By 2032, the artificial intelligence platform market will reach US$254.14 billion

According to Future Market Insights, the global artificial intelligence platform market is expected to be worth US$10 billion in 2022, growing at a CAGR of 38.2% by the end of the 2022-2032 forecast period. growth, worth $254.14 billion.

The market will be worth US$9.6 billion in 2021 and is expected to grow by 4.2% year-on-year between 2021 and 2022.

According to FMI, the artificial intelligence platform market has grown as decision-making is a critical point for service providers and various manufacturers in the market. The AI ​​platform market is booming as players are now focusing on creating AI platforms and targeting niche solutions that solve specific enterprise problems, which has led to its growth.

The process that the artificial intelligence platform goes through is learning, which includes acquiring information to use the information, another is reasoning, which includes using rules to draw approximate or certain conclusions, and finally self-correction.

Artificial Intelligence Platform Market: Drivers and Challenges

One of the driving factors for the Artificial Intelligence Platform market is the increasing market demand for artificial intelligence-based solutions and products. Another driver of the artificial intelligence platform market includes the amount of remaining data developed using hardware or other sources.

This helps the AI ​​platform work at maximum efficiency and achieve the best results possible. Furthermore, as technology advances across the world, innovations in artificial intelligence technology are also increasing, which will lead to the growth of the artificial intelligence platform market.

Convenience of work is also a factor driving the artificial intelligence platform market as these platforms will help in the formation of intelligent business processes.

The major limiting factors of the artificial intelligence platform market are the skills gap prevailing in the market and the fact that artificial intelligence platforms are mainly used for popular applications, which leaves other applications underdeveloped.

Based on geography, the global artificial intelligence platform market can be divided into North America, Latin America, Europe, CIS and Russia, Asia Pacific excluding Japan, Japan, and the Middle East and Africa.

Among all these regions, North America is expected to hold the major market share of the global artificial intelligence platform market during the forecast period, owing to early adoption of artificial intelligence platform-based applications, An increase in the number of established participants in a market.

Some of the major players in the global artificial intelligence platform cloud services market include Oracle Corporation, Microsoft Corporation, IBM, Google Inc., Infosys Ltd., Amazon Web Services Inc., Wipro Ltd., Baidu Inc., Cloudera Inc., Informatica Inc. Ltd. etc.

With such a large number of participants, the market competition is fierce. And global companies like Oracle, Microsoft, IBM and Google. , occupying a considerable market size, several regional-level players are also operating in key growth regions, particularly in North America.

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 provide an enhanced technology experience by using artificial intelligence (AI) and analytics to create a more personalized shopping experience for the latter's customers.

In April 2020, Siemens announced that its MindSphere is available on Alibaba Cloud. Successful deployment and operation are expected to foster the industrial Internet of Things (IoT) in China.

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