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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The MRFR report highlights an inclusive segmental analysis of the global artificial intelligence software platform market based on vertical, deployment, and component.
By component, the global artificial intelligence software platform market is segmented into services and solution. The solution segment is again segmented into natural language processing, machine learning, and others. Of these, machine learning will lead the market over the forecast period.
By deployment, the global artificial intelligence software platform market is segmented into on-cloud and on-premise. Of these, the on-cloud segment will dominate the market over the forecast period.
By vertical, the global artificial intelligence software platform market is segmented into industrial automation and manufacturing, healthcare and pharmaceutical, IT and telecommunication, BFSI, transportation and automotive, retail and e-commerce, and others. Of these, the BFSI segment will have a major share in the market over the forecast period.
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