Press release
Global Artificial Intelligence Platforms Market Projected to Surpass 51.73 Billion by 2029 with 27.7% Annual Growth
Artificial Intelligence Platforms Market Share
The artificial intelligence platforms market has expanded rapidly in recent years. It is forecasted to grow from $15.2 billion in 2024 to $19.44 billion in 2025, at a CAGR of 27.9%. The historical growth was driven by the rising availability of big data, the evolution of machine learning algorithms, the integration of cloud computing, industry-specific applications, and an increasing talent pool.
The artificial intelligence platforms market is projected to reach $51.73 billion by 2029, growing at a CAGR of 27.7%. Factors contributing to this growth include AI democratization, IoT device proliferation, and advancements in natural language processing (NLP). Major trends include global AI standards collaboration, AI in cybersecurity, and AI-driven DevOps.
What Is Contributing to the Growth of the Artificial Intelligence Platforms Market?
The automotive industry's growth is expected to fuel the expansion of the artificial intelligence platform market. The automotive industry covers the design, development, manufacturing, marketing, and sale of motor vehicles. AI platforms help predict equipment failures by analyzing sensor data, identifying patterns, and forecasting maintenance needs, minimizing breakdowns and downtime. For example, in January 2024, the US Federal Reserve reported that vehicle production in the US reached 10.80 million units in December 2023, an increase from 10.47 million units in November 2023. Also, in May 2023, the European Automobile Manufacturers Association noted that around 85.4 million vehicles were produced worldwide in 2022, a 5.7% increase from 2021. Consequently, the automotive sector's growth is driving the artificial intelligence platform market.
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Which Key Market Leaders Are Driving Artificial Intelligence Platforms Industry Growth?
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 Are the Emerging Trends in the Artificial Intelligence Platforms Industry?
Major players in the artificial intelligence platform market are focusing on creating advanced products with cutting-edge technologies like AI-powered decision-making platforms to secure a competitive advantage. These platforms use AI algorithms and machine learning to analyze data, generate insights, and offer automated decisions. For example, in May 2023, o9 Solutions Inc., a US-based software company, launched aim10x, a global AI platform that helps professionals in supply chain, procurement, revenue management, IT, and sustainability connect, share insights, and learn from one another.
What Are the Main Segments in the 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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Which Geographic Area Leads 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.
What Is Covered In The Artificial Intelligence Platforms Global Market Report?
- Market Size Analysis: Analyze the Artificial Intelligence Platforms Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Artificial Intelligence Platforms Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Artificial Intelligence Platforms Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Artificial Intelligence Platforms Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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