The Artificial Intelligence platform provides tools and technologies to build applications with AI-rich capabilities. The algorithms used for formulating the AI platform provide logical models for application developers to fabricate various innovative applications with capabilities, such as speech and voice recognition, text recognition, and predictive analytics.
The global market for Artificial Intelligence platform is projected to reach a market size of USD 9.88 billion by 2022, from USD 2.61 billion in 2017. This growth is expected at a Compounded Annual Growth Rate (CAGR) of 30.5%. The factors likely to drive the Artificial Intelligence platform market are the substantial increase in data generation, high demand for AI-based solutions, the need to enhance customer experience, and the increasing operational efficiency & reduced cost that AI platforms offer.
Vendors who fall into this category receive high scores for most of the evaluation criteria. They have a strong and established product portfolio and a very strong market presence. They provide mature and reputable Artificial Intelligence platform solutions. They also have strong business strategies. Microsoft Azure AI, Amazon ML platform services, Intel Nervana Platform, Google Cloud Machine Learning Engine, IBM Watson, SAP Leonardo Machine Learning, Salesforce Einstein suite, and Qualcomm have been placed in this category.
The innovators in the MicroQuadrant consist of vendors who have demonstrated substantial product innovations as compared to their competitors. They have much-focused product portfolios. However, they do not have very strong growth strategies for their overall business. Ayasdi, Absolutdata NAVIK Artificial Intelligence platform, Oracle, and SAS have been placed in this category.
They are established vendors with very strong business strategies. However, they are low in their product portfolios. They focus on a specific type of technology, related to the product. HPE C3 AI Suite, Infosys Nia, and Wipro Holmes have been placed in this category.
They are vendors with niche product offerings. They are starting to gain their positions in the Artificial Intelligence platform market. They do not have strong business strategies when compared to the other established vendors. They might be new entrants in the market and require some more time before gaining significant traction. BigML, Artificial Solutions, CrowdFlower, Kasisto, msg.ai, Rainbird Technologies, Vital AI, Faculty, RapidMiner, and DataRobot have been placed in this category.
By tools, the Machine Learning (ML) segment is expected to hold the dominant position in terms of market share as well as CAGR during the forecast period. Artificial Intelligence platform tools are used to deploy AI-enabled algorithms across the Banking, Financial Services, and Insurance (BFSI), healthcare, and retail & eCommerce verticals to analyze large amounts of data.
Among services, the highest CAGR and largest contribution are expected from the managed services segment. The growth of this segment can be attributed to the availability of 2 deployment models—on-premises and cloud—which require maintenance and infrastructure support by providers of managed services.
By deployment mode, cloud deployment is expected to dominate in terms of market share as well as CAGR, since this mode provides a variety of agile solutions in the Artificial Intelligence platform market.
By application, forecasts & prescriptive models is projected to be the most significant contributor, while text recognition is expected to grow at the highest rate. Analysis of customer behavior and identification of specific patterns in data are possible with the use of forecasts & prescriptive models.
Among end users, the BFSI segment is projected to have the largest share, while healthcare is expected to have the highest growth rate during the forecast period. Both these sectors use Artificial Intelligence platform to obtain insights from significant amounts of data and analyze trends from this data to enhance decision making as well as customer experience. End users from the manufacturing, retail & eCommerce, transportation, and research & academia sectors use AI platform to access real-time data to reduce response time to customer queries and enhance business processes. These sectors are also expected to grow significantly during the forecast period.
By region, the Artificial Intelligence platform market is studied for North America, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America. Among these, the highest revenue is expected from North America. This can be attributed to the high focus on innovation and the competitive nature of the market in developed economies such as the US and Canada. In terms of growth rate, APAC is projected to lead as a result of the increasing technological advancements and the expansion of domestic enterprises in the region.
Restraints that the market faces include the increasing issue of data privacy, especially in emerging economies, as well as the lack of a skilled workforce to enable organizations to perform optimally.
Artificial Intelligence Platform Quadrant
Find the best Artificial Intelligence Platform solution for your business, using ratings and reviews from buyers, analysts, vendors and industry experts
- Product Features and Functionality
- Features Offered
- Natural Language Processing
- Machine Learning
- Chatbots or Robots
- Speech Recognition
- Text Recognition
- Forecasts and Prescriptive Models
- Focus on Product Innovation
- No. of Innovations
- R&D Spend
- Product Enhancement Development
- Product Upgradation
- New Product Launches
- Breadth and Depth of Product Offering
- Product Branding
- Customer testimonials
- Brand Recognition
- Product Branding
- Enhance Customer base
- Increase Revenue
- Enhance year on year growth
- Sustain in competition
- Other Branding Method(s)
- No. of Platforms for Branding
- Social Media Platforms
- Mobile Apps
- Offlne campaigns
- Word of Mouth strategy
- Email Branding
- Articles and Blogs
- Other Branding Platform(s)
- Support Services
- Managed Services
- Professional Services
- Sales Support
- Technical Support
- Customer Support
- Other Support Services
- End-Users served
- Large Enterprises (Revenue> 500 Million)
- Small Enterprise (Revenue< 100 Million)
- Medium Enterprises (100 Million<Revenue<500 Million)
- Deployment Mode
- Delivery Model
- Per User Basis
- Subscription / Licensing
- Full Time Equivalent