Global Artificial Intelligence Platform Market: Prevailing Requirement for Smart Business Solutions Augments the Market Growth

Global Artificial Intelligence Platform Market

Artificial intelligence platform is the virtual platform provided by specialized IT service providers. This platform enables users to build applications that can be deemed intelligent by integrating them with smart self-sustaining algorithms. These applications are deemed smart/intelligent as they are capable of solving a number of complicated problems. They also simulate various problem solving activities, learn with each task and implement better problem-solving characteristics with each task. These platforms are integrated with a number of different machines which ensures that the applications being developed on this platform are able to perform similar functioning to that of a human such as cognitive functioning, gain general as well as social intelligence

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Artificial intelligence platform market is growing due to high computing power & parallel processing capabilities, increasing number of AI applications; the effects of these factors are mentioned below:

  • High computing power & parallel processing capabilities: Artificial intelligence technology ensures that the processes being run on this technology are powered with highly effective resources and that the allocation of resources are carried out in an efficient manner so that multiple processes can be carried out alongside one-another without having to limit the efficiency of operations. This capability is giving rise to a highly significant demand for artificial intelligence platforms from a wide-range of end-use verticals
  • Increasing number of AI applications: One of the most important factors behind the adoption of artificial intelligence platform is the high demand for artificial intelligence technologies and applications from a number of different industries due to its significant benefits such as faster processing, enhance effectiveness in operations, streamlined processes better quality of services and other benefits

Strategic launches of products and expansion of businesses undertaken by market players:

  • In September 2019, InveniAI Corporation announced that they had expanded their monitoring platform “AlphaMeld” with the availability of greater product offerings based on AI and ML for the life-science consumers that have been developed specially to meet their needs. These product range will be available through the cloud-based interface for consumers helping deliver highly customized and effective solutions bringing about significant advantages to the consumer
  • In July 2019, Nowigence announced the launch of “Pluaris”, with this platform consumer can attain greater information into sales related tasks of an organization. This platform extracts information from various different sources that is relevant and organizes it in an intelligent form which is ready-to-use by the various consuming organization

The market is segmented on the basis of component as tools, services; deployment mode is categorized into cloud, on-premises; application as forecasts & prescriptive models, chat-bots, speech recognition, text recognition, others; end user as manufacturing, healthcare, BFSI, research & academia, transportation, retail & e-commerce, others.

“According to Data Bridge Market Research, global artificial intelligence platform market is expected to be growing with a healthy CAGR of 31.2% during the forecast period of 2018 to 2025”

Some of the major players operating in market are Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Enlitic, Inc., Next IT Corporation, iCarbonX, Amazon Web Services, Apple, Facebook Inc., Siemens, General Electric, Micron Technology, Samsung, Xillinx, Iteris, Atomwise, Inc., Lifegraph, Sense.ly, Inc., Zebra Medical Vision, Inc., Baidu, Inc., H2O ai, Enlitic, Inc. and Raven Industries.

The demand for artificial intelligence platforms will gradually rise due to growing intelligent business processes. This will have a positive influence on the artificial intelligence platform market as these platforms are an invaluable component of artificial intelligence technology’s development process ensuring the optimal working and effectiveness of artificial intelligence in different applications.