Selbyville, Delaware, Aug. 26, 2024 (GLOBE NEWSWIRE) --
The artificial intelligence as a service market valuation is predicted to reach USD 124.2 billion by 2032, as reported in a research study by Global Market Insights Inc.
Artificial intelligence as a service (AIaaS) platforms provide several tools for businesses to customize AI models as per their specific needs for more effective and targeted applications. Significant investments in R&D of AI along with the proliferation of AI startups are making way for innovations, such as the development of new algorithms, improved AI models, and more efficient data processing techniques. For example, in June 2024, Cisco’s corporate venture investment arm Cisco Investments launched a $1B AI investment fund for bolstering the startup ecosystem as well as expanding the development of secure and reliable AI solutions. A large number of AIaaS providers are also developing platforms that are accessible to non-experts, with user-friendly interfaces and pre-built models that allow businesses to deploy AI solutions without deep technical knowledge, further contributing to industry expansion.
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The artificial intelligence as a service market from the computer vision technology segment is expected to expand up to 2032, led by rising importance in the healthcare sector for medical imaging analysis, diagnostics, and surgery assistance. The development of autonomous vehicles is heavily relying on computer vision to interpret and respond to the surrounding environment. Rising usage in obstacle detection, lane tracking, and pedestrian recognition is also making computer vision a critical technology for the automotive sector.
The retail industry vertical segment is likely to record a lucrative CAGR in the artificial intelligence as a service market from 2024 to 2032. AIaaS tools analyze in-store customer behavior via video feeds, tracking metrics like foot traffic, dwell time, and product interactions. This data assists retailers to optimize store layouts and product placements. They also help enhance the shopping experience with interactive elements, such as virtual showrooms or personalized AR experiences, making shopping more engaging and immersive.
Europe artificial intelligence as a service market is estimated to record an exponential CAGR through 2032 driven by rapid growth in AI startups and innovation hubs, backed by government initiatives and venture capital funding. Leading firms in the region are increasingly integrating these services into their existing systems to leverage AI capabilities without extensive in-house infrastructure investments, leading to partnerships between providers and industry-specific solution providers. The favorable regulatory environment, particularly around data privacy (GDPR) and ethical AI usage will also drive regional market expansion.
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Some of the prominent artificial intelligence as a service market players include Amazon Web Services, Inc., BigML, Inc., IBM Corporation, Intel Corporation, Fair Isaac Corporation, Google LLC, Microsoft, Salesforce, Inc., SAP SE, and Siemens. These firms are focusing on technological innovations to proliferate their portfolio and customer base. To cite an instance, in February 2023, IBM demonstrated its cutting-edge artificial intelligence research by deploying foundational models and generative AI.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Artificial intelligence as a service market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2024-2032
2.3 Regional trends
2.4 Technology trends
2.5 Cloud Type trends
2.6 Organization Size trends
2.7 Offering trends
2.8 Industry Vertical trends
Chapter 3 Artificial Intelligence as a Service Industry Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Cloud service providers
3.2.2 AI solution providers
3.2.3 Enterprises and businesses
3.3 Profit margin analysis
3.4 Technology innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Demand for optimized procurement processes and enhanced efficiency
3.8.1.2 Emphasis on data-driven insights to optimize procurement strategies
3.8.1.3 The proliferation of AI systems supply chain management
3.8.1.4 Enhanced supplier performance evaluation and risk management
3.8.2 Industry pitfalls & challenges
3.8.2.1 Poor data quality and integration issues
3.8.2.2 Data security concerns
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
