AI Platform Market is Anticipated to be Valued at US$ 254.14 Billion by 2032 | FMI

The global AI platform market is expected to be worth US$ 10 billion in 2022, growing at a CAGR of 38.2% to be worth US$ 254.14 billion by the end of the forecast period of 2022-2032. The market was worth $9.6 billion in 2021, and it is expected to grow by 4.2% year on year between 2021 and 2022.

Because decision-making is a critical point for service providers and various manufacturers in the market, the AI platform market has grown. The AI platform market has boomed as players are now focusing on the creation of AI platforms and targeting niche solutions for solving specific enterprise problems, which has led to its growth.

The process that the AI platform goes through is learning which includes the acquisition of information for using the information, the other is reasoning which include using rules to reach approximate or definite conclusions, and the last is self-correction.

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AI Platform Market: Drivers and Challenges

One of the drivers for the AI platform market is the increase in the demand of AI-based solutions and products in the market. Another driver for the AI platform market include the surplus amount of data available and developed using the hardware or such other sources.

This helps the AI platform to work with full efficiency and reach out to the best possible results. Also, as there are technological advancements all round the world, there are growing innovation in the AI technology which would lead to the growth of AI platform market.

The ease of doing work is also a factor which is driving the market for AI platform as these platform would help in the formation of intelligent business processes.

The factor which has been the major restraint for the AI Platform market is the skill gap which prevails in the market, and the use of AI platform mostly for the popular applications which keeps the other applications underdeveloped.

AI Platform Market: Market Participants

Examples of some of the market participants in the global AI platform market identified across the value chain include Microsoft Corporation, Google, Amazon Web Services, Infosys, Wipro, Premonition, Rainbird Technologies, Ayasdi, Inc., Mindmeld (Cisco Systems), Facebook, Vital AI, LLC, Kasisto, Receptiviti, Locl Interactive Inc., HPE, Qualcomm Technologies, and Absolutdata, Salesforce, IBM, Intel, and others of AI Platform market.

AI Platform Market: Regional Overview

On the basis of geography, the global AI platform market can be segmented into North America, Latin America, Europe, CIS & Russia, Asia Pacific excluding Japan, Japan, and the Middle East & Africa.

Among all these regions, North America is expected to hold a major market share of the global AI platform market during the forecast period, due to the early adoption of the AI platform based applications, and also due to the increased number of established players in the region regarding the AI platform market.

Regional analysis includes

  • North America
  • Latin America
  • Europe
  • CIS & Russia
  • Japan
  • APEJ
  • Middle East & Africa

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AI Platform Market: Segmentation

The AI platform market can be segmented on the basis of component, deployment mode, application, end-user, and region.

On the basis of component, the AI platform market can be segmented into:

  • Tools
  • Machine Learning
  • Natural Language Processing Services
  • Managed Services
  • Professional Services

These are the major components of AI platforms which are in which machine learning tools being the most attractive in terms of market growth in recent times.

On the basis of deployment mode, the AI platform market can be segmented into:

  • Cloud
  • On-premise

On the basis of application, the AI platform market can be segmented into:

  • Forecasts and prescriptive models
  • Chatbots
  • Speech recognition
  • Text recognition
  • Others

On the basis of end-user, the AI platform market can be segmented into:

  • Manufacturing
  • Healthcare
  • BFSI
  • Education
  • Transportation
  • Retail and e-Commerce
  • Robotics
  • Others

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