Global Artificial Intelligence Platforms Market 2024 New Trends, Business Growth, Segmentation And Key Players Analysis Till 2033

The artificial intelligence platforms market size has grown exponentially in recent years. It will grow from $11.83 billion in 2023 to $15.2 billion in 2024 at a compound annual growth rate (CAGR) of 28.5%. The growth in the historic period can be attributed to increasing availability of big data, evolution of machine learning algorithms, integration of cloud computing, industry-specific applications, growing talent pool.

The artificial intelligence platforms market size is expected to see exponential growth in the next few years. It will grow to $40.59 billion in 2028 at a compound annual growth rate (CAGR) of 27.8%. The growth in the forecast period can be attributed to ai democratization, exponential growth of iot devices, advancements in natural language processing (nlp), focus on explainability and trustworthiness, edge ai integration. Major trends in the forecast period include global collaboration on ai standards, ai in cybersecurity, rapid technological advancements, ai for cybersecurity, ai-driven devops (aiops).

Market Overview -
An artificial intelligence platform is a unified set of tools, frameworks and services created to simplify the development, deployment, and management of artificial intelligence applications. These platforms are utilized for creating and deploying machine learning models, automating complex tasks and enhancing decision-making processes.

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Automotive Industry Growth Fuels Expansion Of The Artificial Intelligence Platform Market
The growth of the automotive industry is expected to propel the growth of the artificial intelligence platform market going forward. The automotive industry encompasses businesses involved in the design, development, manufacturing, marketing and selling of motor vehicles. AI platforms are used to predict potential equipment failures in vehicles by analyzing data from sensors, detecting patterns, and forecasting maintenance needs. This helps prevent breakdowns and reduces downtime. For instance, in January 2024, according to the Board of Governors of the Federal Reserve System, a US-based government agency, total vehicle production in the United States increased to 10.80 million units in December 2023, up from 10.47 million units in November 2023. Furthermore, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based association, around 85.4 million motor vehicles were produced worldwide in 2022, an increase of 5.7% compared to 2021. Therefore, the growth of the automotive industry is driving the growth of the artificial intelligence platform market.

Competitive Landscape -
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.

Companies Redefine Market Dynamics With AI-Powered Decision-Making Platforms
Major companies operating in the artificial intelligence platform market are developing innovative products with advanced technologies, such as AI-powered decision-making platforms, to gain a competitive edge in the market. An AI-powered decision-making platform is a technology solution that leverages artificial intelligence algorithms and machine learning capabilities to analyze data, derive insights, and provide recommendations or automated decisions. For instance, in May 2023, o9 Solutions Inc., a US-based software company, launched aim10x, a new AI platform. The platform is a unique global space designed to support innovators, academics and cross-industry leaders in enterprise planning and decision-making. With a personalized experience that includes content curation, webinars, online and offline events, and a global and live event series, aim10x aims to help professionals in supply chain, procurement, revenue management, IT, and sustainability better connect, share insights, and learn from each other, so they can lead their organizations into the digital age.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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