The global AI platform market is expected to be worth USD 10 billion in 2022, growing at a CAGR of 38.2% to be worth USD 254.14 Billion by the end of the forecast period of 2022-2032. The market was worth USD 9.6 billion in 2021, and it is expected to grow by 4.2% year on year between 2021 and 2022.
Because decision-making is a critical point for service providers and various manufacturers, the AI platform market has grown. The AI platform market has boomed as players are now focusing on creating AI platforms and targeting niche solutions for solving specific enterprise problems, which has led to its growth.
The process that the AI platform goes through is learning which includes the acquisition of information for using the information, the other is reasoning which includes using rules to reach approximate or definite conclusions, and the last is self-correction.
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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 for 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 hardware or other sources.
This helps the AI platform work efficiently and reach out to the best possible results. Also, as there are technological advancements all around the world, there are growing innovations in AI technology which would lead to the growth of the AI platform market.
The ease of doing work is also a factor that is driving the market for AI platforms as this platform would help in the formation of intelligent business processes.
The factor that has been the major restraint for the AI Platform market is the skill gap which prevails in the market, and the use of AI platforms mostly for popular applications which keeps the other applications underdeveloped.
Key Takeaways:
- North America to command 69% of AI platforms revenue, underscoring its pivotal role in the market’s revenue landscape.
- Rising demand for automated, machine-driven decisions to fuel growth in North American AI platform market.
- European Union countries witnessing burgeoning AI industry growth, especially in sectors like social media and marketing.
- Cloud deployment mode poised for supremacy with largest market share and fastest CAGR, offering versatile solutions to the AI platform market.
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Leading Key Players:
- Microsoft Corporation
- Amazon Web Services
- Infosys
- Wipro
- Premonition
- Rainbird Technologies
- Ayasdi Inc.
- Mindmeld (Cisco Systems)
- Vital AI
- Kasisto
- Receptiviti
- Locl Interactive Inc.
- HPE
- Qualcomm Technologies
- Absolutdata
- Salesforce
- IBM Corporation
- Intel
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AI Platform Market Segmentation:
By Component:
- AI Tools
- AI Machine Learning Platforms
- AI Natural Language Processing Platforms
- AI Services
- Managed Services
- Professional Services
By Deployment Mode:
- Cloud-based AI Platforms
- On-premise AI Platforms
By Application:
- AI Platforms for Forecasts and Prescriptive Models
- AI Platforms for Chatbots
- AI Platforms for Speech Recognition
- AI Platforms for Text Recognition
- AI Platforms for Other Applications
By End User:
- AI Platforms for Manufacturing
- AI Platforms for Healthcare
- AI Platforms for BFSI
- AI Platforms for Education
- AI Platforms for Transportation
- AI Platforms for Retail and e-Commerce
- AI Platforms for Robotics
- AI Platforms for Other End Users
By Region:
- North America
- Latin America
- Europe
- CIS & Russia
- Japan
- APEJ
- Middle East & Africa
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