AI as a service companies, offer artificial intelligence capabilities as cloud-based services. These companies provide access to AI tools, models, and infrastructure, allowing businesses to integrate AI into their applications without the need for extensive in-house expertise. AI as a service companies play a pivotal role in democratizing access to AI technologies.
Latest Company Updates:
After building a fortune in Indian e-commerce, Binny Bansal, a co-founder of Flipkart, is entering into the rapidly rising AI-as-a-service space in 2023 with a focus on worldwide consumers.
On Tuesday, Infosys Ltd., a leading provider of IT services, introduced Infosys Topaz, an artificial intelligence-focused suite of platforms, solutions, and services that leverage generative AI technology. It increases the capacity of people, businesses, and communities to take advantage of the upcoming wave of opportunities to generate value through breakthrough discoveries, interconnected ecosystems, and ubiquitous efficiencies. By utilising Infosys' AI framework, Infosys Topaz has developed an AI-first core that enables individuals to provide cognitive solutions that expedite value development.
Some of AI as a Service (AIaaS) Companies Listed Below:
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-
AI as a Service Market Highlights:
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