Artificial Intelligence as a Service Market Size USD 92 Bn by 2030

Ottawa, July 20, 2022 (GLOBE NEWSWIRE) -- The global artificial intelligence as a service market size was accounted at USD 4.7 billion in 2021. The use of artificial intelligence in the form of service is expected to have a good growth in the coming years. There's been an increase in the number of various startups that are entering the market the market is expected to grow well during the forecast period.

Due to an increase in the investments for the research and development purposes which Major League come from the key market players will lead to the growth of the artificial intelligence market. The lack of human labor and restrictions on movement along with the lockdowns across many nations the market was affected to a large extent during the pandemic. This market is expected to flourish do 20 increased use of artificial intelligence as a service.

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Report highlights

• Depending upon the end user industry that makes use of artificial intelligence the banking and financial sector then when this expected to have a dominant position in the market during the forecast period. In order to provide the best experience to its consumers and to enhance its operational activities there is a growing demand for the use of artificial intelligence technology in this segment. Use of artificial intelligence in managing the finance sector also helps in providing with real time data and better predictions.
• Depending upon the size of the organization the large enterprises segment will dominate the market during the forecast period due to an increased adoption of artificial intelligence for services in the large enterprises. There has been an increased use of AI for educational purposes. Increased popularity of machine learning will drive the market growth in the coming years.
• Emerging nations like Taiwan as well as India or investing a lot of money in developing the infrastructure required for the artificial intelligence-based services. In the future there shall be an increased use of artificial intelligence in many other industries. It shall also be applied in the retail shopping segments.
  
  

Recent Developments

• Looker with acquired by Google in the year 2020, in order to improve the cloud offerings. Google acquired the organization for U.S. dollar 2.6 billion.
  
  

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Regional snapshots

The North American region is expected to dominate the market during the forecast period. North American region has previously adopted many advanced technologies and played a pivotal role in the growth of various technologies. This region had adopted the artificial intelligence market earlier as compared to any other region. The use of artificial intelligence in the service market has provided a large amount of revenue to this region. The availability of advanced infrastructure and the presence of trained personnels in this region we will drive the market growth.

The network technologies available in the North American region out of the advanced type be here apart from the developed nations the developing nations of the Asia Pacific region will also show a good growth. Countries like India Japan and Shiner shall have a larger demand for artificial intelligence in the service sector. These nations are increasing the amount invested for developing various technologies which will be helpful in providing automation to various industries.

Scope of the Report

Market dynamics

Drivers

In the recent years Randy investments have been made for the research and development purposes by the major market players. Due to the advancements in the field the market is expected to grow well. Due to growth in the digital transformation and increased adoption of artificial intelligence in various sectors like banking and insurance the market will grow well during the forecast period.

The use of artificial intelligence combined with the data analytics has provided an upper hand for the functioning of the financial institutes. This combination has provided better insights for the functioning of the organization. It helps in tracking any money laundering activities or fraud. The use of artificial intelligence services which make use of the cloud shall be helpful in making digital payments and accessing the financial services. During the pandemic there has been an increase in the use of the digital platform for accessing various services and this is expected to grow during the forecast. As it happens to be a comfortable and easy option. The use of artificial intelligence in many industries has reduced the amount of cost incurred in performing many functions. Constant innovations in this field will drive the market growth period

Restraints

Some of the important factors that restraining the growth of the market are the unavailability of expert people and the initial cost which happens to be high. The regulatory framework which guides the use of artificial intelligence in the service market it's tedious and it shall hinder the growth of the market during the forecast period.

Opportunities

The presence of different vendors that provide services at varied prices help in choosing an affordable option. There is an increase in the number of startups entering the market. There has been an increased popularity of the use of artificial intelligence in the service industry. Due to the use of artificial intelligence for services there has been no group in the market of artificial intelligence. The availability of various options to choose from will be helpful in boosting healthy competition and providing affordable options to the consumers.

Many companies are aiming in increasing the amount of profits earned by them by the use of artificial intelligence as a service. Is there has been no group in the demand for the intelligence services that are cloud based the market for artificial intelligence as a service as expected to grow. Government of the developing nations are promoting the use of artificial intelligence and they are also focusing on providing better infrastructure for its development.

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Challenges

Data privacy issues happens to be a major challenge in the growth of the market. In order to have a better insight into the planning and the optimization of future prospects a large amount of data is used and collected. The availability of the sensitive data my name ensuring the privacy of this data becomes a major challenge for the companies.

Market Segmentation

By Technology

• Machine learning (ML)
• Computer Vision
• Natural Language Processing (NLP)
  
  

By Organization Size

• Large Enterprise
• Small & Medium Enterprise

By Vertical

• BFSI
• Public Sector
• Energy & Utility
• IT & Telecom
• Retail
• Manufacturing
• Healthcare
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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