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Artificial Intelligence Software Platforms Market Segmentation by Model Type (Forecasts & Prescriptive Models, Speech Recognition, Text Recognition, and Others); and by End-User (BFSI, Healthcare, Retail & E-Commerce, Manufacturing, Telecom & IT, Transportation & Automotive, and Others) – Global Demand Analysis and Opportunity Outlook 2021-2029

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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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.

Artificial-intelligence-Software-Platforms-Market

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

Artificial Intelligence Software Platforms Market Regional Synopsis

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.

Artificial-Intelligence-Software-Platforms-Market-Share

The global artificial intelligence software platforms market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global artificial intelligence software platforms market includes the following segments:

By Model Type

  • Forecasts & Prescriptive Models
  • Speech Recognition
  • Text Recognition
  • Others

By End-User

  • BFSI
  • Retail & E-Commerce
  • Manufacturing
  • Telecom & IT
  • Transportation & Automotive
  • Others

Growth Drivers

  • Increasing Demand for Artificial Intelligence based Solutions
  • Advancement towards Increasing Operational Efficiency

Challenges

  • Rising Concerns about Data Privacy and Governance
  • Shortage of Manpower Adept in Artificial Intelligence Technology

Top Featured Companies Dominating the Market

  • Microsoft
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Google
  • Salesforce
  • IBM
  • Intel
  • Amazon Web Services
  • HPE
  • Ayasdi
  • Qualcomm Technologies

 

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