Artificial Intelligence as a Service Market is Projected to Reach US$ 59.11 Billion in 2028

Artificial Intelligence as a Service Market is expected to reach US$ 59.11 Billion in 2028, growing at a CAGR of 48.19% during 2022-2028, reports Stratview Research.

Raipur, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Artificial Intelligence as a Service Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.

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How is the Report Helpful?

The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.

Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.

What are the Top Market Drivers?

According to the report, the artificial intelligence as a service market is driven by a host of factors, some of which are noted below:

  • Increasing implementation of cloud-based solutions and growing requirement for artificial intelligence & cognitive computing market.
  • Lack of trained staff is likely to hamper the industry growth.

The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.

Artificial Intelligence as a Service Market Segmentation:

Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.

  • By Deployment (Public, Private, Hybrid),
  • By Organization Size (Small and Medium Enterprise, Large Enterprise),
  • By End Use (BFSI, Retail, Healthcare, IT and Telecom, Manufacturing, Energy, Others),
  • By Region (North America, Europe, Asia-Pacific, and Rest of the World)

Artificial Intelligence as a Service Market Insights

Market Trends by Organization Size Type

The market has been classified into small & medium enterprise and large enterprise. The large enterprise segment secured the highest market share in 2021 and it is anticipated to grow at the highest CAGR during the forecast period.

Market Trends by End-use Type

The artificial intelligence as a service market has been classified into BFSI, retail, healthcare, IT and telecom, manufacturing, energy, others. Under these, the BFSI segment held a significant market share in 2021. In BFSI, AI is primarily used as algorithmic trading, chatbots, fraud detection, and customer recommendation. Banks, such as RBS, are adopting chatbots, expected to compel other financial institutions to invest in similar technologies, which boosts the segment growth.

Which region offers the best opportunity and growth?

The North American market held the highest market share in 2021 and is projected to grow at a fastest CAGR in the coming years. This is ascribed to large presence of major players, technological developments in BFSI and IT sectors, surging need for intelligent business processes, and increasing adoption of digital technologies, which bolsters the regional market growth during the review period.

COVID-19 Impact on the artificial intelligence as a service market

COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.

To know more about the covid-19 impact, get a free sample report, here:

Who are the Top Market Players?

After a thorough analysis of the market, the experts have listed a few key players and discussed company profiles of the below-given players -

  • IBM Corporation (US)
  • Microsoft Corporation (US)
  • Google LLC (US)
  • Amazon Web Services Inc. (US)
  • Oracle Corporation (US)
  • Inc. (US)
  • SAS Institute Inc. (US)
  • BigML Inc (US)
  • H2O.Ai Inc (US).

What deliverables will you get in this report?

  • In-depth analysis of the artificial intelligence as a service market
  • Detailed market segmentation.
  • Competitive-landscape analysis.
  • Historical, present, and future market size analysis.
  • Industry trends, technologies, and advancements.
  • Growth and operation strategies adopted by key players.
  • Potential segments/regions offering promising growth.
  • Geographical presence of the key players.

Related reports which might be useful:

  1. Artificial Intelligence Market
  2. Artificial Intelligence in Healthcare Market

About us –

Stratview Research is a global market research firm that offers reliable market reports, market entry strategies, strategic growth consulting, and more. The market experts compile high-quality market information to help users obtain granular level clarity on current business trends and expected future developments. Stratview Research also offers customisation of the reports. Reach out to the analysts to customize the given report according to your priority/requirement.

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