Market Overview:
Artificial Intelligence (AI) as a Service Market Growth was valued in the range of and is estimated to reach market value of USD 43.29 Billion by 2030 growing with 25.8% CAGR during forecast period 2021-2030.
AI as a Service (AIaaS) refers to the third-party offering of artificial intelligence (AI) outsourcing 12. It enables individuals and companies to access advanced AI functionalities or tools through a cloud-based service rather than developing these capabilities in-house. AIaaS providers offer a variety of AI tools, often in the form of APIs, that can be integrated into applications or systems to perform specific functions, such as natural language processing, image or speech recognition, and machine learning. AIaaS allows companies to leverage the power of AI without the need for significant upfront investment in infrastructure and talent. Instead, they pay for the specific services they use, often on a subscription or pay-per-use basis.
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Dominant Key Players on AI as a Service Market Covered are:
- IBM Corporation
- Google Inc.
- AWS
- Microsoft Corporation
- Salesforce
- Baidu
- SAP SE
- Intel Corporation
- Fair Isaac Corporation (FICO)
- BigML
Market USP Exclusively Encompassed:
AIaaS Market Drivers
Growing Need for AI and Cognitive Computing to Boost Market Growth
The growing need for artificial intelligence and cognitive computing & the large-scale use of cloud-based solutions for intelligent business applications will boost market growth over the forecast period.
Sensitivity Involved with Security of Data to act as Market Restraint
The sensitivity involved with the security of data may act as a market restraint over the forecast period. Access to data gets critical as there are ample rules and regulations that the government authorities have imposed across different regions.
Dearth of Trained Professionals to act as Market Challenge
The dearth of trained, experienced, and skilled professionals, the need for careful programming, lack of computing power, and lack of confidence for its complex nature may act as market challenges over the forecast period.
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Segmentation of Market Covered in the Research:
The global (AlaaS) artificial intelligence as a service market has been bifurcated based on technology and vertical.
By technology, machine learning will lead the market over the forecast period for the technological advances. Machine learning platforms like reinforcement machine learning algorithms, unsupervised machine learning algorithms, supervised machine learning algorithms are majorly focusing on the creation of computer programs for accessing data and use it further for self-learning. This will be followed by natural language processing which is predicted to grow at a high CAGR. The NLP technology can understand user behavior that is why it helps to deliver enhanced customer experience.
By vertical, the BFSI segment will dominate the market over the forecast period for analyzing huge volumes of data that is generated from different business processes. The artificial intelligence as a service also helps the BFSI sector in formulating various growth strategies. In the BFSI sector, artificial intelligence is chiefly used as customer recommendation, fraud detection, algorithmic trading, and chatbots. Banks like RBS are using chatbots that are predicted to compel the other financial institutions for investing in similar technology.
Regional Analysis
North America to Command AI as a Service Market
North America will command the AI as a service market over the forecast period. The early adoption of advanced technologies like AI that has developed as well as contributed to the largest market share, the presence of an advanced infrastructure, the developed network technologies, high technical skills, increasing need for intelligent business processes, the growing adoption of digital technologies, the AI solution providers focusing on innovation and the creation of AI technologies, and the presence of large enterprises & IT infrastructure are adding to the global AI as a service market growth in the region. Besides, government programs which stimulate the use of AI in various businesses, the presence of emerging economies like Canada and the US, the region being the biggest markets for cognitive computing, the presence of numerous large industries & IT infrastructure, government regulations regarding data security, and services for cloud application & security information are also adding market growth.
APAC to Have Favorable Growth in AI as a Service Market
The APAC region will have favorable growth in the AI as a service market over the forecast period. South Korea, Japan, and China being leading innovators in AI, South Korea and China making heavy investments in developing automation technologies for industries, rapid increase in investment in AI, quick expansion of the healthcare industry in India, and the leading tech giants across the globe providing AI services opening research labs in the region are adding to the global AI as a service market growth in the region.
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Competitive Landscape
The global (AlaaS) artificial intelligence as a service market is both competitive along with being fragmented on account of the presence of several international and also domestic industry players. Such industry players have utilized an assorted innovative strategies for being at the top along with sufficing to the burgeoning requirement of the esteemed clients including geographic expansions, collaborations, joint ventures, new product launches, partnerships, contracts, and much more. Besides, the players are also investing in different research & development activities.
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