NEW YORK, Dec. 22, 2021 /PRNewswire/ -- Artificial Intelligence Platforms Market Facts at a Glance-
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According to the recent market study by Technavio, the Artificial Intelligence Platforms Market Size is expected to increase by USD 17.29 billion from 2020 to 2025, with an accelerated CAGR of 35%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
North America will register the highest growth, occupying 68% of the global market share. The US is the key market for artificial intelligence platforms in North America. However, the market growth in this region will be slower than the growth of the market in APAC, Europe, and MEA.
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Vendor Insights-
The Artificial intelligence platforms Market is concentrated. Major vendors in the market are continuously investing in AI R&D to develop comprehensive offerings. The market is also witnessing an increase in the number of startups, which is intensifying the competition. To remain competitive in the market, some vendors are involved in mergers and acquisitions.
Alibaba Group Holding Ltd.: In December 2019, Industrial and Commercial Bank of China, Alibaba Group, and Ant Financial Services Group entered into a comprehensive strategic partnership to enhance the services available to users by deepening their level of cooperation in the key areas of fintech and financial services.
Alphabet Inc.: In May 2021, Google Cloud and SpaceX announced a partnership to deliver data, cloud services, and applications to customers at the network edge. In May 2021, Google Cloud announced the general availability of Vertex AI, a managed machine learning platform that allows companies to accelerate the deployment and maintenance of AI models.
Amazon.com Inc.: In April 2021, DISH and AWS formed a strategic collaboration to reinvent 5G connectivity and innovation. In March 2021, the company announced the launch of a second full region in Japan, the AWS Asia Pacific Region.
International Business Machines Corp.: In May 2021, the company announced plans to acquire Waeg to extend its portfolio of Salesforce services and advance its hybrid cloud and AI strategy. In April 2021, the company announced innovations across its storage portfolio designed to improve the management of data across increasingly complex hybrid cloud environments for greater data availability and resilience.
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Regional Market Outlook
The artificial intelligence platforms market growth in North America will be significant during the forecast period. The early adoption of technology and increasing investments by prominent players such as Microsoft Corp. (Microsoft), Google LLC (Google), and International Business Machines Corp. (IBM) are fostering the growth of the artificial intelligence platforms market in North America. Also, the rising adoption of infrastructure-as-a-service (IaaS) solutions by SMEs is contributing to the market growth.
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Latest Drivers & Trends Driving the Market-
The growing volume of data generated across industries such as healthcare and automotive is driving businesses to adopt cloud-based AI solutions. These solutions can be easily deployed, provide high scalability, and reduce operational costs. The increased deployment of cloud-based AI solutions is increasing the development of cloud-based AI platforms. Hence, the market witnessed an increase in the number of product launches, which is driving the market growth.
AI is increasingly being adopted by businesses across industries to enhance productivity. However, the lack of interoperability among DL frameworks that use neural network tools is hindering the adoption of AI. To overcome this challenge, in 2017, AWS, Facebook, and Microsoft collaborated to build the Open Neural Network Exchange (ONNX). The ONNX eliminates the need to build neural networks for each framework from scratch. End-users ranging from researchers to edge device manufacturers can leverage ONNX as the standard runtime for forward integration, thereby allowing interoperability among different frameworks. These factors are expected to speed up innovations in AI, thereby driving the market growth.
Find additional information about various other market Drivers & Trends mentioned in our FREE sample report.
Related Reports:
Artificial Intelligence Platforms Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 35% |
Market growth 2021-2025 |
USD 17.29 billion |
Market structure |
Concentrated |
YoY growth (%) |
32.12 |
Regional analysis |
North America, APAC, Europe, South America, and MEA |
Performing market contribution |
North America at 68% |
Key consumer countries |
US, China, UK, Germany, and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Microsoft Corp., Palantir Technologies Inc., Salesforce.com Inc., SAP SE, SAS Institute Inc., Tata Consultancy Services Ltd., and International Business Machines Corp. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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