Artificial Intelligence Software Platforms Market Highlights 2020-2029
The artificial intelligence software platforms market is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2029. Increasing demand for artificial intelligence-based solutions, along with the advancement towards increasing operational efficiency are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the increase in data generation on a global level and the growing need to improve customer experience. The total private investment in artificial intelligence in 2019 was more than US$65 billion globally.
The market is segmented based on model type into forecasts & prescriptive models, speech recognition, text recognition, and others, out of which, the forecasts & prescriptive models segment is anticipated to grab the largest share by the end of 2021 on account of its wide use in the analysis of customer behaviour. Moreover, forecasts & prescriptive models are also employed to recognize specific patterns in the data, which is also projected to contribute to the growth of the segment during the forecast period. On the basis of end-user, the healthcare segment in the artificial intelligence software platforms market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to its rapidly growing deployment of AI platforms to get insights from a large amount of data, enhance customer experience, analyse trends from the data and improve decision-making process. CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increased advancement in technology and rapid expansion of domestic enterprises in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the high investment in research and development, accompanied by the presence of leading software companies in the region. Along with this, the North America also leads in demand for intelligent virtual assistants, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the artificial intelligence software platforms market on account of increased adoption of artificial intelligence platform by various manufacturing and automobile industries for improving operational efficiency. According to the European Commission, the European approach for artificial intelligence aims to promote Europe’s innovation capacity in the area of artificial intelligence while supporting the development and uptake of ethical and trustworthy artificial intelligence across the European Union economy.
The global artificial intelligence software platforms market is further classified on the basis of region as follows:
Our in-depth analysis of the global artificial intelligence software platforms market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing demand for artificial intelligence based solutions, and advancement towards increasing operational efficiency are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
Rising concerns about data privacy and governance and shortage of manpower adept in artificial intelligence technology are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increased advancement in technology and rapid expansion of domestic enterprises in the region.
The major players dominating the artificial intelligence software platforms market are Microsoft, Google, Salesforce, and IBM among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by model type, end-user and region.
With respect to end-user, the healthcare segment is anticipated to hold the largest market share owing to its rapidly growing deployment of AI platforms to get insights from a large amount of data, enhance customer experience, analyse trends from the data and improve decision-making process.
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