The market for AI platforms is anticipated to reach a value of US$ 10 billion in 2022 before increasing at a CAGR of 38.2% to reach US$ 254.14 billion by the end of the forecast period (2022–2032). The market had a value of $9.6 billion in 2021 and is anticipated to increase by 4.2% a year between 2021 and 2022.
The demand for AI platforms has increased as a result of the importance of decision-making to service providers and different manufacturers in the market. The development of AI platforms and the targeting of specialized solutions for resolving particular business problems have caused the market for AI platforms to boom.
The AI platform goes through three stages: learning, which involves gathering knowledge for use, reasoning, which involves applying rules to arrive at approximations or firm conclusions, and self-correction.
The market for AI Platforms: Trends and Obstacles
The rise in demand for AI-based solutions and goods on the market is one of the factors driving the market for AI platforms. The abundance of data that is made available and created through hardware or other sources is another factor driving the demand for AI platforms.
This enables the AI platform to operate at peak efficiency and produce the finest outcomes. Additionally, as technology advances globally, the market for AI platforms will expand as a result of the increased innovation in AI technology.
The market for AI platforms is being driven by several factors, including how simple it will be to work because these platforms will aid in the development of intelligent business processes.
The market’s persistent talent gap and the usage of AI platforms primarily for well-known applications, which keeps less well-known applications underdeveloped, have been the main factors limiting the market for AI platforms.
AI Platform Market: Industry Players
Microsoft Corporation, Google, Amazon Web Services, Infosys, Wipro, Premonition, Rainbird Technologies, Ayasdi, Inc., Mindmeld (Cisco Systems), Facebook, Vital AI, LLC, Kasisto, Receptivity, Locl Interactive Inc., HPE, Qualcomm Technologies, and Absolutdata, Salesforce, IBM, Intel, among others, are a few examples of market participants in the global AI platform market identified across the value chain.
The market for AI Platforms: Regional Overview
The worldwide AI platform market may be divided into North America, Latin America, Europe, the CIS & Russia, and the Asia Pacific except Japan, Japan, and the Middle East & Africa based on geography.
Due to the early adoption of applications based on AI platforms in North America as well as the region’s increased number of established players in the AI platform market, the region is predicted to hold a significant market share of the global AI platform market during the forecast period.