The global AI platform market is poised for significant expansion, with sales projected to reach USD 19.8 billion in 2024 and forecasted to skyrocket to USD 136.5 billion by 2034, according to recent market insights. The sector is expected to experience a robust CAGR of 21.3% over the next decade, driven by increasing demand for AI technologies across various industries. In 2023, AI platform revenue stood at USD 16.3 billion, with an anticipated year-on-year growth of 21.1% for 2024.
AI platforms encompass a diverse range of software and services that empower businesses to develop, deploy, and manage AI applications seamlessly. This burgeoning market includes key tools such as machine learning frameworks, deep learning solutions, natural language processing (NLP) services, and advanced data analytics capabilities—all of which simplify the creation and implementation of AI models.
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The primary advantage of AI platforms lies in their ability to handle vast amounts of data, a critical element in training AI models. These platforms integrate a wide variety of tools into a cohesive environment, streamlining data collection, preparation, and analysis. This integration allows organizations to derive actionable insights with greater ease, enabling data-driven decision-making.
The AI platform market’s impressive growth trajectory is largely fueled by businesses seeking to leverage AI for efficiency, automation, and enhanced decision-making. The increasing importance of AI-powered systems in sectors such as healthcare, finance, retail, and manufacturing will continue to support the expansion of this industry
Key Takeaways:
- The global AI platform market generated USD 16.3 billion in income in 2023.
- The market achieved a CAGR of 20.1% during the historical period of 2019-2023.
- North America leads the AI platform industry, with the USA holding 80.2% of the regional market share in 2023.
- The USA AI platform market is forecasted to grow at a CAGR of 19.1% during the next period.
- China’s AI platform market is set to grow at a CAGR of 22.1% from 2024 to 2034.
- India’s AI platform market is anticipated to expand at a CAGR of 21.6% and maintain a significant market presence in the South Asia & Pacific region through 2034.
- By component, the AI natural language processing platforms segment is projected to grow at a CAGR of 21.9% until 2034.
Competitive Landscape
Key players operating in the AI platform market are investing in advanced technologies and also entering into partnerships. Key AI platform providers have also been acquiring smaller players to grow their presence to further penetrate the market across multiple regions.
Key Players of AI Platform Industry
- Microsoft Corporation
- Amazon Web Services
- IBM Corporation
- Salesforce
- Oracle Corporation
- SAP SE
- Infogain Corporation
- Avenga
- Vital AI, LLC
- Infosys Limited
- Receptiviti Inc.
- Kasisto
- Premonition
- Rainbird Decision Intelligence
Recent Industry Developments in AI Platform Market
- In July 2024, AI technology company, launched India’s first full text-to-video AI platform, aiming to revolutionize video content creation. This innovative platform enables users to generate professional-grade videos from simple text descriptions, leveraging advanced AI and machine learning technologies
- In June 2024, consulting company, Wipro launched its AI platform, Lab45, aimed at enhancing its generative AI solutions. The platform will leverage Wipro’s expertise in AI and machine learning, enabling clients to harness the power of generative AI for improved decision-making and operational efficiency.
- In June 2024, construction company, construction company, Eiffage partnered with Google Cloud to enhance its AI strategy, aiming to improve operational efficiency and data utilization within the company. This collaboration will leverage Google Cloud’s advanced data and AI solutions, including BigQuery, Apigee, Vertex AI, and Gemini models, to develop a robust internal technology platform.
Key Segments of AI Platform Industry
By Component:
In terms of component, the industry is divided into AI tools, AI machine learning platforms, AI natural language processing platforms, and AI services.
By Deployment:
In terms of deployment, the industry is divided into cloud-based and on-premises.
By Industry:
The industry is classified by industry as retail and e-commerce, IT and telecom, BFSI, healthcare and life sciences, manufacturing, robotics, and others.
By Region:
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and Middle East & Africa (MEA) have been covered in the report.
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