A new International Data Corporation (IDC) report shows that the market for artificial intelligence (AI) platform software grew remarkably in 2023 due to the increasing adoption of AI across many industries worldwide. IDC also projects an upward trajectory for the market, reaching $153.0 billion in 2028 with a compound annual growth rate (CAGR) of 40.6% over the 2023-2028 forecast period.
"The AI platforms market shows no signs of slowing down. Rapid innovations in generative AI are changing how companies think about their products, how they develop and deploy AI applications, and how they leverage technology themselves for reinventing their business models and competitive positioning," said Ritu Jyoti, group vice president and general manager of IDC's Artificial Intelligence, Automation, Data, and Analytics research.
AI adoption
The fourth wave (April 2024) of IDC's Future Enterprise Resiliency and Spending Survey revealed that half of the organisations currently deploying GenAI in production have already selected an AI Platform. Meanwhile, most organisations have already initiated significant investments in the next six months.
"AI has the potential to enhance user experience, optimise advertising, personalise content, and improve data analytics. These advancements can drive increased online activity and commerce, leading to positive economic impacts," said Raghunandan Kuppuswamy, research manager, Artificial Intelligence and Automation at IDC.
AI risks
Despite acknowledging its potential, IDC's Kuppuswamy also reminds organisations that AI presents significant risks.
"Organisations need to identify patterns and anomalies, identify potential risks, and remediate problems before they become widespread. While not all risks can be removed, risk mitigation can be accelerated using AI, providing better security and resilience for customers," Kuppuswamy added.
