Data Generation, And Real-Time Availability Of Data are Some of the Major Driving Factors for the Growth of the Artificial Intelligence Platform Market
The Artificial Intelligence (AI) platform solutions deployed on cloud or on-premises empowers organizations to reduce operational cost, provide security, enhance scalability and offers ease of use benefits. MarketsandMarkets expects the AI platform market size to grow from USD 2.61 Billion in 2017 to USD 9.88 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 30.5%. Increased need for AI-based solutions, automation, reduced costs, proliferation in data generation, and real-time availability of data are some of the major driving factors for the growth of the AI platform market.
Some of the major AI platform vendors are Microsoft (US), Google (US), Salesforce (US), IBM (US), Intel (US), Amazon Web Services (US), HPE (US), Ayasdi (US), Qualcomm Technologies (US), and Absolutdata (US). New product launches and partnerships are the key strategies adopted by these market players to offer feature-rich products and services to their customers and to penetrate deeper in the unserved regions.
IBM is one of the leading vendors of AI platform solutions. The company’s strategy is to provide highly competitive products and solutions in the AI platform market. Its efforts toward strengthening AI platform solutions is evident from the fact that the company in May 2017, launched POWERAI deep learning software for data scientists and developers to provide support for cognitive development. POWERAI comprises capabilities that would help data scientist and developers in data preparation and development of tools. Moreover, in 2016, the company invested 7.2% of its total revenue in Research and Development (R&D) to enhance its product portfolio. In May 2017, IBM formed a partnership with H2O.ai; the partnership is focused toward redesigning of IBM’s POWER system platform with the help of technological capabilities provided by H2O.ai.
Another market-leading company, Salesforce adopted the product launch strategy to gain a dominant position against its competitors in the AI platform market. The company is following product launch strategy to enhance its AI platform-based technology portfolio. For instance, Salesforce in September 2017, launched a product Sales Cloud Einstein Forecasting, designed for its CRM platform to offer sales forecasts. Moreover, in June 2017, the company launched advanced analytics on its CRM platform, built to provide accelerated sales experience. Furthermore, the platform offers AI driven capabilities to develop marketing campaigns.
Related Reports:
Artificial Intelligence Platform Market by Component (Tools, Services), Deployment Mode (Cloud, On-Premises), Application (Forecasts & Prescriptive Models, Chatbots, Speech Recognition, Text Recognition), End-User, and Region - Global Forecast to 2022
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