Artificial Intelligence Software Platform Market Report 2024 - AI Software Platform Market Growth And Share

"The Business Research Company recently released a comprehensive report on the Global Artificial Intelligence Software Platform Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The artificial intelligence software platform market size has grown exponentially in recent years. It will grow from $43.85 billion in 2023 to $59.10 billion in 2024 at a compound annual growth rate (CAGR) of 34.8%. The growth in the historic period can be attributed to increased demand for automation across industries, growth in big data and the need for data processing solutions, increased adoption of cloud computing and storage, expansion of AI applications in healthcare, finance, and retail sectors.

The artificial intelligence software platform market size is expected to see exponential growth in the next few years. It will grow to $195.99 billion in 2028 at a compound annual growth rate (CAGR) of 34.9%. The growth in the forecast period can be attributed to the accelerating adoption of AI in autonomous vehicles and smart transportation systems, expansion of AI applications in cybersecurity for threat detection and prevention, increasing focus on personalized customer experiences through AI-driven solutions, growing demand for AI solutions in remote work and virtual collaboration. Major trends in the forecast period include advancements in Natural Language Processing (NLP), integration of AI capabilities into edge devices and edge computing platforms, convergence of AI with other emerging technologies such as blockchain, quantum computing and 5G proliferation of AI marketplaces and platforms, and shift towards AI-driven automation and augmentation.

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Market Drivers and Trends:
The rise in the adoption of cloud-based services is expected to propel the growth of the artificial intelligence software platform market going forward. Cloud-based services are internet-hosted solutions that provide computing resources on demand. These services allow businesses to access and use computing resources remotely without needing to maintain their physical infrastructure. The surge in cloud-based services can be attributed to several factors, including the increasing adoption of remote work and the growing demand for scalable and flexible IT infrastructure. Artificial intelligence software platforms facilitate the deployment and scaling of AI solutions in cloud-based services, enabling efficient utilization of computing resources and seamless integration with existing infrastructure. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, 45.2% of EU enterprises purchased cloud computing services in 2023, primarily for hosting their e-mail systems and storing files in electronic form, an increase of 4.2% compared to 2021. Therefore, the rise in the adoption of cloud-based services is driving the growth of the artificial intelligence software platform market.

Major companies operating in the artificial intelligence software platform market are focusing on developing advanced technological solutions, such as generative artificial intelligence (AI) software platforms, to gain a competitive edge in the market. Generative AI software platforms are comprehensive systems that enable the creation of AI models capable of generating new content based on patterns learned from existing data. These platforms typically employ advanced machine learning techniques, including deep learning and neural networks, to generate realistic and novel outputs that mimic human creativity and imagination. For instance, in March 2023, SparkCognition Inc., a US-based company that develops AI-based machine learning software, launched the first Generative AI Platform for the industrial sector. It is a first-of-a-kind capability that enables organizations to leverage AI even when data sets are limited, providing the capability to augment sensors and generate insights faster, with a fraction of the data, and at significantly lower costs. The Generative AI Platform autonomously augments data sets by generating high-quality synthetic content, such as text, images, and audio, allowing for AI application in scenarios where it was previously not feasible.

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Major Key Players of the Market:
Google LLC, Microsoft Corporation, Dell Technologies Inc., Huawei Technologies Co. Ltd., Amazon Web Services (AWS), Tencent Holdings Limited, Siemens AG, General Electric Company, Intel Corporation, Accenture* plc, International Business Machines Corporation (IBM), Cisco Systems Inc., Qualcomm Inc., Oracle Corporation, SAP SE, NVIDIA Corporation, Hewlett Packard Enterprise Company (HPE), Salesforce Inc., Baidu Inc., Infosys Technologies Private Limited, Wipro Ltd., Splunk Inc., OpenAI, Palantir Technologies Inc., Snowflake Inc., Pegasystems Inc., UiPath Inc.

Artificial Intelligence Software Platform Market 2024 Key Insights:
• The artificial intelligence software platform market size is expected to see exponential growth in the next few years. It will grow to $195.99 billion in 2028 at a compound annual growth rate (CAGR) of 34.9%.
• Cloud-Based Services Fuel Expansion Of The Artificial Intelligence Software Platform Market
• Introduction Of Generative AI Software Platforms For Enhanced Content Creation And Insight Generation
• North America was the largest region in the artificial intelligence software platform market in 2023

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