AI platform market is anticipated to be valued at $254bn by 2032, says FMI
Posted on
August 11, 2022
The global AI platform market is expected to be worth [$10 billion (€9.67 billion)] in 2022, growing at a CAGR of 38.2% to be worth [$254.14 billion (€245.66 billion)] by the end of the forecast period of 2022-2032. The market was worth [$9.6 billion (€9.28 billion)] in 2021, and it is expected to grow by 4.2% year on year between 2021 and 2022, says Aditi Basu, marketing head at Future Market Insights.
Because decision-making is a critical point for service providers and various manufacturers in the market, the artificial intelligence (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
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 platforms 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.
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.
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.
Market competition
Some of the key participants present in the global AI Platform Cloud Service market include Oracle Corporation, Microsoft Corporation, IBM, Google LLC, Infosys Limited, Amazon Web Services, Wipro Limited, Baidu Inc., Cloudera Inc., Informatica LLC,among others.
Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as Oracle Corporation, Microsoft Corporation, IBM, Google LLC., account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the North America.
Recent developments
Aditi Basu
- In August 2020, Google Cloud extended its partnership with Best Buy in a multi-year agreement for Best Buy’s Enterprise Data Platform. The partnership is expected to deliver enhanced technological experience, by using Artificial Intelligence (AI), analytics to create more personalised shopping experiences for customers of the latter.
- In April 2020, Siemens announced the availability of its MindSphere on Alibaba Cloud. The deployment and operation are expected to foster the industrial Internet of Things (IoT) in China.
These insights are based on a report on
AI Platform cloud service market by Future Market Insights
The author is Aditi Basu, marketing head at Future Market Insights.
Follow us and Comment on Twitter
@TheEE_io
In-depth Digital Transformation insights
“Digital Transformation – for an Enterprise this is by no means a final destination; it is a journey that will carry them to a new era of operations and is ever evolving.”
Jeremy Cowan – Editorial Founder of EE
Subscribe.
© 2022 The Evolving Enterprise. All rights reserved.
By continuing to use the site, you agree to the use of cookies.
more information