The global artificial intelligence software platform market is predicted to touch USD 11.3 billion at a healthy 28.1%CAGR between 2018- 2023, states the recent Market Research Future (MRFR) analysis. AI software platform, simply put, is a software framework or architecture that allows the software to run on. It also includes application frameworks. Owing to its alluring features and plentiful benefits, it has wide applications in industrial automation and manufacturing, healthcare and pharmaceutical, IT and telecommunication, BFSI, transportation and automotive, retail and e-commerce, and others.
Various factors are propelling the global artificial intelligence software platform market share. According to the recent MRFR report, such factors include proliferation in data generation, demand for AI-based solutions, technological advancements in deep neural networks, and a rise in investments in R&D of AI technology.
On the contrary, data privacy issues, lack of skilled employees, and the on-going COVID-19 pandemic are factors that may limit the global artificial intelligence software platform market growth over the forecast period.
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Based on the region, the artificial intelligence software platform market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will have the lions share in the market over the forecast period. Increasing investments in artificial intelligence, coupled with rising government investments and initiatives are adding to the global artificial intelligence software platform market growth in the region. The United States holds the utmost share in the market.
The global artificial intelligence software platform market in the APAC region is predicted to have healthy growth over the forecast period. The rapid expansion of domestic enterprises, higher technological advances, and economic development is adding to the global AI software platform industry growth in the region.
The global artificial intelligence (AI) software platform market in Europe is predicted to have sound growth over the forecast period. Technological advancements, adoption of new technology, increasing use of AI technology, and the presence of highly developed IT sectors are adding to the global artificial intelligence software platform market growth in the region.
The global artificial intelligence software platform market in the RoW is predicted to have steady growth over the forecast period.
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