Artificial Intelligence (AI) Platform Market Sees Explosive Growth to USD 366.93 Billion by 2031| SkyQuest Technology

WESTFORD, Mass., July 2, 2024 /PRNewswire/ -- According to SkyQuest, the global Artificial Intelligence (AI) Platform Market size was valued at USD 31.4 billion in 2022 and is poised to grow from USD 41.26 billion in 2023 to USD 366.93 billion by 2031, growing at a CAGR of 31.41% in the forecast period (2024-2031).

Advancements in artificial intelligence technology have led to the development of novel artificial intelligence (AI) platforms. Growing adoption of AI in almost all industry verticals is slated to uplift the demand for novel artificial intelligence (AI) platforms going forward. AI platform companies need to identify the best segments to invest in and improve their market share to stay ahead of the competition. The global artificial intelligence (AI) platform market is segmented into component, deployment mode, organization size, application, end user, and region.

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Artificial Intelligence (AI) Platform Market Overview: 

Segments covered in Artificial Intelligence (AI) Platform Market are as follows:

• Component
  • Tools (Natural Language Processing, Machine Learning), Services (Managed Services, Professional Services)
• Application
  • Forecast and Prescriptive Models, Chat Bots, Speech Recognition, Text Recognition, Others
• Deployment Mode
  • Cloud, On Premise
• Organization Size
  • Large Enterprises, SMEs
• End User
  • Manufacturing, Healthcare, Banking Financial Services and Insurance, Research and Academia, Transportation, Retail and Ecommerce, Others

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AI Tools to Hold Sway Over AI Platform Market Due to their Essential Role in AI Functionality

Most of the functionality of an artificial intelligence (AI) platform comes from AI tools such as machine learning, natural language processing, and deep learning. These tools help AI models understand and interpret information in the right way to ensure the accuracy of AI platforms. The rising use of AI tools in multiple applications will also help this segment expand its market share. Developing novel AI tools will be highly crucial for artificial intelligence (AI) platform companies going forward. Meanwhile, the demand for services will also see a robust hike by the end of the forecast period. The need for integration, maintenance, and support for novel artificial intelligence (AI) platforms is increasing rapidly and this is what will offer new opportunities for artificial intelligence (AI) platform companies in the future.

Chat Bots to Dominate AI Platforms with Better Efficiency and Effectiveness

AI-powered chat bots are gaining popularity due to their precision and effectiveness. Healthcare organizations can profit more with the reliability on AI platforms for diagnostics, thereby reducing dependability on human staff. Most businesses worldwide are replacing humans with AI platforms to ensure better operations and within less time.

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AI Platforms are Now Integral to Healthcare for Enhancing Patient Outcomes and Experiences

Artificial intelligence is now penetrating the healthcare sector, thereby influencing everything, every experience and outcome ranging from research to patient care. The growing use of AI to reduce the workload on healthcare professionals and to improve patient outcomes has created a high demand for healthcare AI platforms. The rising digitization of the healthcare industry and the increasing use of smart virtual assistants to assist patients are also contributing to a high market share of the healthcare industry in this market.

Transportation is another key industry where the use of artificial intelligence (AI) platforms is estimated to rise rapidly in the future. Optimization of routes, enhancement of operations, and predictive maintenance are some key applications of AI platforms in the transportation space. Besides these, artificial intelligence (AI) platform providers can also target BFSI, manufacturing, and retail industries to take their revenue generation to a whole new level.

Artificial intelligence (AI) platform providers will need to invest heavily in the development of novel offerings specific to user preferences. Adoption of automation and widespread digitization are estimated to set the tone for artificial intelligence (AI) platform market players and investing in all segments will be fruitful in the long term. 

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SOURCE SkyQuest Technology