The Global Artificial Intelligence Platform Market size is forecast to reach $17.3 billion by 2027, growing at a CAGR of 16.9% from 2022 to 2027. The robust growth can be attributed to the factors such as technological advancements in the fields of machine learning, deep learning and natural language processing, integration of AI & IoT technologies in various domains and many others. Generation of large amounts of data which require analysis to improve service providers' decision-making process, growing demand for AI-based solutions, data proliferation and so on, have been significantly impacting its market growth. Additionally, surging adoption of cloud computing and related cloud infrastructure services, along with growing demand for predictive analytics across industry verticals like manufacturing, oil & gas, healthcare and so on have been catering to its market growth further. Moreover, increasing funding or investment from government agencies, public sector organizations as well as non-governmental organizations towards AI-based pilot programs in a variety of fields, including road and public safety, traffic management, government document digitization using optical character recognition technology and database management among others, is also set to drive the need for AI platforms. Such factors are set to accelerate the market growth towards artificial intelligence platforms in the coming time.
Artificial Intelligence Platform Market Report Coverage
The “Artificial Intelligence Platform Market Report – Forecast (2022-2027)” by IndustryARC covers an in-depth analysis of the following segments of the Artificial Intelligence Platform industry.
Key Takeaways
- Cloud-based artificial intelligence platform segment is analyzed to grow with the highest CAGR during the forecast period 2022-2027, due to increasing shift towards cloud computing within enterprises, high investments in cloud infrastructure services and so on.
- Manufacturing industry is analyzed to be the fastest-growing segment in the global artificial intelligence platform market during 2022-2027, attributing to a growing shift towards smart manufacturing, increasing need for automating manufacturing activities and others.
- APAC region is anticipated to witness highest growth in the global artificial intelligence platform market during 2022-2027, owing to the growing R&D activities related to artificial intelligence solutions, as well as rapid penetration of healthcare AI applications.
- Growing emphasis on adoption of AI solutions for optimizing business workloads along with government initiatives towards improving digitalization by promoting the use of artificial intelligence technologies is analyzed in significantly driving the market growth of Artificial Intelligence Platform during the forecast period 2022-2027.
Artificial Intelligence Platform Market Segment Analysis - by Deployment Model
Based on deployment model, cloud-based artificial intelligence platform segment is analyzed to witness the fastest growth of 19.7% during the forecast period 2022-2027 owing to the factors including increasing shift towards cloud computing within enterprises, high investments in cloud infrastructure services, as well as significant demand towards automating work operations at minimal costs have been attributing to its market growth. Since cloud platforms are capable of offering ease in accessibility, storage of massive data amounts, flexibility, hassle-free deployment and so on, making it some of the vital factors influencing its market growth. Cloud-based AI platforms eliminate the need for additional hardware installation or infrastructure maintenance, while saving organizational upfront costs, thus gaining a wide popularity compared to on-premise models. Moreover, with pricing flexibility options; including monthly or annual subscriptions; have further influenced the market growth of cost-efficient AI platforms over time. According to the Canalys report published in 2022, total cloud infrastructure services expenditure reached USD 191.7 billion in 2021, a rise of nearly 35% compared to previous year. In May 2021, Google Cloud announced about the launch of a managed machine learning platform, Vertex AI, for enabling developers in deploying as well as maintaining AI models, more easily. With the capability to adapt platforms, this development was meant to help developers and data scientists of all skill levels. Such factors are set to assist the market demand for cloud-deployed artificial intelligence platforms on the long run.
Artificial Intelligence Platform Market Segment Analysis - By Industry Vertical
Manufacturing industry is analyzed to grow with the highest CAGR of around 18.1% in the global artificial intelligence platform market during the forecast period 2022-2027. This market growth can be attributed to various factors, including growing shift towards smart manufacturing, increasing need for automating manufacturing activities, along with rapid rise of productivity disruptions due to sudden equipment failure or defects. Leveraging AI platforms help the manufacturers in improving operational efficiency, customizing product designs, price forecasting, predictive analytics and many more, thus driving its market growth. According to the 2020 MIT survey, nearly 60% of manufacturers had revealed about utilizing AI for improving product quality, achieving better supply chain speed and visibility along with inventory management optimization. In May 2022, Symphony AI Industrial launched an artificial intelligence embedded MOM 360 manufacturing operations management platform with functionalities including integrated manufacturing execution systems (MES), enterprise-level governance as well as AI-based process optimization. This development was done to enable companies meet Industry 4.0 smart manufacturing goals of data-driven process optimization at enterprise scale. Such factors are set to drive the market growth of artificial intelligence platforms across the manufacturing industry on the long run.
Artificial Intelligence Platform Market Segment Analysis- By Geography
APAC region is anticipated to witness highest growth of 17.4% in the global artificial intelligence platform market during 2022-2027. Growing R&D activities related to artificial intelligence solutions, rapid rise of healthcare AI applications, along with significant shift towards digitalization and Industry 4.0 trends, will cater to its market growth in the region. Moreover, increased spending on cloud-based infrastructures, governmental emphasis on AI based skill development projects, along with adoption of AI based workloads across varied industries, can also help in boosting the market growth of AI platforms. In January 2021, DcodeAI launched a new DIY learning platform for children aged between 12 to 18 years, leveraging technologies like natural language processing, computer vision and data science. The company further revealed that in order to build capacities and acumen for AI within school-teachers, periodic offline teacher training sessions will be conducted for data science, automation, artificial intelligence as well as machine learning courses. These factors are set to boost the growth of artificial intelligence platform within APAC markets on the long run.
Artificial Intelligence Platform Market Drivers
Growing emphasis on adoption of AI solutions for optimizing business workloads is positively driving the market growth of artificial intelligence platforms:
Adoption of AI solutions for business workload optimization, is surging over time, due to its diverse applications like sales and demand forecasting, fraud detection, workforce management and so on. With features of artificial intelligence platform in supporting the need for automation and optimization of business operations through facilitating companies; gaining a competitive advantage over competitors, increasing employee accountability, easing operation management & data handling, increasing security and many others, have raised its wider adoption. According to a Deloitte survey conducted in 2021, the use of AI in standard business processes is rapidly increasing. The survey comprising of 1,900 IT and business executives from seven different countries and industries, concluded that AI technologies have helped 65% of respondents’ organizations to stay ahead of the competition, with 63% of executives believing in AI to be highly critical to their business success. In May 2022, Infosenseglobal released ML Sense, the first no-code artificial intelligence platform for developing machine learning models in the simplest possible way. Comprising of 40 absolutely ready machine learning and deep learning models, this can be used by end-users to import data in CSV or industry-standard formats from local desktop or cloud sources. These factors are set to accelerate the market growth of the artificial intelligence platforms on the long run.
Government initiatives towards improving digitalization by promoting use of artificial intelligence technologies drives the market growth forward:
Government initiatives towards improving digitalization through promoting use of AI technologies act as a major factor in boosting the growth of AI platforms. Government have started focusing on utilizing AI for building critical infrastructures, improving governance, maintaining security standards and so on, which in turn is catering to the adoptability of AI platforms. Moreover, governmental efforts on promoting smart education programs, efficient monitoring of governmental workloads, improving accountability and transparency and so on, have been assisting the further rise in AI platforms. According to the data published in LexisNexis, True Cost of Fraud Study conducted by Financial Services & Lending in 2021, the cost of fraud for U.S. financial services and lending firms has been increased by 6.7% to 9.9% compared to pre-pandemic times. In May 2022, The Ministry of Electronics and Information Technology had revealed about the development of an artificial intelligence-driven language translation platform, named Bhashini. As part of the National Language Translation Mission, the Digital India Bhashini Mission was launched to provide citizens with access to digital government services and information in their native language. The platform is open and interoperable, allowing MSMEs, start-ups and individuals to access AI and natural language processing resources. Such developments are set to accelerate the market growth of the artificial intelligence platform on the long run.
Artificial Intelligence Platform Market Challenges
Limited availability or lack of skilled professionals for handling artificial intelligence workload hampers the market growth:
Limited availability or lack of skilled professionals in handling AI workloads act as a major factor hampering the market growth of artificial intelligence platforms. Factors such as low enrolment ratio in AI courses, high cost of AI courses, expensive AI professionals and a lack of experience, skill and understanding among the majority of AI employees as well as lack of quality educational institutes, research labs, dedicated experts and so on; are adversely impacting its market adoption. According to O'Reilly's AI Adoption in the Enterprise report 2021, a talent gap is slowing enterprise AI adoption. According to the report, a large number of organisations have increased their investments in AI. However, the adoption rates are not always satisfactory; and on average, 25% of companies have experienced the failure of their AI projects. According to the report, the second most significant barrier for AI adoption is a lack of high-quality data. All of these factors limit the Artificial Intelligence Platform market growth.
Artificial Intelligence Platform Market Landscape
Product launches, acquisitions and R&D activities are key strategies adopted by players in the Artificial Intelligence Platform market. The Artificial Intelligence Platform market’s top 10 companies include:
- Microsoft Corporation
- Salesforce Inc.
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- International Business Machines Corporation
- Intel Corporation
- Amazon Web Services
- Qualcomm Inc.
- Baidu Inc.
- Wipro Ltd.
- Google LLC
Recent Developments
- In March 2022, Google launched a new Cloud Contact Center for AI Platform which is an out-of-the-box, end-to-end solution for the contact centers. The platform integrates AI and cloud scalability along with customer relationship management software, to unify sales, marketing and support teams.
- In March 2022, Baidu launched an AI platform as a new offering of Baidu AI Cloud's digital avatar platform XiLing, to enable on-device, real-time translation from speech to hand gestures and generate digital avatars for sign language translation and live interpretation in minutes.
- In February 2022, Microsoft introduced Singularity, a new AI platform service built to assist the collaboration of hundreds or even thousands of GPUs and AI accelerators. The infrastructure service treats all devices as a single cluster. This ensures that all devices are used to their full potential and that no resources are wasted.
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