The market for AI platforms is expected to reach a value of US$ 10 billion in 2022 and is projected to increase at a CAGR of 38.2% to reach US$ 254.14 billion by the end of the forecast period of 2022–2032. The market, which was valued at US$ 9.6 billion as of 2021, is anticipated to grow by 4.2% year over year between 2021 and 2022.
The market for AI platforms has expanded because decision-making is a crucial process for service providers and different manufacturers in the industry. Players are now concentrating on building AI platforms and aiming for niche solutions for resolving particular enterprise problems, which has fueled the growth of the AI platform market.
The three stages that the AI platform goes through are learning, reasoning, and self-correction. Learning involves gathering information in order to use it, and reasoning involves applying rules to arrive at approximations or firm conclusions.
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AI Platform Market: Drivers and Challenges
One of the drivers for the AI platform market is the increase in the demand of AI-based solutions and products in the market. Another driver for the AI platform market includes the surplus amount of data available and developed using the hardware or other sources.
This helps the AI platform to work with full efficiency and reach out to the best possible results. Also, as there are technological advancements all round the world, there are growing innovations in the AI technology which would lead to the growth of AI platform market.
The ease of doing work is also a factor which is driving the market for AI platform as these platform would help in the formation of intelligent business processes.
The factor which has been the major restraint for the AI Platform market is the skill gap which prevails in the market, and the use of AI platform mostly for the popular applications which keeps the other applications underdeveloped.
AI Platform Market: Market Participants
Examples of some of the market participants in the global AI platform market identified across the value chain include Microsoft Corporation, Google, Amazon Web Services, Infosys, Wipro, Premonition, Rainbird Technologies, Ayasdi, Inc., Mindmeld (Cisco Systems), Facebook, Vital AI, LLC, Kasisto, Receptiviti, Locl Interactive Inc., HPE, Qualcomm Technologies, and Absolutdata, Salesforce, IBM, Intel, and others of AI Platform market.
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AI Platform Market: Regional Overview
On the basis of geography, the global AI platform market can be segmented into North America, Latin America, Europe, CIS & Russia, Asia Pacific excluding Japan, Japan, and the Middle East & Africa.
Among all these regions, North America is expected to hold a major market share of the global AI platform market during the forecast period, due to the early adoption of the AI platform based applications, and also due to the increased number of established players in the region regarding the AI platform market.
Regional analysis includes
- North America
- Latin America
- Europe
- CIS & Russia
- Japan
- APEJ
- Middle East & Africa
AI Platform Market: Segmentation
The AI platform market can be segmented on the basis of component, deployment mode, application, end-user, and region.
On the basis of components, the AI platform market can be segmented into:
- Tools
- Machine Learning
- Natural Language Processing Services
- Managed Services
- Professional Services
These are the major components of AI platforms which are in which machine learning tools being the most attractive in terms of market growth in recent times.
On the basis of deployment mode, the AI platform market can be segmented into:
- Cloud
- On-premise
On the basis of application, the AI platform market can be segmented into:
- Forecasts and prescriptive models
- Chatbots
- Speech recognition
- Text recognition
- Others
On the basis of end-user, the AI platform market can be segmented into:
- Manufacturing
- Healthcare
- BFSI
- Education
- Transportation
- Retail and e-Commerce
- Robotics
- Others
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