Artificial Intelligence Platforms Market Analysis North America,APAC,Europe,South America,Middle East and Africa - US,China,Germany,UK,France - Size and Forecast 2023-2027

Artificial Intelligence Platforms Market Forecast 2023-2027

The Global Artificial Intelligence Platforms Market is forecast to increase by USD 31.25 billion at a CAGR of 34.86% between 2022 and 2027. The Global Artificial Intelligence Platforms Market experiences growth driven by pivotal factors shaping the technological landscape. With a rising demand for AI-based solutions across industries, there's a corresponding surge in investments in research and development for AI technology. Additionally, the increasing adoption of cloud-based AI solutions addresses scalability and accessibility needs, further propelling market expansion. This dynamic market landscape underscores the critical role of artificial intelligence platforms in driving innovation and efficiency across various sectors globally. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report consists of historic market data from 2017 to 2021.

What will be the size of the Artificial Intelligence Platforms Market During the Forecast Period?

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Market Segmentation

The market share growth by the retail segment will be significant during the forecast period. The retail market segment is one of the fastest growing compared with other end-users. Rising digitalization and the prominence of e-commerce or e-retail have bolstered the need for significant business transformation in the retail industry. The emergence of technologies such as Big Data, IoT, and workflow automation are accelerating technological transformations in the sector.

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The retail segment was valued at USD 534.73 million in 2017 and continued to grow until 2021. Customer-centricity is a new phenomenon in the modern world. Customer-centricity is impossible to achieve without the smart collection, analysis, and management of data and content generated across platforms and systems. This phenomenon has also permanently transformed the way retailers target customers. In a bid to stay competitive in the globalized world, players in the retail sectors are increasingly deploying AI tools for a centralized and omnichannel product and custom content management solution. The AI platform facilitates superior decision-making capabilities across the retail value chain and helps in customer relationship management (CRM). Furthermore, retailers are embracing advanced IT solutions to transform their IT environment to remain competitive in the marketplace. They are revamping their front-end and back-end mainframe lifecycle development processes with the help of the these platform to increase business efficiencies. Hence, such factors will fuel the growth momentum of the market segment during the forecast period. 

Key Regions

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North America is estimated to contribute 66% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

North America is one of the major regions driving the adoption of these platforms in various industries, such as banking and retail. The need for automated machine-driven decisions is one of the major factors driving the growth of AI. The US is one of the leading countries in terms of the number of AI-related patents filed globally. The US and Canada together hold approximately 26% of all global AI-related patent applications. Additionally, the US federal government has also launched several initiatives for AI and its adoption.

Market Dynamics and Customer Landscape

The global artificial intelligence platforms market is witnessing significant industry adoption across various sectors such as automotive, healthcare, retail, food and beverages, and BFSI, driven by the proliferation of digital technologies and the internet. AI software, powered by machine learning and data mining techniques, facilitates data processing and pattern identification, enhancing decision-making processes and operational efficiency while fostering product innovation and improving customer experience. Cutting-edge technologies like SSD, ANN, and AIaaS leverage advanced hardware components such as GPU, CPU, ASICs, and FPGAs, catering to diverse applications ranging from aerospace to security and surveillance. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The rising demand for AI-based solutions is notably driving market growth. The market is experiencing notable growth driven by the increasing demand for AI-based solutions across various industries such as automotive, healthcare, retail, and food and beverages. A significant factor contributing to the growth of the infrastructure is the rise of cloud-based services and machine learning (ML) platforms. The demand for AI hardware in high-performance computing data centers, coupled with the growing volumes of data in sectors like healthcare and automotive, is fueling the adoption of cloud-based solutions.

The deployment of these solutions on cloud platforms offers numerous benefits, including reduced operational costs, hassle-free deployment, scalability, easy data accessibility, faster access to critical data, and lower capital requirements. This has led to increased adoption of cloud-based AI platforms among organizations seeking to leverage advanced technologies such as IoT and blockchain. As IT infrastructure management becomes more complex with the integration of these technologies, organizations are migrating from traditional on-premises solutions to cloud-based deployments.

This shift encourages solution providers to develop more robust cloud-based offerings to meet the evolving needs of customers. Cloud-based deployment enhances organizations' ability to predict risks by providing easy access to resources in critical situations. Additionally, it improves business flexibility, facilitates access to real-time data, and enables companies to focus on enhancing their core competencies by eliminating administrative hurdles associated with supporting infrastructure. Consequently, these factors are expected to drive the growth of the global market during the forecast period, fostering advancements across industries such as banking, aerospace, security, and surveillance.

Significant Market Trends

Increasing investments in AI start-ups is an emerging trend in the market. AI has the potential to transform several industries. Hence, investors worldwide are investing heavily in AI start-ups. These deals are related to all applications that use AI technology in sectors such as healthcare, finance, advertising, energy, and general-purpose AI. Furthermore, the number of AI start-ups has surged in recent years. In 2018, globally, there were 18 start-ups, including SoftBank-backed ByteDance, which was the most funded company.

Industries such as healthcare, finance, and transportation were the major investors in AI start-ups. Intel Corp. (Intel) and Google heavily invested in AI in 2019 as they acquired the greatest number of AI start-ups. For instance, in December 2019, Intel acquired AI Chip start-up Habana Labs for USD 2 billion. Similarly, in May 2020, Intel announced plans to acquire AI-powered transit start-up Moovit for USD 900 million. Furthermore, in January 2020, Apple acquired Xnor.ai, a start-up, for USD 200 million. The increase in the number of start-ups is expected to lead to more mergers and acquisitions in the market in focus. As all Companies want to be leaders in terms of using AI technology, this will result in the development of AI technology. Hence, such factors are expected to drive the growth of the market during the forecast period.

Major Market Challenge

The lack of skilled professionals is a major challenge impeding market growth. A major deterrent to the growth of the market is the lack of technical expertise among the workforce. End-user companies that implement AI must have sound knowledge of the working of AI software platforms and be capable of carrying out periodic updates to ensure smooth operations. This lack of technical knowledge often deters end-users from adopting AI in their social media platforms.

The rise in the number of industries and businesses around the world has led to the generation of huge volumes of data. These data sets cannot be processed using a single machine. Thus, AI and cybersecurity professionals need to have in-depth knowledge of programming languages. Successful analysis also requires technical and functional expertise. Furthermore, AI chips are undergoing evolution due to changing technologies. Most activities, such as bug fixing, testing, digital, and cloud implementation, are being taken over by AI chips. However, inadequate skill sets can adversely affect the efficient delivery of AI platforms. Therefore, such factors are expected to hinder the growth of the market during the forecast period.

Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Artificial Intelligence Platforms Market Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Salesforce Inc. - The company operates under one segment. The company under this segment focuses on delivering customer data across systems, apps, and devices to help companies sell, service, market, and conduct commerce from anywhere. The key offerings of the company include artificial intelligence platforms. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:

• Alphabet Inc.
• Amazon.com Inc.
• Amelia US LLC
• Baidu Inc.
• Dell Technologies Inc.
• Hewlett Packard Enterprise Co.
• Infosys Ltd.
• Intel Corp.
• International Business Machines Corp.
• Microsoft Corp.
• Nuance Communications Inc.
• NVIDIA Corp.
• Palantir Technologies Inc.
• Qualcomm Inc.
• SAP SE

Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, robust, tentative, and weak.

Market Analyst Overview

The global Artificial Intelligence Platforms market is witnessing significant growth, fueled by the adoption of Artificial Intelligence (AI) in various sectors like food and beverages, BFSI, and aerospace. Leveraging digital technologies and the internet, these platforms excel in data mining, machine learning, and data processing, enabling efficient pattern identification. Businesses benefit from improved operational efficiency and customer experience, fostering product innovation. Advanced technologies such as SSD (Single Shot MultiBox Detector), Rapid Response Virtual Agent, and ANN (Artificial Neural Networks) empower security & surveillance systems. Moreover, the emergence of Artificial Intelligence as a Service (AIaaS) and utilization of GPU (Graphics Processing Unit), CPU, ASIC (application-specific integrated circuits), and FPGAs (field-programmable gate arrays) signify the market's evolution towards enhanced performance and scalability in AI-driven solutions.

The Global Artificial Intelligence Platforms Market is experiencing rapid growth, particularly in sectors like the BFSI sector, driven by factors such as algorithmic trading and credit risk assessment. Compliance with the General Data Protection Regulation (GDPR) is crucial, prompting the adoption of advanced fraud detection systems. Industry leaders embrace AI for real-time data-driven decision-making and process optimization, leveraging business intelligence tools. Intelligent solutions like chatbots and Intelligent Virtual Assistants revolutionize customer interactions through natural language processing and speech recognition. Tailored solutions cater to diverse sectors such as medical imaging analysis and drug discovery, advancing research and development efforts. However, challenges such as security concerns, ethical considerations, and integration challenges persist, underscoring the need for robust regulatory support and ethical guidelines to address these complexities and ensure data privacy.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027. 

• Deployment Outlook 
  • On-premise
  • Cloud-based

• Application Outlook
  • Retail
  • Banking
  • Manufacturing
  • Healthcare
  • Others

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

Artificial Intelligence Platforms Market Scope
Report Coverage	Details
Page number	185
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 34.86%
Market growth 2023-2027	USD 31.25 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	32.45
Regional analysis	North America, APAC, Europe, South America, and Middle East and Africa
Performing market contribution	North America at 66%
Key countries	US, China, Germany, UK, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Alphabet Inc., Amazon.com Inc., Amelia US LLC, Baidu Inc., Dell Technologies Inc., Hewlett Packard Enterprise Co., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Nuance Communications Inc., NVIDIA Corp., Palantir Technologies Inc., Qualcomm Inc., Salesforce.com Inc., SAP SE, SAS Institute Inc., ServiceNow Inc., Tata Consultancy Services Ltd., and Wipro Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2023 and 2027
• Precise estimation of the market and their contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Market growth analysis across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Market forecasting of factors that will challenge the growth of the key market companies

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