Press release
Soaring Demand Set to Propel Artificial Intelligence Platforms Market to $51.73 Billion by 2029
Artificial Intelligence Platforms Market Size
What Is the Expected CAGR for the Artificial Intelligence Platforms Market Through 2025?
Over recent years, the market size of artificial intelligence platforms has seen substantial expansion. It is projected to increase from $15.2 billion in 2024 to reach $19.44 billion the following year, with a compound annual growth rate (CAGR) of 27.9%. Factors contributing to this growth during the historic period include the growing availability of big data, the development of machine learning algorithms, the incorporation of cloud computing, applications specific to various industries, and an expanding talent pool.
What's the Projected Size of the Global Artificial Intelligence Platforms Market by 2029?
The market size of artificial intelligence platforms is predicted to witness a tremendous surge in the coming years, escalating to $51.73 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 27.7%. This predicted surge during the forecast period can be ascribed to factors such as democratization of AI, explosive growth of IoT devices, breakthroughs in Natural Language Processing (NLP), emphasis on explainability and trust, and integration of edge AI. The major trends expected during this forecast period incorporate worldwide collaboration on AI standards, the application of AI in cybersecurity, swift technological advancements, AI for cybersecurity, and AI-powered DevOps (AIOps).
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Top Growth Drivers in the Artificial Intelligence Platforms Industry: What's Accelerating the Market?
The surge in the automotive industry is anticipated to boost the expansion of the artificial intelligence platform market. The automotive industry includes all those enterprises engaged in designing, developing, manufacturing, advertising, and offering motor vehicles for sale. AI platforms come into play to anticipate potential machinery malfunctions in vehicles by examining sensor data, identifying patterns, and predicting maintenance requirements, which aids in avoiding failures and cutting downtime. For instance, the Board of Governors of the Federal Reserve System, a US governmental agency, stated in January 2024 that the total vehicle manufacturing in the United States escalated to 10.80 million units in December 2023 from 10.47 million units in November 2023. Moreover, the European Automobile Manufacturers Association, a Belgium-based association, reported in May 2023 that approximately 85.4 million motor vehicles were produced worldwide in 2022, marking a 5.7% growth from 2021. Consequently, the advancement of the automotive industry is propelling the expansion of the artificial intelligence platform market.
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What Trends Will Shape the Artificial Intelligence Platforms Market Through 2029 and Beyond?
Top enterprises in the artificial intelligence platform market are pioneering innovative products using modern technology, such as AI-driven decision-making platforms, to establish a competitive advantage. An AI-driven decision-making platform uses artificial intelligence and machine learning to process data, extract actionable insights, and deliver recommendations or autonomous decisions. For example, o9 Solutions Inc., an American software company, unveiled their new AI platform, aim10x, in May 2023. This platform provides a distinctive global forum to aid innovators, academics, and cross-industry leaders in business planning and decision-making. Offering a tailored experience that encompasses content curation, webinars, both online and offline events, and a global, live event series, aim10x strives to enable professionals in supply chain management, procurement, revenue management, IT, and sustainability to facilitate better interaction, share knowledge, and learn from each other to help steer their organizations into the digital era.
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, Healare, 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 Top Companies are Driving Growth 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.
Which Regions Will Dominate the Artificial Intelligence Platforms Market Through 2029?
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.
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