IMARC Group has recently released a new research study “Artificial intelligence-as-a-service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Artificial intelligence-as-a-service Industry?
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 a value of US$ 75.3 Billion by 2028, exhibiting a growth rate (CAGR) of 42.4% during 2023-2028.
What is a Artificial intelligence-as-a-service?
Artificial intelligence as-a-service (AIaaS) refers to artificial intelligence (AI) outsourcing service that allows companies to explore and expand their at a reduced cost with a one-time payment or subscription basies provided by a third party. It depends relies on cloud computing models to leverage AI and add significant flexibility in organizational operations for improving efficiency and driving productivity levels. It also provides various benefits, such as reduced costs, lower risk, scalability, simplicity, customization, and enhanced AI accessibility through application programming interfaces (APIs) and tools. Owing to these benefits, AIaas is globally adopted in retail, telecommunication, manufacturing, banking, financial services, and insurance (BFSI) industries.
what are the major market drivers in the artificial intelligence-as-a-service market?
The market is primarily driven by the escalating demand for artificial intelligence-as-a-service (AIaas) across various industrial verticals such as information and technology (IT), energy and utility, and the healthcare sector for their analytics, businesses, applications, and services. In addition, the widespread utilization of cloud-based machine learning (ML) for enhancing profit margins and minimizing operational costs,and the growing popularity of multi-cloud management strategies, is are contributing to market growth.
Moreover, the product adoption in the healthcare sector to assist AI in optimizing healthcare costs and managing data more effectively represents another major growth-inducing factor. Besides this, governments of several countries are taking initiatives to investing in research and development (R&D) activities to develop AI-based infrastructure, which is providing a positive thrust to market growth. Furthermore, the market is further also propelled by the increasing use of AI technology in various internet of things (IoT) devices by for speech recognition, virtual agents, and natural language generation.
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who are the key players/companies in the artificial intelligence-as-a-service market?
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.
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
- Government and Defense
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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