IMARC Group, a leading market research company, has recently releases report titled “Artificial Intelligence-as-a-Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global artificial intelligence as a service market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Artificial Intelligence-as-a-Service Market
The concept of Artificial Intelligence-as-a-Service (AIaaS) involves the practice of outsourcing artificial intelligence (AI) capabilities, allowing companies to harness and employ AI techniques while minimizing costs. This strategy employs cloud computing models to leverage AI, affording organizations increased operational flexibility to amplify efficiency and enhance productivity. AIaaS facilitates the utilization of AI capabilities through application programming interfaces (APIs) and tools, eliminating the need for intricate coding processes. As a result, its utility spans a wide array of sectors, including information technology (IT), telecommunications, retail, manufacturing, energy and utilities, healthcare, and the banking, financial services, and insurance (BFSI) domain, among others.
How Big Is the Artificial Intelligence-as-a-Service Market?
The global artificial intelligence-as-a-service market size reached US$ 7.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 75.3 Billion by 2028, exhibiting a growth rate (CAGR) of 42.4% during 2023-2028.
Global Industry Trends and Drivers:
The market for artificial intelligence-as-a-service is being propelled by several significant factors. These include the escalating integration of AI technology across diverse organizational sectors, encompassing applications, businesses, analytics, and services. Simultaneously, there is a surging demand for cloud-based machine learning (ML) solutions aimed at reducing operational expenses and enhancing profit margins. In tandem with these trends, the upsurge in investments by governmental entities for the development of AI-based infrastructure, coupled with the emergent trend of multi-cloud management strategies across various nations, is significantly contributing to the growth trajectory. Furthermore, the heightened utilization of AI technology within the banking, financial services, and insurance (BFSI) industry to deliver an enhanced consumer experience is further solidifying the global market. Additionally, the expanding necessity for predictive and intelligent automation in business processes, intended to broaden the array of services and products, is also exerting a positive influence on market growth. Beyond this, the increasing deployment of AI technology in a diverse range of internet-of-things (IoT) devices by electronic manufacturers, especially for functions such as natural language generation, virtual agents, and speech recognition, is projected to drive the artificial intelligence-as-a-service market in the forthcoming years.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Technology:
- Machine Learning (ML) and Deep Learning
- Natural Language Processing (NLP)
Breakup by Organizations Size:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
Breakup by Vertical:
- Banking, Financial, and Insurance (BFSI)
- Healthcare and Life Sciences
- Retail
- Telecommunications
- Government and Defense
- Manufacturing
- Energy
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
Amazon Web Services Inc. (Amazon.com Inc.), Arm Limited (SoftBank Group Corp.), DataRobot Inc., FICO, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Nividia Corporation, Oracle Corporation, Salesforce Inc., SAP SE and SAS Institute Inc.