Growing Partnerships and Agreements Among Key Market Players Fuels Global AI Data Management Market
The market players are partnering with each other to develop advanced solutions to increase their market share. For instance, in March 2023, SAP SE signed a partnership agreement with leading AI companies, including Databricks Inc, Collibra NV, DataRobot Inc, and Confluent Inc. This supports SAP SE to strengthen its AI data management solutions portfolio. Also, the partnership helps companies exchange their expertise in AI data management and facilitates access to a diverse range of datasets, which drives the global AI data management market.
US Dominates AI Data Management Market in North America
The US AI data management market is projected to expand at a significant rate during the forecast period. The market in the US contributes a noteworthy share to the global AI data management market owing to the high adoption and investments in AI technology in North America. For instance, according to Bank of America Corporation, AI/ML capex investment is expected to exceed US$ 40 billion by the end of 2026. Increasing investment in AI encourages software development companies to increase their research for developing advanced software in order to enhance data management solutions. Moreover, the availability of advanced technological infrastructure, especially in the US, is likely to create opportunities for the market growth during the forecast period. For instance, in the US, Silicon Valley is a prominent hub for Al startups and tech giants revolutionizing cutting-edge solutions in data management. Additionally, the US is projected to account for a significant market share due to the wide presence of major players such as Microsoft Corp, Amazon Web Services Inc, Alphabet Inc, Oracle Corp, International Business Machines Corp, Salesforce Inc, Hewlett Packard Enterprise Development LP, SAS Institute Inc, and Snowflake Inc. These companies are continuously engaged in developing next-generation technologies to increase their market share across the globe, which fuels the market growth.
As per The Census Bureau of the Department of Commerce, in Q3 2023, US retail e-commerce sales reached US$ 284.1 billion, an increase of 2.3% from Q2 2023. The growing e-commerce sales and consumer preference for online shopping have increased the adoption of AI data management by numerous e-commerce companies such as Amazon Web Services Inc, Walmart Inc, and others for managing customers’ data and buying patterns. Thus, the expansion of the e-commerce sector in the US will create potential opportunities for the market growth.
Segmental Overview of AI Data Management Market Report
Based on offering, the market is bifurcated into solution and service. The software segment recorded a larger AI data management market share in 2023 and is anticipated to hold a significant revenue share during the forecast period. On the basis of deployment, the market is divided into on-premise and cloud. The cloud segment held a larger AI data management market size in 2023 and is anticipated to record a higher CAGR during the forecast period. In terms of technology, the AI data management market is categorized into machine learning, computer vision, natural language processing (NLP), and context awareness computing. The machine learning segment held the largest AI data management market share in 2023, and the computer vision segment is anticipated to record the highest CAGR during the forecast period. Based on industry vertical, the AI data management market is segmented into BFSI, retail & e-commerce, IT & telecom, healthcare, government & utilities, and others. The BFSI segment held the largest AI data management market share in 2023, and the retail & e-commerce segment is anticipated to record the highest CAGR during the forecast period.
AI Data Management Market Analysis: Competitive Landscape and Key Developments
The AI data management market forecast is done by considering Microsoft Corp, Amazon Web Services Inc, Alphabet Inc, Oracle Corp, International Business Machines Corp, Salesforce Inc, SAP SE, Hewlett Packard Enterprise Development LP, SAS Institute Inc, and Snowflake Inc, are among the key AI data management market players that are profiled in the report. Several other essential AI data management market players were also analyzed for a holistic view of the market and its ecosystem. The AI data management market forecast can help stakeholders in this marketplace plan their growth strategies. The AI data management market report provides detailed market insights to help major players strategize their growth.
- In November 2023, Amazon Web Services Inc introduced a screening of an innovative Generative Al-based feature within Amazon DataZone. The capability of Generative Al helps to enhance data discovery, utilization, and comprehension by improving the business data catalog.
- In November 2023, Databricks Inc acquired Arcion to offer native solutions. Databricks Inc uses Arcion’s real-time data replication technologies that facilitate the ingestion and seamless replication of data from diverse databases and SaaS applications.
- In September 2023, Oracle Corp launched the Fusion Data Intelligence Platform to assist customers using Oracle Fusion Cloud Applications. The platform represents cutting-edge data, Al platform, and analytics that help users merge data-centric insights with intelligent decision-making to achieve superior business.
- In May 2023, Microsoft Corp introduced Microsoft Fabric to support organizations in streamlining data and analytics tools. Microsoft Fabric helps organizations integrate numerous solutions with technologies such as Power BI, Azure Synapse Analytics, and Azure Data Factory to form a unified product. Microsoft Fabric empowers data and business experts to fully utilize their data by using AI and streamlines workflows linked to data.
- In May 2023, QlikTech International AB acquired Talend to broaden its capabilities for managing, processing, analyzing, and acting upon data for modern enterprises. The collaboration between QlikTech International AB and Talend strengthens numerous areas, such as application connectivity, data transformation, API services, and quality assurance.