Tremendous
analysis on a gigantic dataset and gaining insights from them are the major
activities on which the artificial intelligence platform market vendors are
leveraging upon
We as humans are not capable and meant to execute cyclic
and recurring tasks consistently for long hours, and instead we will have AI
tools and robots to accomplish that. Tedious, repetitive, and complex workflows
in the businesses are slowing down the processes, concurrently increasing the
cost of operations involved. Automation and digitalization are being leveraged
upon by the industries to amplify the efficiency in work by reducing human
error and boosting the production with the help of technologically-rich
ecosystem. Artificial intelligence, cognitive learning, and neural networks are
some of the advanced techniques that are being engaged upon to achieve
automation in businesses and industrial activities. Artificial intelligence
platforms simulate cognitive operations that humans perform such as learning,
problem-solving, reasoning, general intelligence, and social intelligence.
These technologies are evolving at a rapid pace and providing traction to the
global Artificial Intelligence Platform Market which already held the global
market size of $3.24 billion in 2018 and is projected to grow at an incredible
CAGR of 27.84%, during the forecast period of 2019 to 2025. The surging
investments in research and development of AI technology by private
organizations, government bodies, and market influencers are impacting the
global artificial intelligence platform market positively. Organizations and
enterprises in various end-user industries are adamant about integrating AI
capabilities in their business to optimize the value and production of their
venture. For instance, the fintech industry is employing AI-enabled models to
calculate potential risks involved in the market. Similar to fintech, the
manufacturing, retail, automotive, healthcare, telecommunication, and tourism
verticals are scaling up on AI platforms to escalate their return on
investment, thereby driving the artificial intelligence platform market growth.
Moreover, artificial intelligence platforms are being
harnessed to improve customer experiences by reinforcing machine learning and
neural networks on sales and marketing of a particular product or a service.
Evidently, marketing in a business is one of the most prominent stages of a
product, and if done adequately, it can improve the revenues in the business
exponentially, henceforth, companies are adamant about incorporating artificial
intelligence in their operations, which is further supporting the growth in the
global artificial intelligence platform market. Additionally, the increasing
deployment of AI in various applications such as prescriptive models,
forecasts, image, speech recognition, text recognition, face detection, is
creating a huge opportunity for this market.
Geographical analysis
North America was the most lucrative region in artificial
intelligence platform market with a revenue share of 56.87% in 2018. Cutting
edge innovations, advances in the artificial intelligence technologies, and
continuing research and development activities in the situated countries such
as the U.S., Mexico, and Canada are further supporting the growth in the North
American artificial intelligence platform market. However, the European region
is poised to exhibit a tremendous growth owing to strong demand for AI systems,
favorable macroeconomic factors, and rigorous investments catalyzed by ongoing
research works in the region. According to the AI Index, Europe was the largest
publisher of AI papers in the world with 28% of the globally published AI
papers and China, on the other hand, was responsible for 25% of the articles
published in 2017. Whereas, the presence of the fastest developing economies
such as India, China, South Korea, and Japan in the APAC region is anticipated
to propagate considerate market revenues in the artificial intelligence
platform market.
Application Analysis
The applications of artificial intelligence platforms are
countless. However, the amalgamation of AI platforms in the transportation
sector is considered as the primary application of the AI platforms market.
This transportation application is expected to register growth at an
astonishing CAGR of 37.31%, during the forecast period. Public passenger
automotive involving autonomous buses and shuttle services are starting to
propel in the transportation industry. Autonomous and cognitive electric buses
have been initiated on a trial basis in numerous countries such as the U.S.,
Norway, Sweden, and China. Globally, the inconsistency on road surfaces, city
infrastructure, weather, and traffic patterns have created a great opportunity
for the artificial intelligence platform vendors to analyze and asses the
existing conditions and try to implement effective AI models such that the
operations in transportation enhance. Managing traffic operation, with the help
of artificial intelligence platforms, can effectively improvise the traffic
conditions in a city. Already, AI techniques are used for predicting and
detecting traffic on the road, and this application of artificial intelligence
platform is poised to grow at a radical pace as the adoption of AI is trending
in a majority of the end-user industry. Similar to autonomous buses,
self-driving trucks are also gaining popularity in both the developing and
developed economies and are expected to use exceptional AI acquired insights to
increase its application and significance. Mobility leader Uber has invested
significant capital in self-driving trucks. Uber acquired autonomous technology
innovator Otto in 2016 to expand its operations in autonomous trucks with the
help of advanced technologies such as artificial intelligence. The AI platforms
are not only limited to autonomous cars and trucks, but the technology can be
utilized to optimize railways and aircraft operations. Applying AI techniques
to analyze the railway and commercial aircraft itinerary details could reduce the
human efforts and potential errors involved in handling the railway and
aircraft movements. Therefore, with such numerous application areas of
artificial intelligence platform in the transportation segment, the growth in
the global AI platform market is inevitable in the upcoming years.
AI Platforms for OTT: A Major Trend in the AI-based
Entertainment Ecosystem
Over-the-top services such as the Netflix and Amazon
Video are an extensive user of artificial intelligence platforms. These OTT
services generate gigantic data daily. Further, this data is used to apply AI
models to enhance the customer experience. With this analysis, Netflix
understands what a particular customer wants. This is where the AI platforms
define what cognitive learning is. According to Forbes, a Netflix customer
loses interest in 60 to 90 seconds while searching for something to watch. All
of these analyses is a part of the advanced machine learning, big data, and
artificial intelligence techniques applied to the huge data set. The
prevailing culture of binge-watching among the millennial population is
increasing demands for OTT platforms, which is further employing numerous AI
platform vendors, leading to the growth in the global AI platforms.
AI Platforms: Perfect Tool for the Sales and Marketing
Segment
Marketing of a product flourishes with the promotion of
the correct product to the correct people. Thus, AI platforms use cognitive
learning for advertising the right product to the concerned person. A technique
known as market basket analysis is used by these AI platforms to promote the
sales and marketing of a particular product. Advertising has remained a pillar
in business, and the application of AI platforms for marketing purposes are
projected to induce considerate profits in the global artificial intelligence
platform market.
AI Platform Market Competitive Landscape
The key players influencing the artificial intelligence
platform market are IBM, Google, Microsoft, Amazon, Salesforce, Oracle,
Infosys, Intel, Ayasdi, SAP, Wipro, and Hewlett-Packard.
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