Tremendous analysis on a gigantic dataset and gaining insights from them are the major activities on which the artificial intelligence platform market vendors are leveraging upon
We as humans are not capable and meant to execute cyclic and recurring tasks consistently for long hours, and instead we will have AI tools and robots to accomplish that. Tedious, repetitive, and complex workflows in the businesses are slowing down the processes, concurrently increasing the cost of operations involved. Automation and digitalization are being leveraged upon by the industries to amplify the efficiency in work by reducing human error and boosting the production with the help of technologically-rich ecosystem. Artificial intelligence, cognitive learning, and neural networks are some of the advanced techniques that are being engaged upon to achieve automation in businesses and industrial activities. Artificial intelligence platforms simulate cognitive operations that humans perform such as learning, problem-solving, reasoning, general intelligence, and social intelligence. These technologies are evolving at a rapid pace and providing traction to the global Artificial Intelligence Platform Market which already held the global market size of $3.24 billion in 2018 and is projected to grow at an incredible CAGR of 27.84%, during the forecast period of 2019 to 2025. The surging investments in research and development of AI technology by private organizations, government bodies, and market influencers are impacting the global artificial intelligence platform market positively. Organizations and enterprises in various end-user industries are adamant about integrating AI capabilities in their business to optimize the value and production of their venture. For instance, the fintech industry is employing AI-enabled models to calculate potential risks involved in the market. Similar to fintech, the manufacturing, retail, automotive, healthcare, telecommunication, and tourism verticals are scaling up on AI platforms to escalate their return on investment, thereby driving the artificial intelligence platform market growth.
Moreover, artificial intelligence platforms are being harnessed to improve customer experiences by reinforcing machine learning and neural networks on sales and marketing of a particular product or a service. Evidently, marketing in a business is one of the most prominent stages of a product, and if done adequately, it can improve the revenues in the business exponentially, henceforth, companies are adamant about incorporating artificial intelligence in their operations, which is further supporting the growth in the global artificial intelligence platform market. Additionally, the increasing deployment of AI in various applications such as prescriptive models, forecasts, image, speech recognition, text recognition, face detection, is creating a huge opportunity for this market.
North America was the most lucrative region in artificial intelligence platform market with a revenue share of 56.87% in 2018. Cutting edge innovations, advances in the artificial intelligence technologies, and continuing research and development activities in the situated countries such as the U.S., Mexico, and Canada are further supporting the growth in the North American artificial intelligence platform market. However, the European region is poised to exhibit a tremendous growth owing to strong demand for AI systems, favorable macroeconomic factors, and rigorous investments catalyzed by ongoing research works in the region. According to the AI Index, Europe was the largest publisher of AI papers in the world with 28% of the globally published AI papers and China, on the other hand, was responsible for 25% of the articles published in 2017. Whereas, the presence of the fastest developing economies such as India, China, South Korea, and Japan in the APAC region is anticipated to propagate considerate market revenues in the artificial intelligence platform market.
The applications of artificial intelligence platforms are countless. However, the amalgamation of AI platforms in the transportation sector is considered as the primary application of the AI platforms market. This transportation application is expected to register growth at an astonishing CAGR of 37.31%, during the forecast period. Public passenger automotive involving autonomous buses and shuttle services are starting to propel in the transportation industry. Autonomous and cognitive electric buses have been initiated on a trial basis in numerous countries such as the U.S., Norway, Sweden, and China. Globally, the inconsistency on road surfaces, city infrastructure, weather, and traffic patterns have created a great opportunity for the artificial intelligence platform vendors to analyze and asses the existing conditions and try to implement effective AI models such that the operations in transportation enhance. Managing traffic operation, with the help of artificial intelligence platforms, can effectively improvise the traffic conditions in a city. Already, AI techniques are used for predicting and detecting traffic on the road, and this application of artificial intelligence platform is poised to grow at a radical pace as the adoption of AI is trending in a majority of the end-user industry. Similar to autonomous buses, self-driving trucks are also gaining popularity in both the developing and developed economies and are expected to use exceptional AI acquired insights to increase its application and significance. Mobility leader Uber has invested significant capital in self-driving trucks. Uber acquired autonomous technology innovator Otto in 2016 to expand its operations in autonomous trucks with the help of advanced technologies such as artificial intelligence. The AI platforms are not only limited to autonomous cars and trucks, but the technology can be utilized to optimize railways and aircraft operations. Applying AI techniques to analyze the railway and commercial aircraft itinerary details could reduce the human efforts and potential errors involved in handling the railway and aircraft movements. Therefore, with such numerous application areas of artificial intelligence platform in the transportation segment, the growth in the global AI platform market is inevitable in the upcoming years.
AI Platforms for OTT: A Major Trend in the AI-based Entertainment Ecosystem
Over-the-top services such as the Netflix and Amazon Video are an extensive user of artificial intelligence platforms. These OTT services generate gigantic data daily. Further, this data is used to apply AI models to enhance the customer experience. With this analysis, Netflix understands what a particular customer wants. This is where the AI platforms define what cognitive learning is. According to Forbes, a Netflix customer loses interest in 60 to 90 seconds while searching for something to watch. All of these analyses is a part of the advanced machine learning, big data, and artificial intelligence techniques applied to the huge data set. The prevailing culture of binge-watching among the millennial population is increasing demands for OTT platforms, which is further employing numerous AI platform vendors, leading to the growth in the global AI platforms.
AI Platforms: Perfect Tool for the Sales and Marketing Segment
Marketing of a product flourishes with the promotion of the correct product to the correct people. Thus, AI platforms use cognitive learning for advertising the right product to the concerned person. A technique known as market basket analysis is used by these AI platforms to promote the sales and marketing of a particular product. Advertising has remained a pillar in business, and the application of AI platforms for marketing purposes are projected to induce considerate profits in the global artificial intelligence platform market.
AI Platform Market Competitive Landscape
The key players influencing the artificial intelligence platform market are IBM, Google, Microsoft, Amazon, Salesforce, Oracle, Infosys, Intel, Ayasdi, SAP, Wipro, and Hewlett-Packard.
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