The higher technological advancements and rapid expansion of domestic enterprises in organizations needy for efficient and faster AI platform solutions for better decision-making, enhanced customer experience, and real-time availability of data. The vendors are providing a new platform and AI driven solution to fit organizations’ requirements.

On the basis of components, the AI platform market is broadly classified into tools {Natural Language Processing (NLP) and Machine Learning (ML)} and services (managed and professional).

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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 Artificial Intelligence (AI) Platform.

The text recognition application is expected to grow at a higher CAGR during the forecast period. Many text recognition applications contain AI rich capabilities such as NLP and ML tools. It helps organizations in extracting important information from customer invoice and surveys.

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.