Market Overview:
Global Artificial Intelligence as a Service Market Was Estimated At USD 9.3 Billion In 2023. And Is Projected To Reach USD 109.34 Billion By 2030, Growing At A CAGR Of 42.2 % Over The Analysis Period.
A service that outsources artificial intelligence (AI) is known as AI as a service (AIaaS). It enables individuals and businesses to experiment with AI techniques and scale them up at a low cost. Man-made intelligence benefits organizations in various ways, from further developing client encounters to robotizing repetitive errands. In any case, creating in-house artificial intelligence-based arrangements is a tedious and expensive cycle. As a result, businesses are enthusiastically adopting AIaaS, in which ready-to-use AI services are provided by third parties. Companies that offer out-of-the-box AI services to potential subscribers are referred to as providers of artificial intelligence as a service.
Top Key Players Covered In The Artificial Intelligence As A Service Market:
- Google LLC (US)
- Amazon Web Services (US)
- Apple Inc. (US)
- BigML (US)
- Microsoft Corporation (US)
- CognitiveScale Inc. (US)
- Fair Isaac Corporation (US)
- IBM Corporation (US)
- Intel Corporation (US)
- Deloitte (US), and other major players.
Market Dynamics and Factors:
The artificial intelligence as a service (AIaaS) market is likely to expand as a result of the rising demand for machine learning services in the form of software development kits (SDKs) and application programming interfaces (APIs). Additionally, there is a growing number of innovative startups. For instance, the release of Elemeno AI's machine learning operations platform, a cloud-based platform vendor, was announced in May 2022. The machine learning platform facilitates data scientists' initial creation of ML models and assists businesses in reaping the benefits of AI. The Application Programming Interface (API) and Software Development Kit (SDK) demand for Al-powered services, as well as an increasing number of innovative startups, are expected to drive the Al as a service market.
A new threat scenario has emerged as a result of technological advancements in recent years, requiring businesses to investigate advanced defensive strategies. If AI is incorporated into cybersecurity, security professionals will have access to a tremendous resource for protecting sensitive networks and preventing future data breaches. Businesses will undergo a significant transformation in their business activities as AI performs more enterprise tasks. Moreover, the expanded utilization of cloud-based arrangements and the developing requirement for computerized reasoning and mental registering is probably going to extend the market size. The AI as a service market is likely to grow as a result of these factors during the forecast period.
Artificial Intelligence As A Service Market Report Highlight:
- By deployment, the Software Tools segment is anticipated to lead the growth of the Artificial Intelligence As A Service market in the forecasted timeframe. By revealing buried patterns in data and data sets, software tools are essential for predicting outcomes from massive amounts of data. Software tools also help with business-critical decisions and the creation of various company strategies.
- By Technology, the Machine Learning & Deep Learning segment is expected to have the highest share of the Artificial Intelligence As A Service market over the projected period. The creation of computer systems that can access data and make use of it for self-learning is the primary focus of machine learning platforms like reinforcement machine learning algorithms, supervised machine learning algorithms, and unsupervised machine learning algorithms.
- By End-Use Industry, the BFSI segment is set to develop at the highest share during the forecasted timeframe. AI as a service offers the BFSI industry a variety of growth opportunities. The BFSI industry is where artificial intelligence is most commonly used for fraud detection, client suggestion, algorithmic trading, and chatbots. Chatbots are currently being tested by banks, which should encourage other financial institutions to invest in similar technologies.
- The North American region is expected to have the highest share of the Artificial Intelligence As A Service market over the projected period. Technical advancements and the growing acceptance of digital technology are to blame for this expansion. In addition, providers of AI solutions are emphasizing innovation and developing artificial intelligence technologies that can be offered on the market as a service.
Key Industry Development:
- In April 2021, ReadyAI is a comprehensive portfolio of capabilities and services created by Deloitte to assist businesses in accelerating and scaling their AI projects. ReadyAI is a flexible AI-as-a-service model that combines managed services with skilled AI specialists to help clients scale AI across their organizations.
- September 2022, The Novartis Foundation, Microsoft AI for Health, and the New York University (NYU) School of Global Public Health collaborated to create the AI4HealthyCities Health Equity Network, which uses data analytics and artificial intelligence (AI) to address heart health disparities.
Artificial Intelligence As A Service Market Segmentation:
By Deployment
- Software Tools
- Services
By Technology
- Natural Language Processing
- Machine Learning & Deep Learning
By End-Use Industry
- BFSI
- Government & Defense
- Healthcare & Life Sciences
- Telecommunications
- Retail
- Others
For this report, Introspective Market Research has segmented the Artificial Intelligence As A Service Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
