The global AI (artificial intelligence) platform market is expected to grow from $2.61 billion in 2017 to $9.88 billion by 2022, at a compound annual growth rate (CAGR) of 30.5%, according to new data by Research and Markets (www.researchandmarkets.com).

The proliferation of data generation is the major factor driving the growth of the AI platform market, per the research groupo. To sustain in a competitive market, analysis of raw data has become important to understand the customer behavior, increasing revenue and, better decision-making, for various industry sectors. In order to achieve efficiency across business processes, enterprises need to design and layout a plan of action. This can be done by properly implementing AI platform solutions into its operations, according to Research and Markets.

Slow digitization rate across emerging economies is expected to be a major restraint for the AI platform market. The technical adaptability is the significant factor in AI platform deployment process. However, Research and Markets says that emerging economies are witnessing slow growth digitalization resulting into a slow growth rate of the AI platform market.

The applications in the AI platform market include forecasts and prescriptive models, chatbots, speech recognition, text recognition, and others (face detection and sentiment analysis). Forecasts and prescriptive models help various organizations to optimize their strategy and operational efforts by providing analysis of historical data.

Moreover, Research and Markets says the models are beneficial in the analysis of total sales, customer purchase behavior and patterns, and many more. To meet these requirements, various companies are deploying AI platform tools and solutions to get maximum benefits of the technology.