Artificial Intelligence Platforms Global Market Report 2024

The artificial intelligence platforms market size has grown exponentially in recent years. It will grow from $11.83 billion in 2023 to $15.2 billion in 2024 at a compound annual growth rate (CAGR) of 28.5%. The growth observed during the historical period can be attributed to several factors, including the increasing availability of big data, the evolution of machine learning algorithms, the integration of cloud computing technologies, the development of industry-specific applications, and the expansion of the talent pool in the field of artificial intelligence.

The artificial intelligence platforms market size is expected to see exponential growth in the next few years. It will grow to $40.59 billion in 2028 at a compound annual growth rate (CAGR) of 27.8%. The anticipated growth in the forecast period can be attributed to factors such as the democratization of AI, the exponential growth of IoT devices, advancements in Natural Language Processing (NLP), a heightened focus on explainability and trustworthiness in AI applications, and the integration of Edge AI. Major trends expected in the forecast period encompass global collaboration on AI standards, the application of AI in cybersecurity, rapid technological advancements in AI, the utilization of AI for cybersecurity purposes, and the implementation of AI-driven DevOps (AIOps).

The anticipated expansion of the automotive industry is poised to drive the growth of the artificial intelligence platform market in the foreseeable future. The automotive industry encompasses various activities, including the design, development, manufacturing, marketing, and selling of motor vehicles. AI platforms play a pivotal role in predicting potential equipment failures in vehicles through the analysis of sensor data, pattern detection, and forecasting maintenance requirements. This proactive approach aids in preventing breakdowns and minimizing downtime. Illustratively, in January 2024, the Board of Governors of the Federal Reserve System reported that total vehicle production in the United States surged to 10.8 million units in December 2023, up from 10.47 million units in November 2023. Additionally, according to the European Automobile Manufacturers Association in May 2023, the global production of motor vehicles reached around 85.4 million units in 2022, reflecting a 5.7% increase compared to 2021. Consequently, the growth of the automotive industry is serving as a catalyst for the artificial intelligence platform market.

Prominent companies operating in the artificial intelligence platform market are actively engaged in developing innovative products incorporating advanced technologies, notably AI-powered decision-making platforms, to secure a competitive advantage. An AI-powered decision-making platform is a technological solution that harnesses the capabilities of artificial intelligence algorithms and machine learning to analyze data, extract insights, and offer recommendations or automated decisions. For example, in May 2023, o9 Solutions Inc., a US-based software company, introduced aim10x, a novel AI platform. This platform stands out as a global space tailored to support innovators, academics, and cross-industry leaders in enterprise planning and decision-making. Aim10x offers a personalized experience featuring content curation, webinars, online and offline events, as well as a global and live event series. Its objective is to empower professionals in areas such as supply chain, procurement, revenue management, IT, and sustainability, fostering better connections, sharing insights, and facilitating learning to lead organizations into the digital age.

In February 2022, Walker & Dunlop, a US-based real estate finance company, completed the acquisition of GeoPhy for $85 million. This acquisition positions Walker & Dunlop to accelerate the growth of its brokerage and emerging businesses, including Apprise (its tech-enabled appraisal business) and its small balance lending (SBL) platform. GeoPhy, a US-based real estate technology company, specializes in providing an AI-powered real estate valuation platform.

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.

North America was the largest region in the artificial intelligence platforms market in 2023. 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. The countries covered in the artificial intelligence platforms market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The artificial intelligence platforms market includes revenues earned by entities by providing services such as lead generation, fraud detection and quality control., predictive analytics, and document information extraction. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

An artificial intelligence platform refers to a unified set of tools, frameworks, and services created to simplify the development, deployment, and management of artificial intelligence applications. These platforms play a crucial role in creating and deploying machine learning models, automating complex tasks, and enhancing decision-making processes.

The primary forms of artificial intelligence platforms include artificial intelligence tools, artificial intelligence machine learning platforms, artificial intelligence natural language processing platforms, and artificial intelligence services. Artificial intelligence tools encompass a diverse set of software applications, algorithms, and frameworks designed to perform tasks that typically require human intelligence. These tools can be deployed on both cloud-based AI platforms and on-premise AI platforms. They find applications in various domains such as forecasts and prescriptive models, chatbots, speech recognition, text recognition, among others. Additionally, these tools are utilized across diverse industry verticals including manufacturing, healthcare, BFSI (banking, financial services, and insurance), IT and telecom, automotive, education, media and entertainment, transportation, retail and e-commerce, and others.

The artificial intelligence platforms market research report is one of a series of new reports that provides artificial intelligence platforms market statistics, including artificial intelligence platforms industry global market size, regional shares, competitors with an artificial intelligence platforms market share, detailed artificial intelligence platforms market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence platforms industry. This artificial intelligence platforms market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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