An artificial intelligence software platform is a software architecture or framework on which software is permitted to process. The major factors which add to market growth are the increasing investment in research and development of artificial technology along with technological advances in deep neural networks.
The worldwide software platform is divided into services and solutions. The solution market size is anticipated to have a larger market size. There are several factors that affect the artificial intelligence market, like increasing investment, growing need for interpreting and analyzing large amounts of data. These are expected to boost growth of the artificial intelligence market. Apart from this, increasing demand for hardware platforms with computing power to run artificial intelligence and the presence of significant organizations that contribute to the market are a few of the other reasons which affect the market considerably in a positive way. However, scarcity of experienced and trained staff is expected to hamper growth in the artificial intelligence market.
The eminent players in the artificial intelligence software platform market are recognized across all the potent regions. Some of the eminent players across the globe are, Infrrd Inc. (U.S.), Intel (U.S.), H2O.ai (U.S.), Nvidia (U.S.), Playment (U.S.), Microsoft (U.S.), Salesforce (U.S.), IBM (U.S.), Qualcomm (U.S.), Infosys (India), Amazon Web Services (U.S.), Wipro (India), and others.
Apart from these key players, there are other players of the market who play a significant role in market by contributing 20-25% in the artificial intelligence software platform market. These include Digital Reasoning Systems Inc. (U.S.), Cleo AI Ltd. (U.K.), Palantir (U.S.), Babylon Health (U.K.), CloudMinds (U.S.), AIBrain (U.S.), iCarbonX (China), and others.
The market for artificial software platform is expected to expand from $2.75 billion at a CAGR of 28.1% during the forecast period from 2018-2023.
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The Artificial Intelligence (AI) Software Platform Market has been segmented on the basis of region, vertical, deployment, and component.
On the basis of region, the market is divided into Asia-Pacific, North America, Europe, and the Rest of the World. On the basis of vertical, the market is classified into retail and e-commerce, I.T. and telecommunication, transportation and automotive, banking, financial service and insurance (BFSI), healthcare and pharmaceutical, and others. On the basis of deployment, the market is segmented into on-cloud and on-premises. On the basis of the component, the market is divided into services and solutions.
The market for artificial intelligence software platform is expected to grow from $2.75 billion at a CAGR of 28.1% during the assessment period from 2018 to 2023. The regional study of the artificial intelligence software platform is performed for Asia-Pacific, North America, Europe, and the Rest of the World (Middle East, Africa, and Latin America).
North America dominates the global artificial intelligence market and is expected to maintain its position during the review period. In addition to this, Europe closely follows North America in the context of revenue generation, considering Europe to be a progressive region in terms of technology and its establishment. The U.S is the hub of all established artificial intelligence technology-based companies. It has the strongest I.T. sectors across the globe.
The artificial intelligence market in Asia-Pacific includes India, Japan, China, and the Rest of the APAC. The rest of the APAC region includes countries such as New Zealand, Thailand, Malaysia, Singapore. Among all, India and China are the most significant market driving factors in the APAC region. By region, the market in Asia-Pacific is estimated to fetch considerable expansion in the forthcoming period.
Growing e-commerce, rising internet penetration, online streaming have led to the growth of the artificial intelligence market.