Artificial Intelligence Software Platform Global Market Report 2024

The artificial intelligence software platform market size has grown exponentially in recent years. It will grow from $43.85 billion in 2023 to $59.1 billion in 2024 at a compound annual growth rate (CAGR) of 34.8%. The expansion observed in the historical period can be attributed to several factors, including increased demand for automation across industries, growth in big data and the need for data processing solutions, increased adoption of cloud computing and storage, and the expansion of AI applications in healthcare, finance, and retail sectors.

The artificial intelligence software platform market size is expected to see exponential growth in the next few years. It will grow to $195.99 billion in 2028 at a compound annual growth rate (CAGR) of 34.9%. The projected growth in the forecast period can be attributed to several factors, including the accelerating adoption of AI in autonomous vehicles and smart transportation systems, the expansion of AI applications in cybersecurity for threat detection and prevention, an increasing focus on personalized customer experiences through AI-driven solutions, and growing demand for AI solutions in remote work and virtual collaboration. Significant trends anticipated in the forecast period encompass advancements in Natural Language Processing (NLP), the integration of AI capabilities into edge devices and edge computing platforms, the convergence of AI with other emerging technologies such as blockchain, quantum computing, and 5G proliferation of AI marketplaces and platforms, and a shift towards AI-driven automation and augmentation.

The upward trend in the adoption of cloud-based services is poised to drive the expansion of the artificial intelligence software platform market in the foreseeable future. Cloud-based services are internet-hosted solutions that offer computing resources on demand, allowing businesses to access and utilize computing resources remotely without the need for maintaining physical infrastructure. This surge in cloud-based services is driven by various factors, including the increasing embrace of remote work and the rising demand for scalable and flexible IT infrastructure. Artificial intelligence software platforms facilitate the deployment and scalability of AI solutions within cloud-based services, enabling efficient utilization of computing resources and seamless integration with existing infrastructure. For example, Eurostat reported that in December 2023, 45.2% of EU enterprises purchased cloud computing services, primarily for hosting e-mail systems and storing files electronically, marking a 4.2% increase compared to 2021. Thus, the growth in cloud-based service adoption is propelling the artificial intelligence software platform market.

Key players in the artificial intelligence software platform market are focused on developing advanced technological solutions such as generative artificial intelligence (AI) software platforms to stay competitive. Generative AI software platforms are comprehensive systems that facilitate the creation of AI models capable of generating new content based on patterns learned from existing data. These platforms typically utilize advanced machine learning techniques like deep learning and neural networks to produce realistic and novel outputs that emulate human creativity and imagination. For instance, in March 2023, SparkCognition Inc., a US-based AI-based machine learning software developer, introduced the first Generative AI Platform for the industrial sector. This groundbreaking capability allows organizations to leverage AI even with limited data sets, enabling faster insight generation at significantly lower costs. The Generative AI Platform autonomously augments data sets by generating high-quality synthetic content such as text, images, and audio, facilitating AI application in previously unfeasible scenarios.

In December 2023, Siemens AG, a Germany-based technology company, acquired BuntPlanet SL for an undisclosed sum. This acquisition positions Siemens to enhance its software solutions for the water industry, offering water utilities worldwide access to cutting-edge AI technology. BuntPlanet SL, based in Spain, specializes in providing an artificial intelligence software platform that delivers solutions for leak detection, water quality improvement, and end-use water analysis.

Major companies operating in the artificial intelligence software platform market are Google LLC, Microsoft Corporation, Dell Technologies Inc., Huawei Technologies Co. Ltd., Amazon Web Services (AWS), Tencent Holdings Limited, Siemens AG, General Electric Company, Intel Corporation, Accenture plc, International Business Machines Corporation (IBM), Cisco Systems Inc., Qualcomm Inc., Oracle Corporation, SAP SE, NVIDIA Corporation, Hewlett Packard Enterprise Company (HPE), Salesforce Inc., Baidu Inc., Infosys Technologies Private Limited, Wipro Ltd., Splunk Inc., OpenAI, Palantir Technologies Inc., Snowflake Inc., Pegasystems Inc., UiPath Inc.

North America was the largest region in the artificial intelligence software platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence software platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence software platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An artificial intelligence software platform is a comprehensive software framework or ecosystem that encompasses tools, libraries, and APIs (application programming interfaces) for the development, deployment, and management of AI-based applications and services. These platforms empower organizations to create and implement AI applications such as predictive analytics and natural language processing, aiming to streamline processes, enhance decision-making, and improve customer experiences across various industries and domains.

The primary components of an artificial intelligence software platform include tools and services. Tools encompass software applications and platforms designed to aid users in developing, deploying, and managing AI solutions. This software platform leverages various technologies, including computer vision, data analytics, machine learning, natural language processing, among others, and finds applications in automation, remote sensing, medical diagnosis, speech recognition, text recognition, among others. These platforms are widely utilized across diverse industries, notably banking, financial services and insurance (BFSI), manufacturing, healthcare, transportation, retail, among others.

The artificial intelligence software platform market research report is one of a series of new reports that provides artificial intelligence software platform market statistics, including artificial intelligence software platform industry global market size, regional shares, competitors with a artificial intelligence software platform market share, detailed artificial intelligence software platform market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence software platform industry. This artificial intelligence software platform 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 artificial intelligence software platform market consists of revenues earned by entities providing services such as AI algorithm development, model training, data preprocessing, deployment infrastructure, and maintenance for AI-based applications. 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).

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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