Global artificial intelligence as a service (AIaaS) market expected to reach approximately USD 14.71 billion in 2024, growing at a CAGR of 45.2% between 2018 and 2024. Artificial intelligence as a service is offered by the third party as an outsourced service. The service is very much useful for users as it helps them to utilize the advantage of artificial intelligence without investing much.
The report covers forecast and analysis for the artificial intelligence as a service market on a global and regional level. The study provides historic data of 2015-2017 along with a forecast from 2018 to 2024 based on revenue (USD Billion). The study includes drivers and restraints for the artificial intelligence as a service market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the artificial intelligence as a service market on a global level.
This report offers comprehensive coverage on global artificial intelligence as a service market along with, market trends, drivers, and restraints of the artificial intelligence as a service market. This report includes a detailed competitive scenario and the product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the artificial intelligence as a service market has also been included. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness. This report is prepared using data sourced from in-house databases, secondary and primary research team of industry experts.
The study provides a decisive view on the artificial intelligence as a service market by segmenting the market based on service type, technology, verticals, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2024. By service type, the market is divided into software tools and services. Technology wise the artificial intelligence as a service market is segmented into Machine Learning (ML) & Deep Learning, and Natural Language Processing (NLP). On basis of verticals, the market can be bifurcated into BFSI, healthcare & life sciences, retail, telecommunication, government & defense, and others. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The report covers detailed competitive outlook including the market share and company profiles of some of the key participants operating in the global artificial intelligence as a service market include IBM Corp., Google, Amazon Web services, Microsoft, Salesforce, FICO, Baidu, SAS Institute, BigMLl, IRIS Al, Intel, SAP, Rainbird Technologies, Cognitive Scale, and others.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
The report segments global artificial intelligence as a service market as follows:
Global Artificial Intelligence as a Service Market: Service-Type segment Analysis
Global Artificial Intelligence as a Service Market: Technology Segment Analysis
Global Artificial Intelligence as a Service Market: Vertical Segment Analysis
Global Artificial Intelligence as a Service Market: Regional Segment Analysis
Artificial Intelligence as a Service (AIaaS) is a third party offering artificial intelligence outsourcing. This service helps customers to take the advantage of artificial intelligence without investing much in this technology and in future if the need really surpasses they can go for further investment. Even the companies without data science department can take the advantage of AI for data-driven business decisions. The risk factor is very low in AIaaS which encourages several users to adapt AI. The instant rise of data from several applications such as the Internet of Things (IoT) and demand for real-time decision making has catered the growth of this market to a great extent. AI is incorporated with a large number of algorithms that have increased the pace for solving particular tasks by a computer. Incorporation of Big Data in AI can identify trends and use that information for solving world level climate and other major problems. However, AI can also be misused in criminal activities such as hacking, phishing scams, and preparing more destructive weapons, which have uplifted the threat of economic and political exploitation in the future. Several technical giants such as Google, Amazon, IBM, BigML, and Microsoft are finding their way in escalating their economic growth by AIaaS. Some cloud AI service providers offer specialized hardware required for few AI tasks, such as Graphics Processing Unit (GPU) based processing for intensive workloads, etc. Some of the common AI platforms used for social media campaigns are Rocco, Conversocial, Insightpool, and Sysomos. Chatbots that use AI for conversation are Botsify, Botsociety, Brainbot, Flowxo, Pandorabots, and others. In the marketing field, CRM platforms that use AI for improving customer’s experience are Persado, Tact AI, Cluster, People AI, and others.
Growing number of innovative startups and demand for AI-powered services in the form of API and SDK are uplifting the growth of artificial intelligence as a service market. AIaaS as an emerging new trend has a wide application from a future perspective in the field of automated transportation, cyborg technology, offering dangerous jobs, medical advancements. However, lack of skilled labor and sensitivity involved with the security of data is restricting the market growth. AI is an innovative field where new algorithms and proposals are regularly published. Additionally, the service providers and users are increasing for AIaaS because of increasing need for intelligent business applications and growing demand for AI service integrator is broadcasting a good market opportunity for players in the forecast years.
Artificial intelligence as a service market is segmented on the basis of services type, technology, verticals, and region. Based on services type, the market is bifurcated into software tools, and services which include data storage and archiving, cloud and web-based Application Programming Interface (APIs), managed services, professional services. In addition by technology type artificial intelligence as a service market is classified as Machine Learning & Deep Learning and NLP. In terms of geographic region, North America and Europe have the large market size for AIaaS due to technological advancements, the rise of digital technologies, and need for intelligent business processes. AI service providers are focusing more towards development and innovation in the AI technologies that can be provided as a service. Asia Pacific region is expected to be the fastest growing region for this market because of large industrial growth and emerging need for intelligent and fast technology with growing awareness of AI is flourishing the demand of artificial intelligence as a service market. Additionally, the rapid growth in the digital industry in the Asia Pacific region has projected it as the high potential market for growth in future.
Many IT firms and tech. giants are showing interest in empowering AIaaS with Big Data and IoT for driving business innovation and influencing the economic growth. Some of the leading players in the global artificial intelligence as a service market are IBM Corp., Google LLC, Amazon Web services, Microsoft, Salesforce, FICO, Baidu, SAS Institute, Bigml, IRIS Al, Intel, SAP, Rainbird Technologies, Cognitive Scale, and others.
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