New York, US, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “AI as a Service Market information by Technology, by Vertical and Region – forecast to 2030” market size to reach USD 43.29 billion, growing at a compound annual growth rate of 25.8% by 2030.
AIaaS Market Scope:
The increasing expenditure to adopt AI and advances in technology for workflow optimization will offer robust opportunities for the AlaaS market over the forecast period. Besides, the increasing adoption of cloud-based solutions in different end user industries & increasing need for cognitive computing will also fuel market growth.
Besides, the other factors adding market growth include the increasing use of social media platforms, increase in the number of start-ups, and increasing demand for artificial intelligence enabled SDK’s and APIs.
Dominant Key Players on AI as a Service Market Covered are:
- IBM Corporation
- Google Inc.
- AWS
- Microsoft Corporation
- Salesforce
- Baidu
- SAP SE
- Intel Corporation
- Fair Isaac Corporation (FICO)
- BigML
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Market USP Exclusively Encompassed:
AIaaS Market Drivers
Growing Need for AI and Cognitive Computing to Boost Market Growth
The growing need for artificial intelligence and cognitive computing & the large-scale use of cloud-based solutions for intelligent business applications will boost market growth over the forecast period.
Sensitivity Involved with Security of Data to act as Market Restraint
The sensitivity involved with the security of data may act as a market restraint over the forecast period. Access to data gets critical as there are ample rules and regulations that the government authorities have imposed across different regions.
Dearth of Trained Professionals to act as Market Challenge
The dearth of trained, experienced, and skilled professionals, the need for careful programming, lack of computing power, and lack of confidence for its complex nature may act as market challenges over the forecast period.
Browse In-depth Market Research Report (100 Pages) on Artificial Intelligence as a Service Market:
https://www.marketresearchfuture.com/reports/ai-as-a-service-market-7059
Segmentation of Market Covered in the Research:
The global (AlaaS) artificial intelligence as a service market has been bifurcated based on technology and vertical.
By technology, machine learning will lead the market over the forecast period for the technological advances. Machine learning platforms like reinforcement machine learning algorithms, unsupervised machine learning algorithms, supervised machine learning algorithms are majorly focusing on the creation of computer programs for accessing data and use it further for self-learning. This will be followed by natural language processing which is predicted to grow at a high CAGR. The NLP technology can understand user behavior that is why it helps to deliver enhanced customer experience.
By vertical, the BFSI segment will dominate the market over the forecast period for analyzing huge volumes of data that is generated from different business processes. The artificial intelligence as a service also helps the BFSI sector in formulating various growth strategies. In the BFSI sector, artificial intelligence is chiefly used as customer recommendation, fraud detection, algorithmic trading, and chatbots. Banks like RBS are using chatbots that are predicted to compel the other financial institutions for investing in similar technology.
Regional Analysis
North America to Command AI as a Service Market
North America will command the AI as a service market over the forecast period. The early adoption of advanced technologies like AI that has developed as well as contributed to the largest market share, the presence of an advanced infrastructure, the developed network technologies, high technical skills, increasing need for intelligent business processes, the growing adoption of digital technologies, the AI solution providers focusing on innovation and the creation of AI technologies, and the presence of large enterprises & IT infrastructure are adding to the global AI as a service market growth in the region. Besides, government programs which stimulate the use of AI in various businesses, the presence of emerging economies like Canada and the US, the region being the biggest markets for cognitive computing, the presence of numerous large industries & IT infrastructure, government regulations regarding data security, and services for cloud application & security information are also adding market growth.
APAC to Have Favorable Growth in AI as a Service Market
The APAC region will have favorable growth in the AI as a service market over the forecast period. South Korea, Japan, and China being leading innovators in AI, South Korea and China making heavy investments in developing automation technologies for industries, rapid increase in investment in AI, quick expansion of the healthcare industry in India, and the leading tech giants across the globe providing AI services opening research labs in the region are adding to the global AI as a service market growth in the region. Besides, the increasing awareness of artificial intelligence as a service amid different verticals, generation of the massive amount of data for the increasing use of digital technologies, the rise in AI spending, increase in the number of startups, large-scale adoption of artificial intelligence services and solutions in both public and private sectors, artificial intelligence technology developing and expanding at a fast pace mainly driven by countries such as Australia, Japan, India, China, and the rest of the Asia Pacific, and increasing investments made considering the development and innovation of AI by the governments are also adding market growth.
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COVID-19 Impact on the Global AI as a Service Market
The COVID-19 outbreak resulted to the shift in work from home and remote working practices for maximum organizations across the globe. Accordingly, the AI as a service market has experienced a considerable boost as this allows organizations and people in exploring various avenues for various purposes sans any high investment for installation and above all it includes low risk. The trend is expected to go on even after the pandemic too. Big brands such as Microsoft, IBM, Google, and others have actively implemented artificial intelligent services as a vital part of their technologies.
Competitive Landscape
The global (AlaaS) artificial intelligence as a service market is both competitive along with being fragmented on account of the presence of several international and also domestic industry players. Such industry players have utilized an assorted innovative strategies for being at the top along with sufficing to the burgeoning requirement of the esteemed clients including geographic expansions, collaborations, joint ventures, new product launches, partnerships, contracts, and much more. Besides, the players are also investing in different research & development activities.
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