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Artificial Intelligence Platform Market - By Type (Software, and Services [Professional Services, Managed Services]), By Technology (Natural Language Processing, Machine Learning, and Others), By Deployment Model (Cloud, and On-premises), By Organization Size (Small & Medium sized Enterprises, and Large Enterprises), By Application (Forecasts and prescriptive models, Chatbots, Speech recognition, Text recognition, and Others), By Industry Vertical (Manufacturing, Healthcare, Banking, Financial Services and Insurance (BFSI), Retail & E-commerce, IT & Telecom, Automotive, Education, Media & Entertainment, Transportation, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030
Artificial Intelligence Platform Market Overview:
Artificial Intelligence Platform Market size is estimated to reach US$44.8 billion by 2030, growing at a CAGR of 17.5% over the forecast period 2024-2030. Adoption of AI solutions for optimizing Business Workloads and Government Initiatives towards Improving Digitalization are expected to propel the growth of Artificial Intelligence Platform Market.
Additionally, a prominent factor in AI is the rapid evolution of Natural Language Processing (NLP). This involves the development of advanced algorithms and models capable of understanding, interpreting, and generating human-like language. The integration of sophisticated NLP into various industries, including customer service, healthcare, and content creation, is reshaping how businesses interact with users and process vast amounts of textual data, fostering more natural and context-aware human-computer interactions. Growing emphasis on Explainable AI (XAI), addresses the need for transparency and interpretability in AI models. XAI techniques aim to demystify the "black box" nature of complex algorithms, providing insights into how models reach specific conclusions. It is particularly crucial in sectors like finance, healthcare, and legal domains where accountability and ethical considerations are paramount.
Market Snapshot:
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Artificial Intelligence Platform Market - Report Coverage:
The “Artificial Intelligence Platform Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Artificial Intelligence Platform Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● The COVID-19 pandemic catalyzed a transformative shift in the AI platform market. As organizations sought innovative solutions to navigate disruptions, the demand for AI platforms surged. Businesses leveraged AI for diverse applications, from optimizing supply chains to enhancing healthcare analytics. The pandemic accelerated the adoption of remote-friendly AI platforms, emphasizing the need for resilient and adaptable systems. In response, the AI platform market witnessed increased investments and a rapid evolution in features, emphasizing automation, predictive analytics, and collaborative tools.
● The geopolitical events surrounding Ukraine had a notable impact on the AI platform market. The global technology landscape, particularly in terms of supply chains and talent distribution, experienced shifts as geopolitical tensions unfolded. Companies reevaluated their dependencies, leading to strategic adjustments in AI platform adoption. While some regions faced disruptions, others seized opportunities to strengthen their domestic AI capabilities.
Key Takeaways:
● North America Dominated the Market
Geographically, in the Artificial Intelligence Platform market share, the North America region is analyzed to hold a dominant market share of 39% in 2023, Organizations in North America have swiftly used AI to increase efficiency, productivity, and consumer experiences. In addition, AI serves as the cornerstone for autonomous or self-driving automobiles. Tesla, Waymo (an Alphabet Inc. subsidiary), and Uber are all aggressively pursuing opportunities in this area of technology. North America has a well-developed infrastructure for AI research and development. This includes the availability of funding, qualified researchers, and testing facilities. This infrastructure is essential for the development of new and innovative no-code AI platforms. In 2023, the leading company in North America announced a string of new AI services, including AWS Health Scribe - a service that aims to empower healthcare software providers to build clinical applications that use speech recognition and generative AI to save clinicians time by generating clinical documentation.
● Manufacturing is the Fastest Growing Segment
In the AI Platform Market forecast, the Manufacturing segment is estimated to grow with a CAGR of 18% during the forecast period, growing shift towards smart manufacturing, increasing need for automating manufacturing activities, along with rapid rise of productivity disruptions due to sudden equipment failure or defects. Leveraging AI platforms help the manufacturers in improving operational efficiency, customizing product designs, price forecasting, predictive analytics and many more, thus driving its market growth. In May 2022, Symphony AI Industrial launched an artificial intelligence embedded MOM 360 manufacturing operations management platform with functionalities including integrated manufacturing execution systems (MES), enterprise-level governance as well as AI-based process optimization. Such factors are set to drive the market growth of Artificial Intelligence Platform across the manufacturing industry on the long run.
● Software to Hold Largest Market Share
According to the Artificial Intelligence Platform Market analysis, the Software segment is estimated to hold the largest market share of 41% in 2023. The software segment includes platforms and applications that employ AI technologies. Artificial intelligence (AI) software platforms offer the tools and infrastructure required for AI application development. They can consist of machine learning libraries, development environments, and APIs that aid in facilitating the creation of AI models. On the other hand, AI apps are software solutions that use AI technologies to provide specialized services or accomplish specified activities. The need for automation, data-based decision-making, and improved consumer experiences has fueled the demand for AI software. The use of AI software will eventually become nothing more than a norm: a feature that is not considered revolutionary but one that is deemed necessary. The tech industry is striving to reach that norm using AI developer tools.
● Adoption of AI solutions for optimizing Business Workloads
Adoption of AI solutions for business workload optimization, is surging over time, due to its diverse applications like sales and demand forecasting, fraud detection, workforce management and so on. With features of Artificial Intelligence Platform in supporting the need for automation and optimization of business operations through facilitating companies; gaining a competitive advantage over competitors, increasing employee accountability, easing operation management & data handling, increasing security and many others, have raised its wider adoption. In May 2022, Infosenseglobal released ML Sense, the first no-code Artificial Intelligence Platform for developing machine learning models in the simplest possible way. Comprising of 40 absolutely ready machine learning and deep learning models, this can be used by end-users to import data in CSV or industry-standard formats from local desktop or cloud sources. These factors are set to accelerate the market growth of the Artificial Intelligence Platforms on the long run.
● Government Initiatives towards Improving Digitalization
Government initiatives towards improving digitalization through promoting use of AI technologies act as a major factor in boosting the growth of AI platforms. Government have started focusing on utilizing AI for building critical infrastructures, improving governance, maintaining security standards and so on, which in turn is catering to the adoptability of AI platforms. Moreover, governmental efforts on promoting smart education programs, efficient monitoring of governmental workloads, improving accountability and transparency and so on, have been assisting the further rise in AI platforms. In May 2022, The Ministry of Electronics and Information Technology had revealed about the development of an artificial intelligence-driven language translation platform, named Bhashini, it was launched to provide citizens with access to digital government services and information in their native language. The platform is open and interoperable, allowing MSMEs, start-ups and individuals to access AI and natural language processing resources. Such developments are set to accelerate the market growth of the Artificial Intelligence Platform Market.
● Lack of skilled professionals for handling AI workload hampers the market growth
Factors such as low enrolment ratio in AI courses, high cost of AI courses, expensive AI professionals and a lack of experience, skill and understanding among the majority of AI employees as well as lack of quality educational institutes, research labs, dedicated experts and so on; are adversely impacting its market adoption. According to the report, a large number of organisations have increased their investments in AI. However, the adoption rates are not always satisfactory; and on average, 25% of companies have experienced the failure of their AI projects. According to the report, the second most significant barrier for AI adoption is a lack of high-quality data. All of these factors limit the Artificial Intelligence Platform Market growth.
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Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Artificial Intelligence Platform Market. The top 10 companies in this industry are listed below:
1. Microsoft Corporation
2. Salesforce, Inc.
3. Clarifai
4. IBM Corporation
5. Intel Corporation
6. AWS, Inc.
7. Databricks
8. Baidu, Inc.
9. Wipro
10. Google LLC
Scope of Report:
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1. Artificial Intelligence Platform Market - Overview
1.1. Definitions and Scope
2. Artificial Intelligence Platform Market - Executive Summary
3. Artificial Intelligence Platform Market - Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Artificial Intelligence Platform Market - Start-up Companies Scenario
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Artificial Intelligence Platform Market – Market Entry Scenario Premium
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Artificial Intelligence Platform Market - Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's 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 Platform Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Artificial Intelligence Platform Market – By Type (Market Size – $Million/$Billion)
8.1. Software
8.2. Services
8.2.1. Managed Services
8.2.2. Professional Services
9. Artificial Intelligence Platform Market – By Technology (Market Size – $Million/$Billion)
9.1. Natural Language Processing
9.2. Machine Learning
9.3. Others
10. Artificial Intelligence Platform Market – By Connectivity (Market Size – $Million/$Billion)
10.1. Cloud
10.2. On-Premises
11. Artificial Intelligence Platform Market – By Application (Market Size – $Million/$Billion)
11.1. Forecasts and prescriptive models
11.2. Chatbots
11.3. Speech recognition
11.4. Text recognition
11.5. Others
12. Artificial Intelligence Platform Market – By Industry Vertical (Market Size – $Million/$Billion)
12.1. Manufacturing
12.2. Healthcare
12.3. BFSI
12.4. IT & Telecom
12.5. Automotive
12.6. Education
12.7. Media & Entertainment
12.8. Transportation
12.9. Retail and eCommerce
12.10. Others
13. Artificial Intelligence Platform Market – By Geography (Market Size – $Million/$Billion)
13.1. North America
13.1.1. Canada
13.1.2. Mexico
13.1.3. U.S.
13.2. South America
13.2.1. Argentina
13.2.2. Brazil
13.2.3. Chile
13.2.4. Colombia
13.2.5. Rest of South America
13.3. Europe
13.3.1. France
13.3.2. Germany
13.3.3. Italy
13.3.4. Netherlands
13.3.5. Belgium
13.3.6. Spain
13.3.7. UK
13.3.8. Denmark
13.3.9. Rest of Europe
13.4. APAC
13.4.1. China
13.4.2. Japan
13.4.3. India
13.4.4. South Korea
13.4.5. Australia and New Zealand
13.4.6. Indonesia
13.4.7. Taiwan
13.4.8. Malaysia
13.4.9. Rest of APAC
13.5. RoW
13.5.1. Saudi Arabia
13.5.1.1. UAE
13.5.1.2. Israel
13.5.2. South Africa
13.5.2.1. Nigeria
13.5.2.2. Rest of Africa
14. Artificial Intelligence Platform Market – Entropy
15. Artificial Intelligence Platform Market – Industry/Segment Competition Landscape
15.1. Market Share Analysis
15.1.1. Market Share by Region – Key Companies
15.1.2. Market Share by Country – Key Companies
15.2. Competition Matrix
15.3. Best Practices for Companies
16. Artificial Intelligence Platform Market – Key Company List by Country Premium
17. Artificial Intelligence Platform Market - Company Analysis
17.1. Microsoft Corporation
17.2. Salesforce, Inc.
17.3. Clarifai
17.4. IBM Corporation
17.5. Intel Corporation
17.6. AWS, Inc.
17.7. Databricks
17.8. Baidu, Inc.
17.9. Wipro
17.10. Google LLC
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The Artificial Intelligence Platform Market is projected to grow at a CAGR of 17.5% during the forecast period 2024-2030.
Global Artificial Intelligence Platform Market size is estimated to be $12.3 billion in 2023 and is projected to reach $44.8 billion by 2030.
The leading players in the Artificial Intelligence Platform Market are Microsoft Corporation, Salesforce, Inc., Samsung C&T Corporation, IBM Corporation, Intel Corporation, and Others.
Rapid evolution of Natural Language Processing (NLP) and Growing emphasis on Explainable AI (XAI) are the major trends in Artificial Intelligence Platform Market.
Adoption of AI solutions for optimizing Business Workloads and Government Initiatives towards Improving Digitalization are expected to drive the growth of Artificial Intelligence Platform Market. The integration of AI in healthcare and Advancement of AI in creating autonomous systems to create lucrative opportunities.