AI as a Service (AIaaS) Market will Touch USD 43.29 Billion

NEW YORK, US, Jan. 31, 2022 (Globe Newswire) – Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Artificial intelligence as a service market Information by technology, by vertical and region – forecasts to 2030“The market size is US$43.29 billion, with a compound annual growth rate of 25.8% by 2030.

AIaaS Market Scope:
The increasing expenditure of AI adoption and technological advancements to improve workflow will provide strong opportunities for the AlaaS market during the forecast period. Besides, the increasing adoption of cloud-based solutions in different end user industries and the growing need for cognitive computing will also support the growth of the market.

Besides, other factors adding to market growth include the increasing use of social media platforms, increasing number of startups, and increasing demand for AI-enabled SDKs and APIs.

The major players dominating in Artificial Intelligence as a Service Market are:

  • IBM Corporation
  • Google Inc.
  • AWS
  • Microsoft Corporation
  • sales force
  • Baidu
  • SAP SE
  • Intel Corporation
  • Fair Isaac Corporation (FICO)
  • BigML

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AIaaS Market Drivers
The growing need for artificial intelligence and cognitive computing to drive market growth
The growing need for artificial intelligence and cognitive computing and the widespread use of cloud-based solutions for smart business applications will drive the growth of the market during the forecast period.

Sensitivity embedded in data security to serve as market constraints
The sensitivity involved in data security may act as a market constraint during the forecast period. Data access becomes critical due to the many rules and regulations imposed by government authorities across different regions.

Dear professionals trained to be the challenge of the market
The scarcity of trained, experienced and skilled professionals, need for precise programming, lack of computing power, and lack of confidence in its complex nature may all be challenges to the market during the forecast period.

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Market segmentation covered by the research:
Global Artificial Intelligence (AlaaS) has been segmented as a service market on the basis of technology and verticality.

Through technology, machine learning will lead the market during the forecast period of technological progress. Machine learning platforms such as enhanced machine learning algorithms, unsupervised machine learning algorithms, and supervised machine learning algorithms mainly focus on creating computer programs to access data and use it more for self-learning. This will be followed by natural language processing, which is expected to grow at a high compound annual growth rate. Neuro Linguistic Programming (NLP) technology can understand user behavior which is why it helps deliver an improved customer experience.

Vertically, the BFSI segment will dominate the market during the forecast period to analyze huge amounts of data generated from different business processes. AI as a Service also assists the BFSI sector in formulating various growth strategies. In the BFSI segment, AI is primarily used as customer recommendation, fraud detection, algorithmic trading, and chat bots. Banks like RBS are using chatbots that are expected to force other financial institutions to invest in similar technology.

Regional Analysis
North America to lead artificial intelligence as a service market
North America will lead AI as a service market during the forecast period. Early adoption of advanced technologies such as artificial intelligence developed In addition to contributing to the largest market share, presence of advanced infrastructure, advanced network technologies, high technical skills, growing need for intelligent business processes, and increasing adoption of digital technologies, AI solution providers that focus On innovation and creation of artificial intelligence technologies, presence of large enterprises and IT infrastructure add to global artificial intelligence as a growth of the services market in the region. Besides, government programs that stimulate the use of artificial intelligence in many companies, presence of emerging economies such as Canada and the United States, the region being the largest knowledge computing markets, presence of many large industries and IT infrastructure, government regulations regarding data security, and application-specific services Cloud and information security are also adding growth to the market.

Asia Pacific has positive growth in artificial intelligence as a service market
The Asia Pacific region will witness positive growth in Artificial Intelligence as a service market during the forecast period. South Korea, Japan and China take a leading role in innovations in artificial intelligence, South Korea and China are making huge investments in the development of automation technologies for industries, rapid increase in investment in artificial intelligence, rapid expansion of the healthcare industry in India, leading technology giants around the world . Provides artificial intelligence services in the world and opens research laboratories in the region, adding to the global artificial intelligence as a growth of the services market in the region. Besides increasing awareness of artificial intelligence as a service among different sectors, generating huge amount of data for the increasing use of digital technologies, increasing spending on artificial intelligence, increasing the number of startups, widespread adoption of artificial intelligence services and solutions in both the public and private sectors, and the development of intelligence technology AI is expanding at a rapid pace mainly driven by countries such as Australia, Japan, India, China and the rest of the Asia Pacific region, increasing investments made keeping in mind the development and innovation of governments in AI is adding growth to the market.

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Impact of COVID-19 on the global artificial intelligence as a service market
The COVID-19 outbreak has led to a shift in work-from-home and remote working practices for the largest number of organizations worldwide. Accordingly, AI as a service market has witnessed a huge boost as this allows organizations and individuals to explore different avenues for different purposes without any big investment to install and above all, it involves low risk. This trend is expected to continue even after the pandemic as well. Major brands such as Microsoft, IBM, Google and others have actively implemented AI services as a vital part of their technologies.

Competitive scene
Global Artificial Intelligence (AlaaS) as a service market is competitive besides being fragmented due to the presence of many players in the international as well as local industry. These industry players have used various innovative strategies to be on top along with fulfilling the increasing demands of valued clients including geographical expansions, collaborations, joint ventures, new product launches, partnerships, contracts and much more. Besides, players are also investing in various research and development activities.

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