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The Business Research Company’s Artificial Intelligence Software Platform Global Market Report 2024 offers crucial insights into the artificial intelligence software platform market help businesses analyse and build stronger strategies.

The artificial intelligence (AI) software platform market has witnessed significant expansion in recent years and is poised for continued growth. This blog explores the market’s growth trajectory, key trends, and factors driving its expansion.

Rapid Market Growth

Current Market Size

• 2023 Market Size: $43.85 billion
• 2024 Market Size: $59.10 billion
• CAGR (2023-2024): 34.8%

The market’s rapid growth can be attributed to the increasing demand for automation, the proliferation of big data, and the necessity for advanced data processing solutions. Additionally, the adoption of cloud computing and storage, alongside the expansion of AI applications in sectors such as healthcare, finance, and retail, has fueled this growth.

Future Market Projections

• 2028 Market Size: $195.99 billion
• CAGR (2024-2028): 34.9%

The forecasted growth is driven by the accelerating adoption of AI in autonomous vehicles and smart transportation, advancements in AI-driven cybersecurity, and the increasing demand for personalized customer experiences through AI solutions. The rise of remote work and virtual collaboration further propels the market.

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Key Trends and Innovations

Advancements in AI Technologies

• Natural Language Processing (NLP): Continued improvements in NLP will enhance AI’s ability to understand and generate human language, broadening its applications.
• Edge Computing Integration: AI capabilities are increasingly being integrated into edge devices, enabling faster and more efficient data processing closer to the source.
• Emerging Technologies Convergence: AI is converging with blockchain, quantum computing, and 5G technologies, creating new opportunities and applications.
• AI Marketplaces: The proliferation of AI marketplaces and platforms simplifies the deployment and scaling of AI solutions.
• AI-Driven Automation: A shift towards AI-driven automation and augmentation is transforming various industries, making processes more efficient and reducing human error.

Cloud-Based Services Fuel Expansion

Role of Cloud-Based Services

• Adoption: Increasing remote work and demand for scalable IT infrastructure drive the adoption of cloud-based services.
• Benefits: Cloud-based AI platforms enable businesses to deploy and scale AI solutions efficiently, integrating seamlessly with existing infrastructure.
• Example: In December 2023, 45.2% of EU enterprises used cloud computing services, up from 41% in 2021, primarily for email hosting and file storage.

Impact on AI Market

The rise in cloud-based services is a significant driver for the AI software platform market, providing the necessary infrastructure for AI deployment and utilization.

Major Players in the Market

Leading Companies

• Tech Giants: Google LLC, Microsoft Corporation, Dell Technologies Inc., Huawei Technologies Co. Ltd., Amazon Web Services (AWS)
• Innovators: Tencent Holdings Limited, Siemens AG, General Electric Company, Intel Corporation, Accenture plc
• Specialists: IBM, Cisco Systems Inc., Qualcomm Inc., Oracle Corporation, SAP SE

These companies are at the forefront of AI innovation, driving the development and deployment of AI solutions across various industries.

Introduction of Generative AI Software Platforms

Generative AI Platforms

• Functionality: Generative AI platforms create new content based on existing data patterns, employing advanced machine learning techniques like deep learning and neural networks.
• Example: In March 2023, SparkCognition Inc. launched the first Generative AI Platform for the industrial sector, enabling organizations to leverage AI with limited data sets.

Benefits

Generative AI platforms enhance content creation and insight generation, offering new capabilities for industries where data availability has been a constraint.

Strategic Acquisitions

Siemens and BuntPlanet Acquisition

• Details: In December 2023, Siemens AG acquired BuntPlanet SL to enhance its AI software solutions for the water industry.
• Impact: This acquisition allows Siemens to provide advanced AI technologies for leak detection, water quality improvement, and water usage analysis.

Market Segmentation

By Component

• Tools
• Services

By Technology

• Computer Vision
• Data Analytics
• Machine Learning
• Natural Language Processing
• Other Technologies

By Application

• Automation
• Remote Sensing
• Medical Diagnosis
• Speech Recognition
• Text Recognition
• Other Applications

By Industry

• Banking, Financial Services, and Insurance (BFSI)
• Manufacturing
• Healthcare
• Transportation
• Retail
• Other Industries

Regional Insights

Leading Regions

• North America: Largest region in 2023
• Asia-Pacific: Expected to be the fastest-growing region during the forecast period

The AI software platform market is expanding rapidly, driven by technological advancements, strategic acquisitions, and the growing adoption of cloud-based services. With major players continually innovating and the integration of AI into various sectors, the market is set to experience exponential growth in the coming years.

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The Artificial Intelligence Software Platform Global Market Report 2024  provides a comprehensive outlook of the artificial intelligence software platform market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The artificial intelligence software platform market forecast offers a thorough analysis on artificial intelligence software platform market size, artificial intelligence software platform market share, prominent players and their strategies.

The Table Of Content For The Artificial Intelligence Software Platform Market Include:
1. Artificial Intelligence Software Platform Market Executive Summary
2. Artificial Intelligence Software Platform Market Segments
3. Artificial Intelligence Software Platform Market Size And Artificial Intelligence Software Platform Market Growth Rate
4. Key Artificial Intelligence Software Platform Market Trends
5. Major Artificial Intelligence Software Platform Market Drivers
……
25. Key Mergers And Acquisitions In The Artificial Intelligence Software Platform Market
26. Top Artificial Intelligence Software Platform Companies
27. Artificial Intelligence Software Platform Market Opportunities And Strategies
28. Artificial Intelligence Software Platform Market, Conclusions And Recommendations
29. Appendix

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