Global Artificial Intelligence As A Service Market Will Reach USD 14.71 Billion by 2024: Zion Market Research

According to the report, global artificial intelligence as a service (AIaaS) market was valued at around USD 1.06 billion in 2017 and is expected to reach approximately USD 14.71 billion in 2024, growing at a CAGR of 45.2% between 2018 and 2024.

New York, NY, July 12, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Artificial Intelligence As A Service Market by Service Type (Software Tools & Services), by Technology (Machine Learning (ML) & Deep Learning, and Natural Language Processing (NLP)), for Banking, Financial, & Insurance (BFSI), Healthcare and Life Sciences, Retail, Telecommunications, Government and defense, Manufacturing, Energy, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024’’. According to the report, global artificial intelligence as a service (AIaaS) market was valued at around USD 1.06 billion in 2017 and is expected to reach approximately USD 14.71 billion in 2024, growing at a CAGR of 45.2% between 2018 and 2024. 

Artificial intelligence as a service is offered by the third party as an outsourced service. The service is very much useful for users as it helps them to utilize the advantage of artificial intelligence without investing much. The risk factor is very low in AIaaS which stimulates several users to adapt AI. Even the companies without data science department can take the advantage of AI for data-driven business decisions. With the sudden rise in demand for real-time decision making and increased data from applications such as IoT has flourished the demand for AIaaS market. Amazon is one of the leading players in artificial intelligence as a service market which provides in-house AI expertise; it also provides open source software the Deep Scalable Sparse Tensor Network Engine (DSSTNE) which drives customer recommendation capabilities. Google Cloud platform offers various AI capabilities such as speech recognition, translation & image content identification, also Tensor Flow recommendation software library to help its customers in several ways. Other service providers are also introducing an advanced version of AIaaS on different platforms to compete with the present marketers. AI is assimilated with a wide array of algorithms which has increased the pace for solving specific tasks by a computer. Incorporating AI with Big Data is a new trend emerging fast in AIaaS business and is expected to grow the market revenue at a torrid pace. However, AIaaS can also be misused for illegal purposes such as phishing scams, hacking, and preparing more destructive weapons.

Browse through 42 Tables & 28 Figures spread over 110 Pages and in-depth TOC on “Global Artificial Intelligence as a Service Market: By Type, Size, Industry Share, Trends and Forecast, 2017-2024”.

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Some of the major factors which are driving the artificial intelligence as a service market growth are increasing the number of innovative startups and demand for AI-Powered services in the form of API and SDK. AIaaS has increased the scope for businesses and helps them in smart work. AIaaS has influenced the mind of both service providers and the users. However, lack of skilled labor and sensitivity involved with the security of data is restricting the market growth. Additionally, the service providers and users are increasing for AIaaS because of growing demand for AI service integrator and increasing need for the intelligent business application. These aspects will broadcast a good artificial intelligence as a service market opportunity for players in the forecast years.

On the basis of services type, artificial intelligence as a service market is bifurcated into software tools and services which include data storage and archiving, cloud and web-based Application Programming Interface (APIs), managed services, professional services. Furthermore, by technology type market is classified as Machine Learning & Deep Learning, and NLP. In terms of geographic region, North America and Europe have the large market size for artificial intelligence as a service market due to the rise of digital technologies, technological advancements, and need for intelligent business processes. AI service providers are emphasizing more towards development and innovation in the AI technologies that can be provided as a service.

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Geographically, artificial intelligence as a service market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. North America and Europe have the large market size for AIaaS owing to rapid technological advancement, the rise in digital industries, and need for intelligent business processes have increased the need for consistent, scalable, and proficient data platforms. Meanwhile, the Asia Pacific region is also showing high opportunities for proficient vendors which can also boost the artificial intelligence as a service market for this region in the forecast year.

Browse the full “Artificial Intelligence as a Service Market by Service Type (Software Tools & Services), by Technology (Machine Learning (ML) & Deep Learning, and Natural Language Processing (NLP)), for Banking, Financial, & Insurance (BFSI), Healthcare and Life Sciences, Retail, Telecommunications, Government and defense, Manufacturing, Energy, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024”  report at https://www.zionmarketresearch.com/report/artificial-intelligence-as-a-service-market

Artificial intelligence as a service market is growing at a rapid pace in the North American region followed by Europe and will continue the same in forecasted years. Because of rising digital industries, and smart business activities AIaaS has gained market value in North America in a very less time. Solution providers for AI are majorly focusing towards the emerging technologies in the AI field which can be provided as a service. This new emerging trend in Europe has driven the current market growth. Asia Pacific region has a heavy impact of growing industrial pace and awareness of AIaaS among various verticals. Asia Pacific region is expected to have the largest potential for artificial intelligence as a service market growth in the forecast period due to increased use of digital technology and generation of the massive amount of data from technologies such as IoT. The Middle East countries such as Egypt, Saudi Arabia, UAE, Bahrain, Kuwait, Oman, and Qatar hold the majority of revenue share for the artificial intelligence as a service market. In the forecast period, the Middle East is expected to gain 2% of the total AIaaS global market. Presently North America contributes 46% and Europe contributes around 25% of the total market revenue.

IBM Corp., Google, Amazon Web services, Microsoft Inc., Salesforce, FICO, Baidu, SAS Institute, Bigml, IRIS Al, Intel, SAP, Rainbird Technologies, and Cognitive Scale are some of the major players of the artificial intelligence as a service market.

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The report segments the global artificial intelligence as a service market as follows:

Global Artificial Intelligence As A Service Market: Services Type Segment Analysis

  • Software Tools
  • Services

Global Artificial Intelligence As A Service Market: Technology Segment Analysis

  • Machine Learning (ML) & Deep Learning
  • Natural Language Processing (NLP)

Global Artificial Intelligence As A Service Market: Vertical Segment Analysis

  • Banking, Financial, & Insurance (BFSI)
  • Healthcare and Life Sciences
  • Retail
  • Telecommunications
  • Government and defense
  • Manufacturing
  • Energy
  • Others

Global Artificial Intelligence As A Service Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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