Artificial Intelligence Platform Market Report

Market Insights

The global artificial intelligence platform market is expected to grow from USD 8.79 billion in 2022 to USD 34.38 billion by 2029 at a CAGR of 21.5% during the forecast period.

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What is Artificial Intelligence (AI) Platform?

An Artificial Intelligence (AI) platform is a software infrastructure that enables the development, deployment, and management of AI applications. AI platforms provide a set of tools, frameworks, and libraries that allow developers to build and deploy AI models quickly and efficiently. These platforms can be used to develop a wide range of AI applications, including natural language processing, computer vision, and machine learning.

They can also integrate with other software platforms and databases to provide a seamless user experience. AI platforms can be cloud-based or on-premise, and they can be customized to meet the specific needs of different organizations. The use of AI platforms can help organizations to leverage the power of AI and machine learning to gain insights, automate processes, and make better decisions. Overall, AI platforms are essential for enabling the widespread adoption of AI and unlocking its potential benefits.

Key Players

The major players operating in the global artificial intelligence platform market are:

• Microsoft (US)
• Google (US)
• Salesforce (US)
• Intel (US)
• IBM (US)
• Amazon Web Services (US)
• HPE (US)
• Qualcomm Technologies (US)
• Ayasdi (US)
• Absolutdata (US)

Market Dynamics

The market is primarily driven by various factors, including the widespread production of data, a rising demand for solutions based on artificial intelligence, a push for improved efficiency and lower costs, and an increasing desire to enhance the customer experience. However, the growth of the AI platform market faces hurdles such as a shortage of skilled workers and concerns about data privacy in emerging economies.

The growth of the artificial intelligence platform market can be attributed to the shift towards automation to increase organizational productivity in various sectors, as well as the increasing demand for smart virtual assistants. The market is also driven by the growing demand for solutions based on artificial intelligence and machine learning.

However, the lack of skilled professionals and security concerns related to data privacy and reliability are impeding the growth of the industry. Despite these challenges, the market is expected to offer profitable opportunities due to the increase in innovations across various end-users and the use of artificial intelligence to identify business trends.

AIOps (Artificial Intelligence for IT Operations) is an emerging approach that uses machine learning, data analytics, and other AI techniques to enhance the IT operations and management of an organization. AIOps can help in automating tasks, reducing manual intervention, improving system performance, and detecting and resolving issues before they become critical. Several companies are investing in AIOps to improve their IT operations and offer better services to their customers.

Segment Analysis

Tool Insights

The Machine Learning (ML) tool is projected to dominate the tools segment with a larger market share and a higher Compound Annual Growth Rate (CAGR) during the forecast period. AI platform tools facilitate the deployment of AI-enabled algorithms or APIs. A range of industry sectors, including Banking, Financial Services, and Insurance (BFSI), healthcare, and retail and eCommerce, are utilizing AI platform applications to analyze vast amounts of data needed to make informed decisions.

Service Insights

The managed service is predicted to have a higher CAGR and make a larger contribution among all services in the services segment. This service is growing at a faster pace due to the two modes of deploying AI platforms, namely cloud and on-premises. Managed service providers help organizations utilize AI platform-enabled solutions to their full potential by addressing the complexity involved in infrastructure management and providing maintenance and support.

Deployment Mode Insights

The cloud deployment mode is anticipated to hold the largest market share and exhibit the highest CAGR during the forecast period in the deployment mode segment. This is because cloud-based solutions provide extensive and flexible options to serve the needs of the AI platform market.

Application Insights

The forecasts and prescriptive models are projected to have the largest market share in the application segment, while text recognition is expected to exhibit the highest CAGR during the forecast period. Forecasts and prescriptive models aid in analyzing customer behavior and identifying specific patterns in data, while text recognition enables the recognition and interpretation of text data.

End-user Insights

The BFSI sector is expected to be the largest contributor in the end-user segment, while the healthcare sector is projected to exhibit the highest CAGR during the forecast period. Both sectors are utilizing AI platforms to gain insights from vast amounts of data, improve the customer experience, analyze data trends, and enhance the decision-making process.

AI plays a critical role in the expanding digitization of the manufacturing sector. Advancements in technologies such as IoT, 5G, cloud computing, big data analytics, smart sensors, 3D printing, and robotics are expected to transform the manufacturing segment into a cohesive system. AI solutions will connect machines, interfaces, and components in factories to enhance efficiency, while large amounts of data will be gathered and stored in AI-powered devices to improve the manufacturing process.

Other end-users such as retail and eCommerce, transportation, and research and academia are also making significant contributions to the AI platform market. These sectors are driven by the need for real-time data, faster response times to customer inquiries, and improved business process efficiency. As a result, these industries are expected to experience significant growth rates during the forecast period.

Geographic Analysis

The global AI platform market has been divided into regions, including North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is expected to be the largest revenue-generating region due to a high focus on R&D innovations in developed economies such as the US and Canada. The AI platform market in these regions is highly competitive and rapidly changing.

The Asia Pacific region is anticipated to have the fastest growth in the AI platform market due to higher technological advancements and rapid expansion of domestic enterprises, making it a highly potential market.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com

Recent Developments

• In December 2022, Oracle acquired Newmetrix to integrate AI technology into cloud platform. Newmetrix’s AI helps detect and reduce project risks.
• In November 2022, NVIDIA entered into a multi-year partnership with Microsoft to build one of the world’s most powerful AI supercomputer.
• In October 2022, IBM announced an expansion of its embeddable AI software portfolio with the release of three new libraries designed to assist IBM Ecosystem partners, clients and developers more easily, quickly and cost-effectively develop their own AI-powered solutions and bring them to market.
• In October 2022, Oracle and NVIDIA entered into a multi-year partnership to speed AI adoption for businesses with the help of NVIDIA’s accelerated computing stack.