In a recent published report, Kenneth Research has updated the market report for Artificial Intelligence Software Platform Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
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U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Artificial Intelligence Software Platform Market products.
Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
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Market Synopsis
The global AI Software Platform market was valued at USD 2.75 billion in 2017 and is expected to reach USD 11.3 billion by the end of the forecast period with a CAGR of 28.1%.
The AI Software platforms perform tasks which are done by humans with the use of machines. AI platforms simulate the cognitive function that human minds accomplish. These include learning, problem solving, reasoning, and social intelligence. Expert systems such as Speech recognition, context aware computing, and machine vision are also involved in AI application. The major factors that contribute the market growth is the increase in the investment in research and development of AI technology.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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The top companies like Microsoft, IBM, Google, and others are investing in R&D as well as in acquisitions of startups and mergers with other firms in this field. The technology is evolving at a great speed and the recent advances in deep neural networks is one more factor for the growth of this market. The increasing deployment of AI in various applications such as forecasts and prescriptive models, chatbots, image and speech recognition, text recognition, face detection and sentiment analysis and many others has created a huge opportunity for this market.
The on-cloud deployment of AI Software Platforms has a higher share in the current market. The on-cloud deployment will increase with a higher growth rate over the estimated period. The growth in adoption of cloud based applications and services is a major factor for this. Apart from North America, various developed countries in Europe as well as Japan, China have already started their shift towards cloud.
Segmentation
The global AI Software Platform market is segmented into Component, Deployment, Vertical and Region.
By component, the global AI Software Platform is segmented into Solution and Services. The Solution segment is further divided into Machine Learning, Natural Language Processing and Others.
By deployment, the global AI Software Platform is segmented into On-Premise and On-Cloud.
By vertical, the global AI Software Platform is segmented into Retail and Ecommerce, Transportation and Automotive, BFSI, IT & Telecommunication, Healthcare and Pharmaceutical, Industrial Automation and Manufacturing and Others.
By region, the AI Software Platform market is segmented into North America, Europe, Asia-Pacific, and rest of the world.
Regional analysis
The global market for AI Software Platform is estimated to grow from $ 2.75 billion at a CAGR of 28.1% during the forecast period from 2018 to 2023. The geographical analysis of AI Software Platform market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America).
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Among the regions mentioned, North America is anticipated to have the largest market share during the forecast period. The US occupies nearly 75-80% of the major key players operating in this market and has almost 75% of market share in the current market scenario. The market size of Europe is estimated to grow at the highest CAGR in the estimated duration, followed by APAC. Various startups are being setup in these regions and are giving a boost to the market share.
Global AI Software Platform Market, USD Billion
Source: MRFR Analysis
Key Players
The key players in the AI Software Platform market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are— Intel (US), Nvidia (US), Microsoft (US), IBM (US), Google (US), SAP (US), Amazon Web Services (US), Wipro (India), Infosys (India), Ayasdi (US), Qualcomm (US), Salesforce (US), Playment (US), H2O.ai (US), Infrrd Inc. (US).
Apart from the top key players, the other players contribute nearly 20–25 % in the AI Software Platform market. These include ValueCoders (India), Cleo AI Ltd. (UK), Prolitus (India), DigitalGenius (UK), ArStudioz (India), Babylon Health (UK), AIBrain (US), iCarbonX (China), CloudMinds (US), BenevolentAI (UK), Dataiku (US), Darktrace (UK), Palantir (US), Digital Reasoning Systems, Inc. (US), and others. Many startups across the globe are a part of this market, hence various mergers and acquisitions take place adding to the AI capabilities of the market leaders.
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Intended Audience
Government Agencies
Service/Solution Providers
Consulting Firms
AI System Integrators
Research Institutes and Organizations
Technology Standards Organizations
AI Software Platform Vendors
Application Developers
Initial public offering/venture capitalist/angel investors
Information security directors/managers
Banking, Financial Services, and Insurance (BFSI), healthcare, retail, and manufacturing organizations
About Kenneth Research
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