New York, United States, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The Global AI as a Service (AlaaS) Market Size is To Grow from USD 8.54 Billion in 2022 to USD 251.39 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 40.25% during the projected period.
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AI as a Service (AaaS) is a cloud-based service that offers artificial intelligence (AI) outsourced services. AIaaS (Artificial Intelligence as a Service) is a third-party provider of artificial intelligence (AI) outsourcing. It allows individuals and organisations to investigate various avenues for various purposes without a large initial investment and involves risk. AI bots also aid in financial planning, the detection of fraud and cybercrime, the improvement of bureaucratic efficiency, and the delivery of a personalised experience. Artificial intelligence adoption is being driven by rising demand for automation and analytics solutions in industries such as automotive and transportation, manufacturing, government, BFSI, healthcare, information technology and telecommunications, and others. Companies are focusing their efforts on the implementation of artificial intelligence technology. Furthermore, among the complex tasks that artificial intelligence can perform is the analysis of medical data to help doctors make faster and more accurate decisions about medical treatments. Furthermore, AIaaS platforms are scalable and flexible, allowing businesses to access AI resources as needed. By utilising AIaaS services, businesses can easily scale up their AI capabilities as the demand for predictive and analytics solutions grows. This adaptability enables organisations to respond to changing business requirements without making large upfront investments in infrastructure and expertise; these factors are expected to drive market growth during the forecast period.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global AI as a Service (AlaaS) Market Size, Share, and COVID-19 Impact Analysis, By Cloud (Public, Private, Hybrid), By Technology (Machine Learning, Natural Language Processing, Context Awareness, Computer Vision, Others), By Component (Software, Services), By End-user (Automotive & Transportation, Manufacturing, Government, BFSI, Healthcare, IT & Telecom, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The public segment dominates the market with the largest revenue share over the forecast period
Based on the cloud, the global AI as a service (AlaaS) market is segmented into public, private, and hybrid. Among these, the public segment is dominating the market with the largest revenue share over the forecast period. Public cloud providers offer a wide range of services, including machine learning, natural language processing, and computer vision, that businesses can use to build, train, and deploy AI models. Cost-effectiveness, scalability, and availability are some of the benefits of public cloud AIaaS solutions. Pay-as-you-go models are commonly used by public cloud providers, allowing businesses to only pay for the services they use. Because public cloud platforms are infinitely scalable, businesses can quickly scale up or down their AI workloads based on demand.
The computer vision segment is witnessing significant CAGR growth over the forecast period.
On the basis of technology, the global AI as a service (AlaaS) market is segmented into machine learning, natural language processing, context awareness, computer vision, others. Among these, the computer vision segment is witnessing significant growth over the forecast period. By utilising computer vision in AIaaS, businesses can gain valuable insights from visual data, improve operations, and improve the customer experience. It allows businesses to analyse large amounts of visual data in real time, allowing them to make better, more informed decisions.
The software segment is expected to hold the largest share of the global AI as a service (AlaaS) market during the forecast period.
Based on component, the global AI as a service (AlaaS) market is classified into software and services. Among these, the software segment is expected to hold the largest share of the AI as a service (AlaaS) market during the forecast period. By revealing hidden patterns in data and datasets, software tools play an important role in predicting outcomes from massive amounts of data. Furthermore, software tools aid in the development of various company strategies as well as the decision-making process for critical business decisions. The software learns in real time as it speaks, hears, sees, and moves, allowing it to draw conclusions, which is an important aspect of authentic thinking. Without prior knowledge, Sallie can distinguish objects with her eyesight, construct an internal model, ask questions, and follow instructions.
The BFSI segment accounted for the largest revenue share over the forecast period.
On the basis of application, the global AI as a service (AlaaS) market is segmented into automotive & transportation, manufacturing, government, BFSI, healthcare, it & telecom and others. Among these, the BFSI segment dominates the market with the largest revenue share over the forecast period. Artificial intelligence is primarily used in the BFSI sector for fraud detection, client suggestion, algorithmic trading, and chatbots. Banks are experimenting with chatbots, which are expected to encourage other financial institutions to invest in similar technologies. In finance, artificial intelligence can be useful in assessing real-time activity in any setting. It provides precise predictions and forecasts based on a wide range of variables, which is critical for business planning.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The growth of AI as a service can be attributed to technological advancements and increasing acceptance of digital technology. The region is one of the most important cognitive computing markets, with numerous large industries and IT infrastructure, government data security regulations, and cloud application and security information services all helping to drive market growth. Furthermore, with numerous educational institutions and research centres in the region conducting cutting-edge AI research, North America has been at the forefront of AI innovation. As a result, new AI technologies and applications have been developed, propelling the AI as a Service market forward.
Asia Pacific is expected to grow the fastest during the forecast period. China, Japan, and South Korea are the region's leading artificial intelligence innovators. China and South Korea make significant investments in the development of industrial automation technologies, which is one of the primary factors driving the growth and adoption of artificial intelligence in these countries.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global AI as a service (AlaaS) market are Amazon Web Services, Inc., RainBird Technologies, SiftScience, Microsoft, BigML, Inc., Google LLC, SAP SE, Siemens, DataBricks, Salesforce, Inc., International Business Machines Corporation, Intel Corporation, Fair Isaac Corporation and Others.
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Recent Developments
- In September 2023, EY's investment established the way for the launch of EY.ai, a new unifying platform that will help businesses confidently adopt artificial intelligence (AI).
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global AI as a service (AlaaS) market based on the below-mentioned segments:
AI as a Service (AlaaS) Market, Cloud Analysis
- Public
- Private
- Hybrid
AI as a Service (AlaaS) Market, Technology Analysis
- Machine Learning
- Natural Language Processing
- Context Awareness
- Computer Vision
- Others
AI as a Services (AlaaS) Market, Component Analysis
- Software
- Services
AI as a Service (AlaaS) Market, End User Analysis
- Automotive & Transportation
- Manufacturing
- Government
- BFSI
- Healthcare
- IT & Telecom
- Others
AI as a Service (AlaaS) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Afric
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