Dublin, Oct. 30, 2024 (GLOBE NEWSWIRE) -- The "AI as a Service Market by Product Type (Chatbots, ML Framework, API, No Code/Low Code ML Tools), Service Type (Machine Learning as a Service, Natural Language Processing as a Service (Text to Speech), Generative AI as a Service) - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The AI as a service market is projected to grow from USD 14.00 billion in 2024 to USD 72.13 billion by 2029, at a compound annual growth rate (CAGR) of 38.8%
The market is anticipated to grow due to increased investment from venture capital in AI startups, focus on enhancing customer experience through AI-driven personalization, and collaborative ecosystems among tech giants and startups foster AI advancement. However, growth may be restrained by dependence on high-quality data for AI model accuracy limits effectiveness, unclear intellectual property ownership in AIaaS deployments, and concerns over the long-term sustainability of AIaaS pricing models.
Rapid growth of healthcare and life sciences driven by AI innovations and personalized medicine
The healthcare and life sciences end user segment market is set for rapid growth due to the increasing demand for personalized medicine, driven by AI's ability to analyze vast datasets for tailored treatment plans. Innovations in predictive analytics enhance patient care by identifying health trends and enabling proactive interventions. The rise of telehealth and remote monitoring solutions, facilitated by AI, is transforming patient engagement. Regulatory support for AI-driven solutions accelerates adoption, positioning this sector as a leader in the AIaaS market.
Transforming sales with AI-driven insights and automation for enhanced performance
During the forecast period, the sales business function is set to capture the largest market share in AI as a Service market due to the growing reliance on data-driven insights to enhance sales strategies. AI technologies enable organizations to analyze customer behavior, optimize lead scoring, and personalize outreach through chatbots, resulting in improved conversion rates. Automation of routine tasks allows sales teams to focus on high-value interactions, while predictive analytics empower businesses to forecast trends and customer needs more accurately, driving overall revenue growth.
Asia Pacific's rapid AIaaS growth fueled by innovation and emerging technologies, while North America leads in market size
The Asia Pacific region is expected to be the fastest-growing market for AI as a Service due to significant advancements in AI research and development, coupled with a surge in AI adoption across sectors such as manufacturing and agriculture. The region's strong focus on integrating AI with emerging technologies like IoT and 5G is driving innovation and creating smart ecosystems. In contrast, North America remains the largest market, bolstered by its robust technology infrastructure, substantial venture capital investments, and a strong presence of leading AI companies pushing the boundaries of AI capabilities.
The report provides insights on the following pointers:
- Analysis of key drivers (AIaaS democratizes access for small and medium enterprises, Growing demand for AI-enhanced cybersecurity solutions to combat sophisticated threats and The rise of pre-trained AI models that require minimal customization accelerates AIaaS adoption), restraints (Integration issues with legacy systems create inefficiencies, Managing the environmental impact of energy-intensive AI computations and data centers and High dependency on cloud providers hampers trust and hinders adoption), opportunities (Emergence of federated learning techniques for collaborative AI model training, Increasing demand for explainable AI (XAI) to enhance trust and transparency and Rising interest in quantum computing-based AI services for complex problem-solving), and challenges (Balancing innovation with regulatory compliance, mitigating the risks associated with AI model drift and maintaining model accuracy over time and managing the cost of high-performance AI infrastructure).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the AI as a service market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the AI as a service market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the AI as a service market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 393 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $14 Billion |
| Forecasted Market Value (USD) by 2029 | $72.13 Billion |
| Compound Annual Growth Rate | 38.8% |
| Regions Covered | Global |
Companies Featured
- Microsoft
- IBM
- SAP
- Aws
- Salesforce
- Oracle
- Nvidia
- Fico
- Cloudera
- Servicenow
- Hpe
- Altair
- Openai
- Sas Institute
- Datarobot
- Databricks
- C3 AI
- H20.AI
- Alibaba Cloud
- Rainbird Technologies
- Bigml
- Cohere
- Glean
- Yottamine Analytics
- Scale AI
- Landing AI
- Yellow.AI
- Inflection AI
- Anyscale
- Abridge
- Mistral AI
- Codeium
- Arthur
- Levity AI
- Unstructured AI
- Clarifai
- Synthesia
- Katonic AI
- Deepsearch
- Mindtitan
- Viso.AI
- Softweb Solutions
For more information about this report visit https://www.researchandmarkets.com/r/6g4zv7
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