Global Artificial Intelligence-as-a-Service (AIaaS) Market is valued at USD 5.62 Billion in 2021 and is expected to reach USD 90.39 Billion by 2028 with a CAGR of 48.7% over the forecast period.
Global Artificial Intelligence-as-a-Service (AIaaS) Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028: Increasing demand for artificial intelligence, rising investment in R & D, and growing adoption of cloud computing are some of the major factors driving the growth of the Global Artificial Intelligence-as-a-Service (AIaaS)Market.
Artificial Intelligence as a Service (AIaaS) is a third-party provider for artificial intelligence (AI) outsourcing. This enables individuals and organizations to find different avenues for different purposes without having to invest heavily for the initial establishment and incorporates low risk. Artificial intelligence platform as a service refers to start to end-to-end solutions such as cloud platforms that permit organizations to utilize AI-based services they require on a pay-per-use or pay-per-service premise. Most smart vendors, be they software firms, consultants, or professional service firms, offer or partner firms that can offer a whole set of services to support a large number of AI solutions. This is due to the fact that AI market service companies are aware of the fact that it is not enough to offer AI clients or AI toolsets to their clients. Google, IBM, Microsoft, and other leading companies have actively implemented AI services as an integral part of their technology.
The Covid-19 pandemic has shown a positive impact on the growth of the global artificial intelligence-as-a-service market. The Covid-19 pandemic has had a significant impact on many industries and markets globally. The demand for AI infrastructure as a service in times of epidemic is gaining momentum. AI and genomic studies are essential tools to combat pandemics. The proceeding with the spread of the pandemic is driving associations overall to straighten their recessionary curve by utilizing innovation. Many organizations are going through reaction, recovery, and renewal stages. Building business versatility and empowering agility will assist associations with pushing ahead in their process out of the Covid-19 emergency towards the next normal.
|2018 - 2021
|2022 - 2028
|Market Size in 2021:
|USD 5.62 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 90.39 Billion
|Tables, Charts & Figures:
|AI as a Service Companies
|Alphabet Inc. (Google Inc.), Intel, Inc., SAP SE, Salesforce, Inc., Fair Isaac Corporation, CognitiveScale, Inc., IBM Corporation, Apple Inc., and others.
|By Technology, By Organization Size, By Industry Vertical
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
The global artificial intelligence-as-a-service market is segmented on the basis of the technology, organization size, industry vertical, and region & country level. On the basis of technology, the global artificial intelligence-as-a-service market is segmented into machine learning (ML), natural language processing (NLP), computer vision, and others. By organization size, the market is segmented into large enterprises and small & medium enterprises. By industry vertical, the global artificial intelligence-as-a-service market is segmented into BFSI, energy & utility, IT & telecom, manufacturing, retail, public sector, healthcare, and others.
Some major key players for the global artificial intelligence-as-a-service market report cover prominent players like
On May 16th, 2022; Nuance partnered with The Health Management Academy (The Academy) to launch the AI Collaborative, an experiential community of health systems leaders focused on propelling the utilization and arrangement of AI in medical care. The development of AI and AI (ML) in medical services proposes that these advancements will keep on affecting clinical decision-making, patient experience, and medical care business procedure in the future.
On May 5th, 2022; The Indian Institute of Technology-Kharagpur had jointly organized an online certificate course in business analysis and artificial intelligence with US-based Virginia Tech. Collaboration was a step towards meeting the challenges of intelligent calculation and data interpretation.
On May 5th, 2021; The White House Office of science and technology policy released a new AI.gov website dedicated to informing the American people about the federal government's activities that had led to the design, development, and responsible use of reliable artificial intelligence (AI).
One of the major factors driving the growth of the artificial intelligence-as-a-service market is the increasing demand for artificial intelligence in various industries such as healthcare, BFSI, and other. Artificial intelligence enhances the ability of healthcare professionals to better understand the day-to-day practices and needs of the people they care for, and by understanding that they are able to provide good feedback, guidance, and support for staying healthy. Hence, demand of artificial intelligence in various industries drive the market over the forecast period. For instance; as per the news published, on October 11th, 2021; Mount Sinai launched a new department dedicated to advancing artificial intelligence (AI) to transform healthcare. The general objective of the Department for AI and Human Health is to impact patients. These systems will work flawlessly across all medical clinics and care units to help doctors, cultivate research, and above all help patients' care and prosperity.
In addition, the rising investment in R & D in this field is also boosting the market growth. To gain a competitive advantage, businesses around the world are focusing on upgrading their IT systems and empowering their employees with AI-based solutions and services. Governments in the region are promoting AI-based measures by investing in R & D and establishing educational programs to train and develop the workforce on AI solutions and services. For instance; as per the news published, on September 11th, 2021, the U.S. Department of Commerce announced that it’ll form a committee to advise federal agencies on AI research and developments.
Moreover, the growing adoption of cloud computing is another factor fostering the market growth. Cloud computing allows companies to use artificial intelligence without having to set up their own AI infrastructure, which saves companies costs and time. This allows companies to focus entirely on their core business, as AI is a service provided by third parties, which is increasing the demand for AIaaS.
However, the high initial cost associated with artificial intelligence-as-a-service may hamper the growth of the global artificial intelligence-as-a-service market. In spite of that, the availability of a good number of vendors offering artificial intelligence as a service at affordable prices is the best adoption of these services which can offer an opportunity for the further growth of the market.
Geographically, North America is expected to dominate the global artificial intelligence-as-a-service market within the forecast period due to the increasing number of start-ups, rising presence of market leaders, and growing technological advancements in this region. Startups are small companies but they play a big role in the financial process. They create more jobs which creates more jobs and more jobs mean an improved economy. Not only that, but start-ups contribute to economic growth by increasing innovation and competition. For instance, according to Fraser Institute, in 2020; there are a total of 19,585 startups, in the United States 4,751 in Canada. Thus, increasing number of start-ups drive the market growth in this region. In addition, growing technological advancements also drive the market growth. For instance; as per the news published, on May 5th, 2021, the White House launched a new artificial intelligence website to make artificial intelligence research easier across the country. Therefore, the increasing presence of market leaders is expected to fuel the market growth over the forecast period.
The Asia Pacific is expected to witness significant growth in the global artificial intelligence-as-a-service market due to the increasing demand for artificial intelligence in th9is region. For instance; as per the news published, on May 19th, 2022; E42 launched India's first AI marketplace at the company’s flagship event, E42 conclave 2022, highlighting the role of AI in digital transformation.
Middle East and Africa
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