Artificial Intelligence Software Platforms Market size was valued at USD 34.28 billion in 2023 and is poised to cross USD 1.05 trillion by the end of 2036, registering more than 30.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of AI software platforms is estimated at USD 42.56 billion.
Increasing demand for artificial intelligence-based solutions, along with the advancement towards increasing operational efficiency are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the increase in data generation on a global level and the growing need to improve customer experience. The total private investment in artificial intelligence in 2019 was more than US$65 billion globally.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
30.2% |
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Base Year Market Size (2023) |
USD 34.28 billion |
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Forecast Year Market Size (2036) |
USD 1.05 trillion |
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Regional Scope |
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The artificial intelligence software platforms market is segmented based on model type into forecasts & prescriptive models, speech recognition, text recognition, and others, out of which, the forecasts & prescriptive models segment is anticipated to grab the largest share by the end of 2021 on account of its wide use in the analysis of customer behaviour. Moreover, forecasts & prescriptive models are also employed to recognize specific patterns in the data, which is also projected to contribute to the growth of the segment during the forecast period. On the basis of end-user, the healthcare segment in the artificial intelligence software platforms market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to its rapidly growing deployment of AI platforms to get insights from a large amount of data, enhance customer experience, analyse trends from the data and improve decision-making process.
Our in-depth analysis of the global market includes the following segments:
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By Model Type |
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By End-User |
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Geographically, the artificial intelligence software platforms market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific industry is expected to account for largest revenue share by 2036, owing to increased advancement in technology and rapid expansion of domestic enterprises in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the high investment in research and development, accompanied by the presence of leading software companies in the region. Along with this, the North America also leads in demand for intelligent virtual assistants, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the artificial intelligence software platforms market on account of increased adoption of artificial intelligence platform by various manufacturing and automobile industries for improving operational efficiency. According to the European Commission, the European approach for artificial intelligence aims to promote Europe’s innovation capacity in the area of artificial intelligence while supporting the development and uptake of ethical and trustworthy artificial intelligence across the European Union economy.
Author Credits: Abhishek Verma
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