Artificial Intelligence Platform: By deployment (Cloud and On-premises), By Application (Forecasts and prescriptive models, Chatbots, Speech recognition, Text recognition and Others), By End user (Automotive, IT & Telecommunication, Media and entertainment, Healthcare, Manufacturing and Others) And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
Artificial Intelligence Platform to surpass USD 1,668.9 billion by 2031 from USD 80 billion in 2021 at a CAGR of 35.5% in the coming years, i.e., 2021-31.
Artificial Intelligence Platforms is a framework that allows businesses to function more efficiently & intelligently than before. It can assist in cost reduction through a variety of approaches, including preventing duplication of effort, automating simpler operations, and eliminating various costly actions, such as data copying and extraction. Data management is also a feature of an artificial intelligence platform, which ensures that the finest approaches are used by a group of artificially intelligent researchers & deep learning professionals. It aids in the uniform distribution of work and the completion of tasks in a timely manner. Artificial intelligence may be used to analyze huge data to gain a better knowledge of both external and internal issues affecting a company.
Global Artificial Intelligence Platform to surpass USD 1,668.9 billion by 2031 from USD 80 billion in 2021 at a CAGR of 35.5% in the coming years, i.e., 2021-31. The demand for AI-based services is increasing, as is the growth of data generation. Furthermore, the AI-based platform market is predicted to develop due to advancements in Big Data technologies, a growing trend of incorporating AI capabilities into the workstream, and advances in cloud-storage services. Furthermore, the growing demand for intelligent corporate processes and end-user innovations would provide significant opportunities for the artificial intelligence market to develop.
The market is divided into two categories based on deployment: cloud and on-premises. During the forecast period, cloud is projected to grow at a rapid rate. IBM cloud, Azure Cognitive Services, and Einstein AI Platform are three of the most popular cloud-based AI services supplied by industry participants. Cloud growth is likely to be fueled by the increased need for cloud-based technologies, efficient infrastructure, and virtualization and cloud storage. Due to its ability to house more reliable storage services, the on is expected to monopolies the segment share.
Based on the End user the artificial Intelligence Platform market is segmented into Automotive, IT & Telecommunication, Media and entertainment, Healthcare, Manufacturing and Others. The IT and telecom category led the artificial intelligence share in the market in 2020, and this trend is projected to continue during the forecast period as demand for communications services increases. However, due to increased automation & patient service advancements in the healthcare & medicine industry, the healthcare category is likely to have the most growth in the future years.
Rising demand for AI based solutions
With the growing usage of robots in repetitive and dangerous jobs, end-users are looking for ways to mitigate the disadvantages of factory automation and robotic technology. Cost, processing capability, storing, size, power source, motion modes, and working environment are all elements that contribute to these limits. SMBs are turning to cloud solutions to take advantage of cloud providers' flexibility of hardware and resources. Organizations can grow their workload only as needed, obviating the requirement for expensive CAPEX and operational costs associated with setting up their personal data centers (OPEX). As the demand for automation & optimization of corporate operations grows, more companies are turning to AI-based solutions.
Hyper-personalized services are being adopted at a faster rate
Customer involvement is a critical influencing factor in today's competitive & dynamic corporate climate. As a result, technology has been adopted to deliver individualized and specialized assistance in real time. Enterprises can use the technology to build hyper customized marketing strategies based on industry-specific client information. This hyper personalization increases revenues, allows for real-time data-driven decisions, and lowers expenses. Financial institutions, retail & e-commerce, healthcare, as well as other people-centric service providers are turning to intelligent technology to collaborate with customers more intimately.
Market expansion is being hindered by restrictions on privacy protection.
Data privacy and varied algorithms are anticipated to provide hurdles to the business. The technology employs machine learning & deep learning techniques to provide users with relevant results. Recommendation engines, search algorithms, and AdTech networks are examples of technologies that can abuse the user's private data. Furthermore, without the user's agreement, AI algorithms generate new information based on historical data. The market for the technology is expected to be hampered as a result of this.
Amazon Web Services, Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Artificial Intelligence Platform market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is thought to be the most profitable region on the planet. This is due to the fact that R&D-based breakthroughs are highly valued in the industrialized economies of the United States and Canada. The AI platform marketplace in these locations is the most competitive & rapidly evolving in the globe.
The government instituted a lockdown due to the outbreak of the COVID-19 virus. Industries had no choice but to shut down. The adoption of cutting-edge technology by businesses to provide services to clients during the pandemic period, on the other hand, had a beneficial impact on the artificial intelligence technology platform. The rise in demand for AI-based solutions that rely on data to better decision-making has aided organizations in making strategic decisions that will help them survive in the market. The AI platform market is growing due to the increased usage of AI technology in many industries such as BFSI, manufacturing, & others to deliver better customer experience & support.
Market size value in 2021
USD 80 billion
Revenue forecast in 2031
USD 1,668.9 billion
CAGR of 35.5% from 2021 to 2031
Base year for estimation
Revenue in USD billion and CAGR from 2021 to 2031
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Deployment, Application, End user and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled
Amazon Web Services, Inc., Apple Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Nvidia, Oracle Corporation, SAP SE, Siemens Inc. and Other Prominent Players.
Artificial Intelligence Platform market size was estimated at USD 80 billion in 2021 and is expected to reach USD 1,668.9 billion in 2031.
The Artificial Intelligence Platforms is a framework that allows businesses to function more efficiently & intelligently than before.
Cloud and IT and Telecommunication segment accounted for the largest Artificial Intelligence Platform market share.
Key players: Amazon Web Services, Inc., Apple Inc., Google LLC, IBM Corporation, Intel Corporation, Microsoft Corporation, Nvidia, Oracle Corporation, SAP SE, Siemens Inc. are the key players in the Artificial Intelligence Platform market.
Rising demand for AI based solutions and Hyper-personalized services are being adopted at a faster rate are driving the global Artificial Intelligence Platform industry's growth.
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