The Artificial Intelligence as a Service Market size is estimated to grow from USD 3.95 Billion in 2020 to USD 66.80 Billion by 2027, growing at a CAGR of 50.96% during the forecast year from 2021 to 2027.
Latest added Artificial Intelligence as a Service Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2027. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are International Business Machines Corporation, SAP SE, Google, Amazon Web Service, Inc, Salesforce, Intel, Baidu, Inc, Fair Isaac Corporation, SAS Institute, and BigML. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
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This report studies the Artificial Intelligence as a Service Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Artificial Intelligence as a Service Market by companies, region, type and end-use industry.
Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on “Artificial Intelligence as a Service Market, By Service Type (Software Tools and Services), Technology (Machine Learning and Deep Learning, and Natural Language Processing), and Organization Size (Large and SME), and Region: Global Forecast to 2027″. Early buyers will get 10% customization on study.
To Avail deep insights of Artificial Intelligence as a Service Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
Unlock new opportunities in Artificial Intelligence as a Service Market; the latest release from MarketDigits highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.
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The Artificial Intelligence as a service market is expected to grow at a significant rate over the next 5 years, due to the need to reduce infrastructure costs and analyze large volumes of data to formulate various growth strategies. The growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and increasing number of innovative startups are some of the major factors that are expected to drive the AI as a service market.
The objective of the study is to define, describe, and forecast the global AI as a service market on the basis of service types (software tools and services), technologies (machine learning [ML] and deep learning, and natural language processing [NLP]), organization size (large enterprises and Small and Medium-sized Enterprises [SMEs]), verticals (manufacturing, healthcare and life sciences, Banking, Financial Services, and Insurance [BFSI], retail, government and defense, energy, telecommunication), and others (education, agriculture, transportation and media and entertainment), and regions. The report also aims at providing detailed information about the major factors, such as drivers, restraints, opportunities, and challenges, influencing the growth of the Artificial Intelligence as a service market.
The research methodology used to estimate and forecast the global AI as a service market size began with the capturing of data on the key vendors’ revenues through secondary research, annual reports, Institute of Electrical and Electronic Engineers (IEEE), Factiva, Bloomberg, and press releases. The vendor offerings were also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size from the revenues of the key market players. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key individuals, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
Major vendors in the global AI as a service market include International Business Machines Corporation (IBM, US), SAP SE (Germany), Google (US), Amazon Web Service, Inc (AWS, US), Salesforce (US), Intel (US), Baidu, Inc (China), Fair Isaac Corporation (FICO, US), SAS Institute (US), and BigML (US).
- AI as a service software and platform providers
- Venture capitalists and angel investors
- Information Technology (IT) management directors/managers
- Government organizations
- Research organizations
- Consultants/advisory firms
- IT governance directors/managers
- AI system integrators
- Managed Service Providers (MSPs)
- Value-Added Resellers (VARs)
Scope of the Artificial Intelligence as a Service Market Research Report
The research report categorizes the Artificial Intelligence as a Service Market to forecast the revenues and analyze trends in each of the following subsegments:
By Service Type:
- Software Tools
By Software Tool:
- Data Storage and Archiving
- Modeler and Processing
- Cloud and Web-Based Application Programming Interface (APIs)
- Others (Model Validator, Decision Report/Predictor/Training, and Report Storage)
- Professional Services
- Managed Services
- Machine Learning (ML) and Deep Learning
- Natural Language Processing (NLP)
By Organizations Size:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
- Banking, Financial, and Insurance (BFSI)
- Healthcare and Life Sciences
- Government and defense
- Others (Education, Agriculture, Transportation, and Media and Entertainment)
- North America
- Asia Pacific (APAC)
- Middle East and Africa (MEA)
- Latin America
With the given market data, MarketDigits offers customizations as per the company’s specific needs. The following customization options are available for the report:
- Product matrix which gives a detailed comparison of product portfolio of each company
- Further breakdown of the APAC AI as a service market
- Further breakdown of the North American Artificial Intelligence as a service market
- Further breakdown of the MEA market
- Further breakdown of the European market
- Further breakdown of the Latin American market
- Detailed analysis and profiling of additional market players (Up to 5)
The major factors that are expected to drive the AI as a service market are the growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and growing number of innovative startups.
Among services, the software tools services segment is expected to hold the larger market size during the forecast period. Software tools play an important role in finding hidden patterns in data and data sets to predict outcomes from the large volume of data. Various verticals such as retail, healthcare and life sciences, and Banking, Financial Services, and Insurance (BFSI) are integrating these tools with their existing business applications to analyze large volumes of data and generate data patterns. Moreover, software tools assist in formulating various business strategies and making business-critical decisions.
Among technologies, the machine learning and deep learning technology segment is expected to hold the larger market size, whereas the natural language processing technology is expected to grow at a higher CAGR during the forecast period. The natural language processing technology is capable of understanding user behaviors, which is why it helps in delivering enhanced customer experience.
The large enterprises segment is expected to hold the larger market size, whereas Small and Medium-sized Enterprises (SMEs) are expected to grow at a higher CAGR during the forecast period. AI services offer these organizations AI-powered capabilities, with fewer investments in infrastructure and maintenance.
For verticals, the BFSI vertical is expected to be the highest contributor to the market size of the AI as a service market. Whereas the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. Both verticals are adopting AI as a service to analyze large volumes of data generated from various business processes. AI as a service also help these verticals formulate various growth strategies. The other verticals such as retail, telecommunication, government and defense, manufacturing, energy, and others (Agriculture, Media and Entertainment, and Transportation) are expected to contribute significantly to the growth of the AI as a Service market, due to the increasing need for real-time data, reducing infrastructure costs, accelerating time to market, and improving business process time.
The global AI as a service market has been segmented on the basis of major geographic regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to be the largest revenue-generating region, due to technological advancements, coupled with the increasing need for intelligent business processes and the rising adoption of digital technologies. Moreover, AI solution providers are focusing on innovation and the development of AI technologies, which can be offered as a service. APAC is expected to be the fastest-growing region in the Artificial Intelligence as a service market. The growing awareness of AI as a service among various verticals and generation of the massive amount of data, due to the increasing use of digital technologies are expected to make APAC a high potential market for growth.
AI as a service is used by various verticals to analyze large volumes of data for streamlining their business processes. However, access to data becomes critical, as there are various rules and regulations imposed by government authorities across different regions. Hence, sensitivity involved in accessing data may pose a challenge for the growth of the AI as a service market. However, the increasing need of organizations to sustain in a competitive world is creating the demand for AI as a service, which in turn, is expected to drive the Artificial Intelligence as a service market growth.
Major vendors in the global AI as a service market include International Business Machines Corporation (IBM, US), SAP SE (Germany), Google (US), Amazon Web Service, Inc. (AWS, US), Salesforce (US), Intel (US), Baidu, Inc. (China), Fair Isaac Corporation (FICO, US), SAS Institute (US), and BigML (US).
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