Westford, USA, May 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Artificial Intelligence (AI) Platform Market will attain a value of USD 366.93 billion by 2031, with a CAGR of 31.41% during the forecast period (2024-2031). The global market is experiencing dynamic change driven by investments from leading technology companies and innovation trends. For example, Google's use of the Gemini model, a versatile AI model capable of many analytics, highlights the industry's commitment to pushing the boundaries of different technologies that meet different needs, the Gemini pole stands there for a big leap in AI capabilities.
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Browse in-depth TOC on "Global Artificial Intelligence (AI) Platform Market"
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Global Artificial Intelligence (AI) Platform Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 41.26 billion |
| Estimated Value by 2031 | USD 366.93 billion |
| Growth Rate | Poised to grow at a CAGR of 31.41% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Solution, Deployment Mode, End-User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Integrating Predictive Analytics |
| Key Market Drivers | Rapid Advancements in Artificial Intelligence and Machine Learning |
Software Segment to Dominate Due to Rise in the Significant Advancements in Information Storage Capacity
By 2023, software solutions emerge as dominant in the market, representing more than 36.7% of global revenue. This substantial share can be attributed to significant advancements in information storage capacity, parallel processing capabilities robust computing power, and enabling the delivery of sophisticated services. Moreover, its ability to extract data, provide real-time insights, and facilitate decision-making has solidified software solutions position as a key player in the market. Artificial intelligence software (AIS) includes many tools with libraries designed and implemented for AI along with applications used. These tools cover a range of applications such as primitives, linear algebra, inference, sparse matrices, video analysis, and support for a wide range of hardware communication protocols.
BFSI Segment to Drive Market Due to Enhance Customer Experience
The growing global artificial intelligence (AI) platform market is becoming increasingly visible, especially in the banking, financial services and insurance (BFSI) sector. Applications such as risk management, fraud detection and customer service are involved automation changes performance. AI technologies are strengthening their leadership position in the sector by empowering BFSIs to enhance customer experience and improve operational efficiencies.
North America is Dominating Due to Increasing Adoption of Digital Solutions
North America is emerging as a dominant region in the global market. North America leads the artificial intelligence (AI) platform market due to the presence of key market players, sound technology infrastructure and wide adoption of digital solutions. Furthermore, focus on digital transformation in various sectors such as finance, healthcare and retail in this region supports the importance of digital intelligence platforms.
Asia-Pacific is witnessing the fastest growth in the global artificial intelligence (AI) platform market. The region has a rapidly growing population, high internet penetration and a thriving digital environment. Governments and businesses in Asia Pacific are developing digital initiatives, supporting the use of digital intelligence platforms to gain useful insights into consumer behaviour, improve decision-making processes and improve efficiency. This region uses technology actively in Asia Pacific.
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Artificial Intelligence (AI) Platform Market Insights:
Drivers
- Growing Emphasis on Data-Driven Decision-Making
- Rapid Advancements in Artificial Intelligence and Machine Learning
Restraints
- Data Privacy and Security Issues
- Challenges of Integration with Existing Infrastructure
Prominent Players in Global Artificial Intelligence (AI) Platform Market
- Adobe Systems (US)
- IBM (US)
- SAS Institute (US)
- Evergage (US)
- Google (US)
- Mixpanel (US)
- Optimizely (US)
- Webtrekk (Germany)
- New Relic (US)
- Localytics (US)
- Cxense (Norway)
- MindSEO (Portugal)
- Bertin IT (France)
- EXL (US)
- Char Software Inc (US)
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Key Questions Answered in Global Artificial Intelligence (AI) Platform Market Report What is the current Artificial Intelligence Market size?
- Who are the key players in the Global Artificial Intelligence (AI) Platform Market?
- Which is the fastest growing region in the Global Artificial Intelligence (AI) Platform Market?
- What is the current market size of Global Artificial Intelligence (AI) Platform Market?
This report provides the following insights:
- Analysis of key drivers (growing emphasis on data-driven decision-making, rapid advancements in artificial intelligence and machine learning), restraints (data privacy and security issues, challenges of integration with existing infrastructure), opportunities (integrating predictive analytics), influencing the growth of Global Artificial Intelligence (AI) Platform Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Global Artificial Intelligence (AI) Platform Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Global Artificial Intelligence (AI) Platform Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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