Netherlands
        15.3.5 Rest of Europe
        15.3.6 Spain
        15.3.7 the U.K
    15.4 Asia-Pacific
        15.4.1 Australia
        15.4.2 China
        15.4.3 India
        15.4.4 Japan
        15.4.5 Rest of APAC
        15.4.6 Singapore
        15.4.7 South Korea
    15.5 Rest of the World
        15.5.1 the Middle East
        15.5.2 Africa
16. Artificial Intelligence In Small & Medium Business Market - Market Entropy
    16.1 New Product Launches
    16.2 M&A’s, Collaborations, JVSs & Partnerships
17. Artificial Intelligence In Small & Medium Business Market – Industry Competition landscape Premium Premium
    17.1 Global Market Share
    17.2 Market share by Region
    17.3 Market share by Country
18. Artificial Intelligence In Small & Medium Business Market – Key Company List by Country Premium Premium
19. Artificial Intelligence In Small & Medium Business Market - Company Analysis
    19.1 Amazon
    19.2 IBM Corporation
    19.3 Microsoft Corporation
    19.4 Google LLC
    19.5 NVIDIA Corporation
    19.6 SAP SE
    19.7 Oracle Corporation
    19.8 Hewlett Packard Enterprises Development LP
    19.9 SAS Institute Inc.
    19.10 Salesforce Inc.
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