What Has Been The Evolution of the Artificial Intelligence Platforms Market in Recent Years?
The artificial intelligence platforms market has seen considerable growth due to a variety of factors.
• The market for artificial intelligence platforms has experienced considerable expansion in the past few years. The market, which was worth $15.2 billion in 2024, is predicted to surge to $19.44 billion in 2025, representing a compound annual growth rate (CAGR) of 27.9%.
Factors such as the increasing accessibility of big data, the advancement of machine learning algorithms, the incorporation of cloud computing, applications pertinent to specific industries, and a burgeoning talent pool have contributed to the historical period's growth.
How Will the Artificial Intelligence Platforms Market?
The artificial intelligence platforms market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations are high for the artificial intelligence platforms market to experience a tremendous upsurge in the coming years. The market value will soar to $51.73 billion by 2029, with an expected compound annual growth rate (CAGR) of 27.7%.
Factors compelling this growth during the forecast period include the democratization of AI, an exponential increase in IoT device usage, advancements in natural language processing (NLP), emphasis on explainability and dependability, and the integration of edge AI. The forecast period will also see key trends such as global synchronization on AI standards, the use of AI in cybersecurity, rapid technology advancements, AI-powered DevOps (AIOps).
Which Factors Are Boosting Growth In The Artificial Intelligence Platforms Market?
The burgeoning of the automotive sector is anticipated to stimulate the expansion of the artificial intelligence platform market. The automotive sector consists of businesses operating in various arenas like designing, manufacturing, marketing, and selling motor vehicles. AI platforms are employed to anticipate possible equipment failures in vehicles by examining the data from sensors, detecting patterns, and predicting maintenance needs, this, in turn, helps avoid breakdowns and reduces downtime. For example, as per the Board of Governors of the Federal Reserve System, a government agency in the U.S, the total vehicle production in the U.S shot up to 10.80 million units in December 2023 from 10.47 million units in November 2023. Moreover, according to the European Automobile Manufacturers Association, a Belgium-based organization, around 85.4 million motor vehicles were produced worldwide in 2022, marking an increase of 5.7% from 2021. Consequently, the expansion of the automotive sector is fuelling the growth of the artificial intelligence platform market.
What Key Areas Define The Segmentation Of The Global Artificial Intelligence Platforms Market?
The artificial intelligence platforms market covered in this report is segmented –
1) By Component: Artificial Intelligence Tools, Artificial Intelligence Machine Learning Platforms, Artificial Intelligence Natural Language Processing Platforms, Artificial Intelligence Services
2) By Deployment Mode: Cloud-Based Ai Platforms, On-Premise Ai Platforms
3) By Application: Forecasts And Prescriptive Models, Chatbots, Speech Recognition, Text Recognition, Other Applications
4) By Industry Vertical: Manufacturing, Healthcare, BFSI (Banking, Financial Services, And Insurance), It And Telecom, Automotive, Education, Media And Entertainment, Transportation, Retail And E-Commerce, Other Industry Verticals
Subsegments:
1) By Artificial Intelligence Tools: Development Tools, Visualization Tools, Testing And Monitoring Tools
2) By Artificial Intelligence Machine Learning Platforms: Cloud-Based ML Platforms, On-Premises ML Platforms, Automated Machine Learning (AutoML) Tools
3) By Artificial Intelligence Natural Language Processing Platforms: Speech Recognition, Text Analysis, Language Generation
4) By Artificial Intelligence Services: Consulting Services, Implementation Services, Maintenance And Support Services
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What Trends Are Shaping The Artificial Intelligence Platforms Market?
Leading firms in the artificial intelligence platform market are introducing novel products with enhanced technologies, such as AI-fuelled decision-making platforms, to solidify their market position. AI-based decision-making platforms are technological applications that exploit artificial intelligence algorithms and machine learning skills to scrutinize data, extract valuable information, and offer suggestions or automated decisions. As an illustration, in May 2023, a US-based software enterprise, o9 Solutions Inc., unveiled a new AI platform known as aim10x. This platform is a distinctive global arena created to aid innovators, academics, and leaders across various industries in organizational planning and decision-making. The aim10x platform, through personalized content, webinars, remote and direct events, and a live global event series, is geared towards assisting professionals in areas such as supply chain, procurement, revenue management, IT, and sustainability to foster connection, exchange insights, and learn from one another, thus propelling their organizations into the digital era.
Who Are the Key Players In The Artificial Intelligence Platforms Market?
Major companies operating in the artificial intelligence platforms market report are:
• Apple Inc.
• Google LLC
• Samsung Electronics Co. Ltd.
• Microsoft Corporation
• Alibaba Group Holding Limited
• Meta Platforms Inc.
• Amazon Web Services Inc.
• General Electric Company
• Intel Corporation
• International Business Machines Corporation (IBM)
• Qualcomm Technologies Inc.
• Nvidia Corporation
• Hewlett Packard Enterprise (HPE)
• salesforce.com inc.
• Siemens AG
• Infosys Limited
• Wipro Limited
• NEXT IT CORPORATION
• Kasisto Inc.
• Enlitic Inc.
• Premonition LLC
• iCarbonX Corporation
• Absolutdata Ltd.
• Rainbird Technologies Inc.
• Mindmeld Inc.
• H2O.ai
• Ayasdi Inc.
• General Vision Inc.
What Is The Most Dominant Region In The Artificial Intelligence Platforms Market?
North America was the largest region in the artificial intelligence platforms market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
