LONDON--(BUSINESS WIRE)--The global artificial intelligence platforms market size is poised to reach USD 6.95 billion by 2023, according to a new report by Technavio, progressing at a CAGR of over 28% during the forecast period.
“Apart from the rise in demand for AI-based solutions, the rising adoption of AI-enabled chips, the increasing interoperability among neural networks, and increasing convergence of AI with IoT and blockchain, are some other major factors that will drive market growth during the forecast period,” says a senior analyst at Technavio. Request Free Sample Pages
The market is driven by the rise in demand for AI-based solutions. In addition, increasing investments in R&D for AI technology are anticipated to further boost the artificial intelligence platforms market during the forecast period.
Several businesses are implementing automation tools that are integrated with AI platforms, which can support the process of digitalization and deliver better results. AI has the potential to introduce new sources of growth, accelerate working procedures, and strengthen the role of people in driving business growth. Moreover, the exponential increase in the volume of data is another factor encouraging organizations to implement AI-driven solutions. Also, various industries are implementing AI solutions in business functions to increase the efficiency of customer interaction, sales and demand forecasting for various products, fraud detection, workforce management, and many others. Thus, the need for automation and optimization of business operations will drive the demand for AI-solutions, during the forecast period.
Furthermore, enterprises are increasingly focusing on upgrading their IT systems and empowering their workforce with AI-based solutions to gain a competitive advantage over their competitors. AI technology is expected to have a significant impact on economic development and is set to transform the competitive landscape in industries. Governments are also promoting AI technology through investments in R&D and by developing education programs to train the workforce with AI skills, which can support businesses across industries. Retail, BFSI, and manufacturing are a few of the major industries that are increasing their investments in AI to automate business functions. For instance, in July 2019, HPE announced plans to invest USD 500 million over the next five years to increase its manufacturing operations in India. The company is keen to recruit people with expertise in AI and networking. Thus, such investments in AI R&D will lead to the growth of the global artificial intelligence platforms market.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Alibaba Cloud
- Amazon Web Services Inc.
- Google LLC
- IBM Corp.
- Microsoft Corp.
- Palantir Technologies Inc.
- Salesforce.com Inc.
- SAP SE
- SAS Institute Inc.
- Tata Consultancy Services Ltd.
Market Segmentation by Category and Product Types:
The Artificial Intelligence Platforms Market can be broadly categorized into the following:
Key Regions for the Artificial Intelligence Platforms Market:
Featuring a breakdown of region wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
Market segmentation analysis
- Market definition
Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
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