Artificial Intelligence Platform Market Worth 9.88 Billion USD by 2022
PUNE, India, November 20, 2017 /PRNewswire/ --
According to a new research report "Artificial Intelligence Platform Market by Component (Tools, Services), Deployment Mode (Cloud, On-Premises), Application (Forecasts & Prescriptive Models, Chatbots, Speech Recognition, Text Recognition), End-User, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market size is expected to grow from USD 2.61 Billion in 2017 to USD 9.88 Billion in 2022, at a Compound Annual Growth Rate (CAGR) of 30.5%.
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Browse 61 Market Data Tables and 40 Figures spread through 144 Pages and in-depth TOC on "Artificial Intelligence Platform Market"
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The increasing demand for AI-based solutions and proliferation in data generation are some of the major driving factors of the AI Platform Market. Furthermore, the increasing demand for intelligent business processes and growing innovation across end-users are expected to provide opportunities for the growth of the AI Platform Market.
Machine Learning (ML) tool is expected to be the largest contributor in the global AI Platform Market during the forecast period
A large amount of raw data is generated in various industry sectors; analysis of this data has become important to get better insights for making business-related decisions. To achieve these benefits various companies are using ML tools to build various probabilistic models.
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The managed services segment is expected to show a significant growth rate during the forecast period
The demand for services is growing with the evolution of the AI Platform Market. Specifically, managed services are expected to have a higher growth rate during the forecast period. The solutions offered by vendors need to be integrated to avail industry's best practices of the AI platform solutions. The market for managed services is expected to be growing faster owing to the need of deployment of AI platform solutions either on cloud or on-premises. Based on vertical, the manufacturing segment is projected to grow at the highest CAGR during the forecast period
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North America is expected to have the largest market share during the forecast period
North America is the most competitive and rapidly changing Artificial Intelligence Platform Market in the world. North America, among all the regions, has shown maximum adoption of AI platform solutions, due to its early implementation in a majority of applications. The US and Canada are projected to extensively implement AI platform solutions, hence, North America is expected to have the highest market share.
Some of the major vendors are Microsoft (US), Google (US), Salesforce (US), IBM (US), Intel (US), Amazon Web Services (US), HPE (US), Ayasdi (US), Qualcomm (US), and Absolutdata (US).
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