In terms of revenue, the Global Artificial Intelligence as a Service Market is expected to reach USD 52.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 44.1% from 2022 to 2028.
Artificial intelligence is used as a service to automate the process with the least amount of human involvement. These days, it also involves machine learning and computer vision, helping to completely overhaul the commercial sector. Manufacturers and businesses are embracing artificial intelligence to lower overall operational costs and, as a result, boost the degree of return realized by the enterprise. This is anticipated that the market for Artificial Intelligence as a Service will expand significantly because of the need to lower infrastructure costs and analyze vast amounts of data to develop diverse growth strategies. A few key variables anticipated propelling the AI as a service market include the growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and an increase in the number of creative start-ups.
Key Highlights from Report:
- Machine Learning segment dominated the industry during the forecast period by completely automating the teaching and learning processes. This has primarily been used since the pandemic when institutions were shut down because of stringent lockdowns and movement restrictions. Machine learning was considered to continue the learning process, which helped keep the system functioning normally.
- The Banking, Financial Services & Insurance (BFSI) sector is expected to show lucrative growth in the market during the forecast period. The employment of artificial intelligence technologies in this industry is becoming increasingly popular to improve operational efficiency and give customers the greatest possible experience. The management of the financial sector using artificial intelligence also aids in providing real-time data and better predictions.
- North America is accounted to register the highest growth in the market in 2021. Technology developments, along with the growing demand for smarter business processes and the increased acceptance of digital technology, are likely to make North America the region that generates the most money. In addition, providers of AI solutions are concentrating on innovation and creating AI technology that may be made available as a service. This region is anticipated to have strong growth potential due to the increasing usage of digital technologies, increased awareness of AI as a service among many verticals, and the generation of enormous amounts of data.
The market for Artificial Intelligence as a Service is expanding at a rapid rate due to the widespread use of big data and cloud-based applications and services. The market for Artificial Intelligence as a Service is also anticipated to grow because of recent technological advancements, increasing demand for AI-Powered services in the form of Ape and SD, an increase in the number of creative start-ups, and significant investments in industrial automation. The market for Artificial Intelligence as a Service is expanding quickly because of the increasing use of digital platforms and Internet of Things (IoT) sensors. As a result, artificial intelligence quickly overtakes human decision-making as the preferred method. The lack of skilled laborers is a barrier.
The North American region is anticipated to lead the market in 2021. The North American region has historically embraced several cutting-edge technologies and has been crucial in developing numerous technologies. Compared to other regions, this one had embraced the artificial intelligence sector first. Artificial intelligence's application in service has brought this area significant revenue. The presence of trained employees and access to cutting-edge infrastructure in this area will fuel market expansion. In contrast to industrialized countries, the North American region has access to modern network technologies.
The Global Artificial Intelligence as a Service Market is Segmented as follows:
- Deep Learning
- Machine Learning
- Natural Language Processing
- Banking Financial Services & Insurance (BFSI)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Artificial Intelligence as a Service Market is:
IBM Corporation, Google Inc., Amazon Web Services, Microsoft Corporation, Salesforce, Baidu, SAP SE, Intel Corporation, Fair Isaac Corporation (FICO), BigML
The Global Artificial Intelligence as a Service Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|