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Artificial Intelligence Software Platform Market Forecasted to Garner USD 2.75 Billion by 2027, with a CAGR of 28.1%

Market overview

According to studies, the Artificial Intelligence Software Platform Market will grow up to 11.3 billion USD by the end of the year 2027. Furthermore, the market will grow at a CAGR rate of 28.1% in the upcoming years. The market was valued at 2.45 billion USD in 2017. Even the global artificial intelligence market had a valuation of around 56.5 billion USD in 2021. The market will reach up to 308.5 billion USD in 2027. The market will grow at a CAGR rate of 31.9% during the forecast period. The global artificial intelligence market will grow up to 197.39 billion USD by the end of the year 2030.

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The rapid use of artificial intelligence software can be seen in the retail business, automotive business, and also IT industries. Furthermore, the massive growth of smart devices in the global market is also another reason for the popularity of artificial intelligence software. One of the major market drivers the market is easily accessible to multiple facilities. These facilities improve the experience of users, business operations, and communications also. The rapid growth of modernization and industries are also the major market drivers of the growth of the market.

During the COVID-19 pandemic, the artificial intelligence software platform market had seen some involvement also. The artificial intelligence software platform market saw also some reduction in the market growth. The manufacturing processes were stopped due to the lockdown period. The reduction in the investment also brought some downfall in the market.

Regional division:

The main regional division of this market is among three major regions. The Asia Pacific and North America, Europe. The main market shareholder is under the control of the North American region. All over the world, the U.S market has almost 80% of the developer companies. The European countries will take over the market in the forecast period. Furthermore, the Asia Pacific market will grow at a good rate in the upcoming years.

Market segmentation: 

There are some important market segments of the artificial intelligence software platform market. These segments play a great role in the future of this market. Furthermore, the market segments also are the main reasons for the profit of this market. These segments also determine the future growth of the market. These segments are 1. The components, 2. The deployment type, 3. The industry vertical and lastly 4. The regions.

The component segment of the market is a vital factor. The component has two subcategories: solution and services. The solution is again divided into machine learning,  natural language processing and others. The deployment type has two subparts like on-premise and cloud. Even the industry vertical has some subparts like retail, eCommerce, BFSI, IT, automotive and transportation and others.

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Industry review: 

The industry review report of the artificial intelligence software platform market has a high potential for growth in the upcoming years. Many big companies like Facebook, Google, Amazon, and Microsoft developed several technologies for better services of artificial intelligence software.

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