Dublin, May 22, 2023 (GLOBE NEWSWIRE) -- The "AI as a Service Market by Offering (SaaS, PaaS, IaaS), Technology (Machine Learning, Natural Language Processing, Context Awareness, Computer Vision), Cloud Type (Public, Private, Hybrid), Organization Size, Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The market for AI as a Service is projected to grow from USD 9.3 billion in 2023 to USD 55.0 billion by 2028, at a CAGR of 42.6% during the forecast period.
AI as a service refers to the provision of AI tools and platforms by third-party providers to businesses that want to integrate AI into their operations. It provides companies with access to pre-built AI models, APIs, and other tools that can be easily integrated into their existing systems. The growth of AI as a service (AIaaS) is being driven by the increasing demand for AI-powered solutions across industries. The availability of big data and the rise of cloud computing have made it easier for businesses to adopt AIaaS.
The large enterprises' segment is projected to be the largest market during the forecast period
Large enterprises have shown more inclination toward advanced technologies, such as AI, Machine Learning, and Natural Language Processing, than small and medium-sized enterprises. They possess a considerable amount of data across business functions, which they need to analyze for entity extraction, text classification, summarization, and sentiment analysis.
AIaaS solutions help large enterprises develop and deploy new AI-driven products and services, enabling them to stay competitive and meet evolving customer demands. AIaaS is a crucial technology for large enterprises looking to stay at the forefront of technological innovation and drive growth in a fast-paced business environment.
The PaaS segment is registered to grow at the highest CAGR during the forecast period
Platform as a Service (PaaS) provides businesses with pre-built platforms and tools for developing and deploying AI applications. These platforms typically include pre-trained models and APIs, as well as development tools for customizing and building new models. With PaaS, businesses can leverage the expertise of the platform provider and quickly develop AI applications without having to build everything from scratch.
Among verticals, the BFSI vertical is anticipated to account for the largest market size during the forecast period
The BFSI industry is harnessing the power of AI to transform the way they engage with customers, manage risks, and optimize operations. These organizations leverage AI algorithms and tools to streamline processes, reduce costs, and enhance customer experiences. Banks use AI to improve fraud detection and prevention, customer identification and authentication, and personalized financial advice.
Organizations in the BFSI space are investing heavily in AIaaS technologies to stay ahead in the race for digital transformation. By partnering with AIaaS providers, BFSI organizations can access cutting-edge AI technologies, such as natural language processing and predictive analytics, to improve their business outcomes and stay ahead of the competition.
North America to account for the largest market size during the forecast period
North America is estimated to account for the largest share of the AI as a Service market. The global market for AI as a Service is dominated by North America. North America is the highest revenue-generating region in the global AI as a Service market, with the US constituting the highest market share, followed by Canada. Countries such as the US, Canada, and Mexico are adopting AI technology in multiple application areas, propelling the growth of AI in this region.
North America is a global leader in the development of AI technology, with many of the world's largest AI companies based in the region. The region has witnessed favorable conditions for market growth due to the implementation of data management technologies, government regulations, established player presence, and interest from enterprises to apply ML and BI solutions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 327 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $9.3 billion |
| Forecasted Market Value (USD) by 2028 | $55 billion |
| Compound Annual Growth Rate | 42.6% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Growth in Importance of Data-Driven Decision-Making in Business
- Increase in Need to Provide Enhanced Customer Experience and Gain Competitive Advantage
- Rise in Demand for AI-Powered Services in Api and Sdk Forms
Restraints
- Lack of Skilled Employees
Opportunities
- Increase in Need for Intelligent Business Applications
- Growth in Demand for AI Service Integrators
Challenges
- Sensitivity Involved with Security of Data
Case Study Analysis
- Government & Defense: Microsoft Azure Aiaas Empowers Alaska Airlines to Optimize On-Time Performance with Predictive Maintenance
- BFSI: Improving Customer Service and Fraud Detection with IBM Aiaas
- Healthcare: Transforming Patient Care and Engagement with Google Aiaas
- Retail: Aws Aiaas Improving Product Offerings, Pricing Strategies, and Marketing Campaigns
- Manufacturing: Optimizing Production Processes with Baidu Aiaas
- It/Ites: Automating Support Request Triage with Salesforce Aiaas
Companies Mentioned
- Absolutdata
- Alibaba Cloud
- Amd Xilinx
- Aws
- Baidu
- Bigml
- Century Soft
- Cloudera
- Craft.AI
- Databricks
- Dataiku
- Datarobot
- Fico
- Fuzzy.AI
- H20.AI
- IBM
- Iris.AI
- Meya.AI
- Microsoft
- Oracle
- Rainbird Technologies
- Salesforce
- Sap
- Sas Institute
- Siftscience
- Tecnotree
- Tencent
- Vital.AI
- Yottamine Analytics
For more information about this report visit https://www.researchandmarkets.com/r/u7zfhx
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