Artificial Intelligence (AI) as a Service Market was valued in the range of USD 12 Billion in 2017 and is estimated to reach market value of USD 43.29 Billion by 2030 growing with 25.8% CAGR during forecast period 2024-2030. Continuous advancements in the field of artificial intelligence accounts for increasing investments into R&D by major players and increasing the growth of artificial intelligence.
Due to the current situation of coronavirus the small, medium, and large businesses are affected. Due to the complete shutdown manufacturing units were drastically affected by Artificial intelligence as a service market. Lack of workers and government policies dragged the market down during the year 2020. Things are expected to get back to normal by next year, and that’s when the market will start flourishing like before.
Figure 1: AI as a Service Market Size, 2021-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The factors that have majorly contributed to artificial intelligence as a service industry are the continuous advancements that are made in the field of artificial intelligence in today's time, increasing investments into R&D by all the major key players.
Some of the factors that act as opportunities include the popularity among enterprises across industries, availability of a good number of vendors that are offering artificial intelligence as a service at affordable prices. The sales of Artificial intelligence as a service market boosted the adoption of the services and also boosted the growth of artificial intelligence as a market industry. These are some of the factors that boost the opportunities of artificial intelligence as a service market. Also, the availability of a good number of vendors offering Artificial Intelligence as a Service at affordable prices is the best adoption of these services, thus boosting the growth of this market.
The factors that hinder the growth of artificial intelligence as a service industry include the high initial cost that is associated with the adoption of artificial intelligence. The overall regulatory framework of artificial intelligence as a service market is exhausting as well as costly when covered to offer stakeholders a better understanding.
There are various benefits of artificial intelligence. Some of the factors include complete reliability over robots, cost-free human labor, highly knowledgeable robots, emotion sensors, and child care robots, etc. In addition to this, increasing its popularity among enterprises across the industry is the value for benefit. However, high initial costs required for adapting artificial intelligence had, for a long, been hindering its adoption among enterprises with low budgets.
Artificial intelligence as a service market is segmented based on type, based on enterprise size, based on and user industry, based on Technology, based on organization size, and based on geography.
The artificial intelligence as a service market is divided based on type into bots and digital assistance, cognitive computing APIs, machine learning frameworks, and fully managed machine learning services.
Based on enterprise the global artificial intelligence service market is divided into small, medium, and large.
The global artificial intelligence market is classified based on the end-user into BFSI, retail, communication and technology, healthcare, manufacturing, and others.
Based on the region/geography, the artificial intelligence service market has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Based on Technology, the Global artificial intelligence as a service market is classified into machine learning, computer vision, natural language processing, and others.
Based on the organization size the artificial intelligence as a service market is divided into small, medium, and large enterprises.
The artificial intelligence service market has been segmented into various regions including- South America, Europe, the Middle East and Africa, and the Asia Pacific.
North America is the leading market of artificial intelligence as a service market which is followed by other regions such as Europe and the Asia Pacific. North America due to its early adoption of advanced technologies such as artificial intelligence has developed and contributed to the largest artificial intelligence as a service market share. Other factors for its large artificial intelligence as a service market size include advanced infrastructure, developed network technologies, and high technical skills.
The Asia Pacific is projected to grow with the highest cagr during the forecasted period. The countries of China, Japan, and South Korea are the leading innovators in artificial intelligence in the region. The countries of China and South Korea heavily invest in developing automation technologies for industries which is one of the prime factors that drive the growth and adoption of artificial intelligence in these countries.
The prominent key players of the Artificial intelligence as a service market in the global market are mentioned down below-
Alphabet INC (Google inc.)
Apple Inc
Amazon
Cognitivescale, Inc.
Microsoft corporation
Intel, Inc.
Salesforce, Inc.
Fair Isaac corporation
All these prominent key players play a major road in the dynamics and growth of Artificial intelligence as a service market. These major key players opt for many strategies and policies to widen their customer base. These policies and strategies mainly include collaborations, mergers, acquisitions, extensions, joint ventures, establishments, new production processes, innovations, technology widening the existing products, partnerships, etc. All these important methods are opted to get the needs of customers and develop a strong potential growth base.
February 14, 2024: IBM announced a new suite of AIaaS offerings focused on automation. This includes tools for streamlining workflows, improving decision-making, and enhancing customer experiences. This highlights the growing trend of AI being used for practical business applications.
January 25, 2024: The World Economic Forum published a report on the responsible use of AI in business. This report emphasizes the importance of ethical considerations and transparency in developing and deploying AIaaS solutions.
Digital installations are made for different purposes for initial installation that involve low risk.
Developments are made in such a way that it enables people and organizations to explore different avenues for different purposes.
Innovation in such a way made services provide a full suite to support a large scale AI solution such as smart vendors, software firms, consultants, or professional service firms, offering or partnering with firms that can offer set services.
Developments by companies such as Google, IBM, Microsoft, and many other key players have actively implemented artificial intelligence services as an important part of their technologies.
Developments are made to expand teachers on the adoption of artificial intelligence and technological advancements so that workflow optimization can increase the demand for all the advanced systems in the market.
The global Artificial intelligence as a service market in the global market research report consists of the following elements which are mentioned down below-
In the global Artificial intelligence as a service market research report, there are major factors that drive the growth of the market. The report consists of opportunities that may further in the future and hands the global market of Artificial intelligence as a service. Various factors restrain the growth of sugar-free confectioneries and hamper the development of such a fine-based market. The research report also consists of various analyses based on Covid 19 impact market dynamics, different segmentations, regional analysis, etc. This research report also consists of various strategies and policies followed by the major key players that drive the Artificial intelligence as a service market. The future growth rate is also discussed and mentioned in this research report.
Given below is the intended audience for the AIaaS market-
| Report Attribute/Metric | Details |
| Â Â Market Size | Â Â USD 43.29 Billion (2030) |
| Â Â CAGR | Â Â 25.8% (2024-2030) |
| Â Â Base Year | Â Â 2020 |
| Â Â Forecast Period | Â Â 2024-2030 |
| Â Â Historical Data | Â Â 2019 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | By Technology, By Vertical |
| Â Â Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | IBM Corporation, Google Inc., AWS, Microsoft Corporation, Salesforce, Baidu, SAP SE, Intel Corporation, Fair Isaac Corporation (FICO), and BigML |
| Â Â Key Market Opportunities | Advanced infrastructure, developed network technologies, and high technical skills are some other factors fueling the market growth of Artificial Intelligence as a Service (AIaaS) in this region. |
| Â Â Key Market Drivers | Increasing investment by key players in the development of artificial intelligence technology, rising trend of introducing automation in businesses, increment in number of start-ups, and increasing demand for AI enabled APIs & SDKs are some of the prime driving factors for the growth of this market in the coming years. |
AI as a Service Market Highlights:
Frequently Asked Questions (FAQ) :
Increasing integration of AI-based tools in business processes is expected to drive the growth of the Artificial Intelligence as a Service (AIaaS) market.
The segments of the Artificial Intelligence as a Service (AIaaS) market, by service, are custom cognitive computing APIs, conversational AI, and cognitive computing APIs.
The AIaaS market is assessed to mark 25.8% CAGR over 2030.
The AIaaS market has been estimated to be valued at around USD 43.29 Bn.
IBM Corporation, Google Inc., Salesforce, AWS, Microsoft Corporation, Baidu, Intel Corporation, SAP SE, Fair Isaac Corporation (FICO), Absolutdata, BigML, Fuzzy.AI, Rainbird Technologies, Craft.AI, Sift Science, Mighty.AI, Cognitive Scale, Centurysoft, Yottamine Analytics, Vital AI, and Datarobot Meya.AI
AI as a Service (AIaaS) market is segmented into cognitive computing APIs, custom cognitive computing APIs, and conversational AI
Ai Types Technology, software and organization size
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
