Fort Collins, Colorado, April 17, 2024 (GLOBE NEWSWIRE) --
The growing demand for cloud computing is projected to drive artificial intelligence as a service market.
The artificial intelligence as a service (AIaaS) market is witnessing a consistent demand and expansion, propelled by heightened awareness, accessibility, and training of AI-driven solutions across diverse industries. Key drivers behind market growth include the rise in uptake of cloud computing and the necessity for economical AI solutions. Additionally, the proliferation of extensive datasets and advancements in machine learning algorithms facilitate the creation of increasingly sophisticated AI applications, further amplifying the demand for AIaaS.
Technological breakthroughs in natural language processing (NLP), computer vision, and deep learning are driving the integration of AIaaS across various sectors. These investments have yielded notable enhancements in AI capabilities, rendering it more attainable and cost-efficient for enterprises to incorporate AI into their workflows. Furthermore, the expanding availability of pre-trained AI models and application programming interfaces (APIs) empowers developers to expedite the creation of AI-driven applications, thereby catalyzing the growth trajectory of the AIaaS market.
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Segmentation Overview:
The artificial intelligence as a service market has been segmented into offering, deployment mode, technology, organization size, end-use, and region.
IT & Telecom sector accounts for a significant market share in 2023
- Based on end-use, the market is segmented into BFSI, retail, manufacturing, healthcare, IT & telecom, and others. IT & Telecom sector holds a significant share of the end-use segment of the artificial intelligence as a service market. This can be attributed to the increasing adoption of AI technologies in the telecommunications industry for network optimization, predictive maintenance, and customer service automation. Additionally, the IT sector heavily relies on AI for various applications such as cybersecurity, data analytics, and software development, further contributing to the dominance of the IT & Telecom sector.
SaaS offerings will boost during the forecast period.
- Based on offering, the market is segmented into Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). Software as a Service (SaaS) holds a significant share of the artificial intelligence offering segment in the service market. SaaS offerings provide ready-to-use AI applications and tools that can be easily integrated into existing systems, making them more accessible and cost-effective for businesses.
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Artificial Intelligence as a Service Market Report Highlights:
- The artificial intelligence as a service market growth is anticipated at a CAGR of 34.3% by 2032.
- Rising demand for artificial intelligence-powered solutions and technological advancements drive the market.
- Asia-Pacific is projected to be the fastest-growing market for artificial intelligence as a service industry. Rise in adoption of AI, and digitalization of business is expected to pivot in the coming years.
- Some prominent players in the artificial intelligence as a service market report include Google Cloud, Amazon Web Services (AWS), Microsoft Azure, IBM Watson, Salesforce Einstein, Oracle AI, H2O.ai, Dataiku, DataRobot, Alteryx, Petuum, C3.ai., and others.
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