Artificial Intelligence Software Platforms Market Analysis

Deployment Model Segment Analysis

The cloud-based deployment model segment is projected to account for a leading artificial intelligence software platform market share of around 61.7% during the forecast timeline. The segment’s expansion is associated with the cost-efficiency offered by cloud solutions. In addition, the opportunities in the segment are rife due to a heightened adoption of cloud-based AI services, such as NLP, ML, and computer vision APIs, across various sectors. In terms of recent advancements, in 2023, Google Cloud launched a new version of Vertex AI, in a bid to ease the work of developers in deploying and scaling ML models with cloud-based infrastructure.

Technology Segment Analysis

The ML segment is projected to hold a considerable share of 37.3% in the artificial intelligence software platform market. A key driver of the segment is the rising demand for ML in sectors such as healthcare and finance. In healthcare, ML algorithms have assisted in improved disease identification, as well as risk assessment. For instance, Google’s DeepMind developed an algorithm that is capable of identifying retinal images of eye disorders, assisting in the improvement of patient outcomes.

Industry Vertical Segment Analysis

The BFSI sector is expected to experience a large AI software deployment during the forecast period. Key players in the BFSI industry are leveraging AI-based software platforms to automate tasks and improve fraud detection. For instance, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) highlighted that more than $688 million in suspicious activity reports were filed by financial institutions in 2023, reflecting opportunities for the deployment of AI software platforms for fraud detection.

Our in-depth analysis of the global artificial intelligence software platform market includes the following segments: