Artificial Intelligence as a Service (AIaaS) Market driven by the growing investment in AI tech

MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Artificial Intelligence as a Service (AIaaS) Market.

Market Overview

In its research study, Market Research Future (MRFR), emphasizes that over the review period, the global Artificial Intelligence as a Service (AIaaS) market 2020 is projected to rise exponentially, ensuring a significant market valuation of USD up to 7 Trillion by 2023, and a healthy 36 percent CAGR over the review.

Drivers and constraints

 Rising the investment by key players in artificial intelligence technology growth, growing developments in enterprise automation, rising number of start-ups and increasing demand for AI-enabled APIs & SDKs are some of the main drivers for this market's growth in the years to come.

Development of technology such as machine learning, deep learning and the processing of natural language has pushed companies into the next level. Businesses simplify their business problems by incorporating AI-enabled resources into processes or activities, and structured & unstructured data. However, because these innovations require high technological skills to manage complex algorithms, the company's recruiting costs are rising, and training is on the rise.The businesses are now showing interest in contracting AI-based solutions from third-party vendors to resolve this problem, rather than creating them.

Artificial Intelligence as a Service (AIaaS) can be described as an enterprise outsourcing the technology and solutions enabled by artificial intelligence. AIaaS offers many advantages over conventional approach to an enterprise, as it provides advanced technology at minimal cost, consistency in business processes, and scalability. Data security concerns, however, and lack of technological expertise are some of the major barriers to that market's development.

Segmental Analysis

The Global Artificial Intelligence (AI) as a Service Market is analzed based on the technology, services type, organization size, software, verticals and region.

Based on the services, the market is segmented into custom cognitive computing APIs, cognitive computing APIs, and conversational AI.

Based on the technology, the market is bifurcated into natural language processing and machine learning & deep learning.

By software, the market is further sub-segmented into modeler & processing, cloud & web-based application, data storage & archiving, and others.

By organization size, the global  Artificial Intelligence as a Service (AIaaS) market is divided into SMEs and large enterprises.

By vertical, the market is classified into government & defense, telecommunication, BFSI, healthcare, retail, manufacturing and energy & power.

Regional Analysis

The global market geographic overview was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.

North America dominates the artificial intelligence industry as a business market led by Europe and the Asia-Pacific region. Early adopters of new technology such as artificial intelligence are North America. Advanced infrastructure, advanced network technologies and high technical skills are also some of the other factors that drive the Artificial Intelligence as a Service (AIaaS) market growth in that area. Currently, the US dominates the market, with most of the revenue produced by key players located in this country.

The demand for Asia-Pacific Artificial Intelligence as a Service (AIaaS) is expected to expand with the highest CAGR during the 2018-2023 forecast period. China, Japan, and South Korea are main artificial intelligence innovators in the world. China and South Korea are investing heavily in the development of industrial automation technologies, which is one of the key driving forces for Artificial Intelligence adoption in these countries. India and Singapore are both expected to become an significant Artificial Intelligence as a Service (AIaaS) market in coming years.

Competitive Analysis

The major market players operating in the global market as identified by MRFR are IBM Corporation, Google Inc., AWS, Microsoft Corporation, Salesforce, SAP SE, Baidu, Intel Corporation, Fair Isaac Corporation (FICO), and BigML.

Absolutdata, Fuzzy.AI, Vital AI, Rainbird Technologies, Sift Science, Craft.AI, Mighty.AI, Yottamine Analytics, Cognitive Scale, Centurysoft, and Datarobot Meya.AI are some other prominent players in the market.