New York, April 24, 2023 (GLOBE NEWSWIRE) -- The global artificial intelligence as a service market growth is estimated to accelerate at a CAGR of 39.6% and register an incremental growth of USD 168.2 million in 2032 from USD 6.5 billion in 2022. Artificial Intelligence as a service market is anticipated to grow at a major rate during the forecast period, due to the necessity to reduce structural costs and examine large volumes of data to communicate various growth plans. The rising demand for AI-based services in the form of Use Programming Interfaces and Software Development Kits and a growing number of new projects are some of the major features that are likely to increase the growth of the AI as a service market.
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Key Takeaway:
- By service, the software segment accounted for a significant share of the global AI as a service market in 2022.
- By technology, the machine learning segment held the largest market share during the forecast period 2023 to 2032.
- By enterprise, the large enterprise segment dominated the market in 2022.
- By industry verticle, the BFSI segment will account for a significant share of the global AI as a service market growth during the forecast period.
- In 2022, North America dominated the market with the highest revenue share of 42.0%.
- Asia-Pacific held a 25% revenue share in 2022.
- Europe will grow at the fastest CAGR from 2023-2032.
These services support to the growth of the output of the company and so help to grow the revenue returns of the group. The market shows a positive impact globally by gaining up the additional tasks of the company. The risks of human mistakes have been completely run out in the various ways in demand to make the work earlier and at ease.
Factors Affecting the Growth of the Global Artificial Intelligence As A Service Market
There are several factors that can affect the growth of the Factors Affecting the Growth of global AI as a service market. Some of these factors include:
Growing Demand for AI Services:
The demand for AI-as-a-service solutions is the main factor driving the development of the market. AI-as-a-service solutions are increasingly popular in the market companies, due to they are so cost-effective and give a broad platform for creating and organizing AI applications. Also, AI-as-a-service solutions allow organizations to contact advanced and difficult AI skills with low investments. This factor is anticipated to help the growth of the global AI-as-a-service market throughout the forecast period.
High Adoption of Cloud-related Services:
The rising acceptance of cloud-based services is also helping the growth of the global AI-as-a-service market. The AI-as-a-service is conveyed through the system cloud, which gives users high scalability, increased flexibility, and constant cost-effectiveness. Also, the cloud-based delivery for AI-as-a-service solutions removes the essential factor for the on-premise hardware, software, and other related IT infrastructure.
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Top Trends in the Global AI as a Service Market
Machine translation is a huge technology for NLP that allows us to connect people globally with the understanding of software manuals and specific catalogs written in different languages. For example, the app called Livox, a customized app comes in 25 languages which helps disabled people to communicate with others. As AI technology access to more powerful tools and abilities. Additionally, recent trends such as retro visual content and animation in web designing are positively propelled the market growth.
Regional Analysis
The global AI as a service market is dominated by North America, which is anticipated to have a 42% revenue share during the forecast period (2023-2032). Due to the presence of prominent and larger design organizations. and investing in novel marketing strategies. The Asia-Pacific region is anticipated to as a fast-growing sector in the global a service market due to the high acceptance of smartphones, continued use of social media, and novel AI websites. Additionally, supportive government policies to boost digitization in some countries like China and India are also propelling market development.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 6.5 Billion |
| Market Size (2032) | USD 168.2 Billion |
| CAGR(2023 to 2033) | 39.6% |
| North America Revenue Share | 42.0% |
| Asia-Pacific Revenue Share | 25.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Driver:
By the use of cloud computing in AI as a service also shows advantages to the organization as it removes the employment of the maintenance teams for IT. Cloud computing solutions are provided advantages such as low amount of cost associated and also better dependability However, maximum companies that use this technology which is expected to have considerable competition, which is anticipated to cause healthy growth of the market.
Market Restraint:
On the other hand, it is anticipated that lacking educational individuals who are not able to be aware of these tools will restrict the growth of the global AI as a service market. The huge funding required for developing or using AI service tools Various market players makes huge investments in installing new tools and advanced machines to raise the process and return cost increases.
Market Opportunities:
AI is being used to produce generative art, which is a category of art that is generated through a set of rules or algorithms. This type of graphic arts is unique and can be continuously changing. AI-powered tools can significantly increase efficiency in graphic design procedures. This can save a lot of time and allow them to focus on more difficult creative tasks.
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Report Segmentation of the Global Artificial Intelligence as a Service Market
Service Insight
The global AI as a service market by component segmented into software and services. During the forecast period, the software segment is expected to dominate the global AI as a service market. Software tools play an important role in forecasting periods from large amounts of data by useful structure in specific data and other data sets. The various sectors such as Retail, healthcare, and life sciences, and the BFSI are the businesses relating these tools with their current business schemes to examine huge volumes of developed data patterns.
Technology Insight
The global AI as a service market by technology has been led by the machine learning segment which has carried the whole process of learning and teaching. By carrying the process of learning, machine learning is an option that helped to maintain the system carry without any interruption.
Enterprise Insight
The large enterprise segment registers the highest market revenue share over the forecast period. Due to increasing globalization, large enterprises are adopting AI for service tools to meet customer demand. Due to this large enterprises are shifting towards AI services.
Industry Vertical Insight
The BFSI segment dominates the market revenue share of 25% in 2022. The increasing adoption of AI marketing applications has propelled the growth of this segment. It is used in algorithm trading and mainly in the banking sector which analyses frauds in financial services.
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Key Market Segments
By Service Type
- Software Tools
- Services
By Technology
- Machine Learning
- Computer Vision
- Natural Language Processing
- Other Technologies
By Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
By Industry Vertical
- BFSI
- IT & Telecom
- Public Sector
- Manufacturing
- Retail
- Healthcare
- Energy & Utility
- Other Industry Verticals
By Geography
North America
- The US
- Canada
- Mexico
Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include
- Amazon web services
- International Business Machines Corporation Company Profile
- Microsoft Corporation Company Profile
- SAP SE Company Profile
- Salesforce
- Intel
- Baidu
- FICO
- SAS
- BigML
Recent Development of the Artificial Intelligence as a Service Market
- On August 2022: The company CornerstoneAI declared cooperation, with a supplier of ethical and liable AI services and solutions, and the firm Carahsoft Technology Corp.
- On June 2022: A calculated relationship between Wipro a major player in market and the media giant called Eros Investments has been reputable to balance machine learning and the artificial intelligence-based data localization solution worldwide.
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