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According to the research report published by Market Research Future (MRFR), “AI as a Service (AIaaS) Market By Technology, By Vertical Global Forecast till 2030. The Artificial Intelligence (AI) as a Service Market, with a valuation ranging between USD 1-2 billion in 2017, is projected to reach a market value of USD 43.29 billion by 2030. This substantial growth reflects a robust compound annual growth rate (CAGR) of 25.8% during the forecast period from 2021 to 2030.
Market Synopsis:
Several factors present lucrative opportunities in the artificial intelligence as a service market. One such factor is the increasing popularity of this technology among enterprises across various industries. Moreover, the market benefits from a considerable number of vendors offering artificial intelligence as a service at affordable prices. The sales of AI as a service have not only propelled the adoption of these services but also contributed to the overall growth of the artificial intelligence industry. These factors collectively enhance the opportunities within the AI as a service market. Additionally, the availability of numerous vendors providing affordable AI as a Service solutions fosters the widespread adoption of these services, consequently driving market growth.
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Market Competitive Landscape:
Alphabet INC (Google inc.)
Latest Industry Updates:
Advancements in AI Technology: The AIaaS market continues to experience advancements in AI technology, enabling more sophisticated and powerful AI capabilities. Innovations such as deep learning algorithms, natural language processing (NLP), and computer vision are being incorporated into AIaaS solutions, enhancing their performance and expanding their applications.
Integration of AI with Cloud Computing: The integration of AI with cloud computing has gained momentum in the AIaaS market. Cloud-based AI services provide scalability, flexibility, and cost-effectiveness, allowing businesses to leverage AI capabilities without the need for extensive infrastructure investments. Major cloud service providers are offering AIaaS solutions, enabling organizations to easily integrate AI into their operations.
Growing Adoption across Industries: The adoption of AIaaS solutions is witnessing steady growth across various industries. Sectors such as healthcare, finance, retail, manufacturing, and telecommunications are leveraging AIaaS to streamline operations, enhance customer experiences, optimize processes, and gain actionable insights from data. The versatility and applicability of AIaaS are driving its adoption across diverse industry verticals.
Focus on Explainable AI and Ethical Considerations: With the increasing complexity and potential impact of AI technologies, there is a growing emphasis on explainable AI and ethical considerations in the AIaaS market. Businesses and regulatory bodies are prioritizing transparency and accountability in AI algorithms to ensure fair and unbiased decision-making. AIaaS providers are incorporating explainability features and adhering to ethical guidelines to address these concerns.
Scope of the Report – AI as a Service (AIaaS) Market:
|
Report Metrics |
Details |
| Market Size by 2030 | USD 43.29 Billion |
| CAGR during 2021-2030 | 25.8% |
| Base Year | 2020 |
| Forecast | 2021-2030 |
| Key Market Opportunities | Advanced infrastructure, developed network technologies, and high technical skills are some other factors fueling the market growth of Artificial Intelligence as a Service (AIaaS) in this region. |
| Key Market Drivers | Increasing investment by key players in the development of artificial intelligence technology, rising trend of introducing automation in businesses, increment in number of start-ups, and increasing demand for AI enabled APIs & SDKs are some of the prime driving factors for the growth of this market in the coming years. |
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Market Restraints:
Increased Investments by Key Players: Key players in the industry are ramping up their investments in artificial intelligence technology, recognizing its potential for growth. These investments fuel research and development activities, leading to advancements in AI capabilities and driving market expansion.
Advancements in Enterprise Automation: Growing developments in enterprise automation, facilitated by AI technologies, are contributing to market growth. Businesses are leveraging AI-enabled resources, such as machine learning, deep learning, and natural language processing, to simplify and streamline their processes, handle structured and unstructured data, and solve complex business problems efficiently.
Rise in Start-ups: The AIaaS market is benefiting from the proliferation of start-ups focused on AI innovation. These start-ups bring fresh ideas, agile approaches, and disruptive solutions to the market, driving competition, innovation, and market growth.
Increasing Demand for AI-enabled APIs & SDKs: The demand for application programming interfaces (APIs) and software development kits (SDKs) that provide AI capabilities is on the rise. Businesses are seeking AI-enabled tools and frameworks to enhance their existing applications or build new AI-driven solutions. This demand for AI-enabled APIs and SDKs is fueling market growth.
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Market Segmentation:
The market is divided into conversational AI, custom cognitive computing APIs, and cognitive computing APIs based on the services offered.
The market is divided into machine learning and deep learning and natural language processing based on technology.
The market is further broken down into software categories such as modeller & processing, cloud & web-based applications, data storage & archiving, and others.
The global Artificial Intelligence as a Service (AIaaS) market is segmented into major enterprises and SMEs based on the size of the organisation.
Government & defence, telecommunication, BFSI, healthcare, retail, manufacturing, and energy & power are the several verticals that the market is broken down into.
The global market was analyzed across four major regions: Asia Pacific, North America, Europe, and the rest of the world.
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Regional Insights:
North America takes the lead in the artificial intelligence industry, followed by Europe and the Asia-Pacific region. North America is known for being an early adopter of new technologies, including artificial intelligence. The region’s advanced infrastructure, cutting-edge network technologies, and high level of technical expertise contribute to the growth of the Artificial Intelligence as a Service (AIaaS) market. Currently, the United States dominates the market, with key players generating a significant portion of the revenue in this country.
The Asia-Pacific region is expected to witness the highest compound annual growth rate (CAGR) for Artificial Intelligence as a Service (AIaaS) during the forecast period of 2018-2023. Countries like China, Japan, and South Korea are at the forefront of artificial intelligence innovation globally. China and South Korea are making substantial investments in industrial automation technologies, which serves as a key driving force for the adoption of artificial intelligence in these countries. India and Singapore are also emerging as significant players in the Artificial Intelligence as a Service (AIaaS) market, with promising growth prospects in the coming years.
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