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Artificial Intelligence as a Service Market by Service Type, Technology, Organization Size, Vertical And Region - Global Forecast 2023

Artificial Intelligence as a Service Market: Global Forecast

  • April 2018
  • 187 pages
  • ID: 5382286
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The Artificial Intelligence as a service market is anticipated to rise at a Compound Annual Rise rate of 48.20 percent during the forecast period.

The AI as a service market is forecasted to grow from ~$1.5B in 2018 to ~$10.9B by 2023, at a compound annual growth rate (CAGR) of 48.2% during the forecast horizon. The increasing demand for AI-powered services in the form of Application Programming Interface and Software Development Kit and growing number of innovative startups are some of the main factors that are driving the increase of the AI as a service market. The market demand for intelligent business processes is increasing across verticals to improve the global experience that is delivered to their customers. Institutions are therefore focusing on integrating AI capabilities with their existing business applications. Nevertheless, the process of building APIs is time- consuming. Therefrom, different verticals are focused toward the adoption of easily available AI-powered APIs and machine learning models to solve their business problems.

The healthcare and life sciences vertical is anticipated to hold the biggest sector size during the outlook period.

Verticals in the AI as a service market contain Banking, Financial Services, and Insurance, healthcare and life sciences, retail, telecommunications, government and defense, manufacturing, energy, and others (Education, Agriculture, Transportation, and Media and Entertainment).AI as a service benefits several verticals easily integrate AI capabilities with their business applications.

Furthermore, by leveraging the benefits of AI as a service, verticals can focus more on the enhancement of their business processes and formulation of increase strategies, rather than worrying about costs associated to the purchase and maintenance of AI-powered platforms and tools.

Asia Pacific (APAC) is anticipated to witness the more significant increase rate during the estimate period.

Asia-Pac is anticipated to grow at the highest compound annual growth rate (CAGR) during the outlook period. Elements such as the quick generation of significant volumes of info, due to the increasing use of digital technologies, Internet of Things, and connected devices, along the increasing need to minimize operational costs are anticipated to fuel the rise of the AI as a service market across areas.

The North American area is forecast to hold the biggest industry size during the estimate period.

North America (NA) is anticipated to witness the maximum adoption of AI as a service, due to the factors, including technological advancements, the increasing need to analyze important volumes of data, and the rising need for intelligent business processes. Apart from these factors, the increasing government initiatives in enhancing the existing infrastructures and smart city programs are also anticipated to drive the industry demand for AI as a service across the territory during the outlook period.

In the process of finding out and checking the market value for various segments and sub-segments collected by secondary research, extensive primary audit sessions were managed with main people.

• By Company category - Tier 1 - 18.0 percent, Tier 2 - 46.0 percent, and Tier 3 -36.0 percent

• By Description - C-suite - 24.0 percent, Director-level - 51.0 percent, and Others - 35.0 percent

• By Area - North America continent - 25.0 percent, EU- 46.0 percent, Asia-Pacific - 16.0 percent, and MEA - 13.0 percent

Main vendors in the overall AI as a service market contain International Business Machines (NYSE:IBM), SAP SE (SAP), Google, Amazon Web Service, Incorporated, Salesforce, Intel, Baidu, Incorporated, Fair Isaac Corporation, SAS Institute, and BigML.

Segment Research

The AI as a service market has been split on the basis of service types (software tools, and services), technologies, organization size, verticals, and territories.AI as a service benefits; venture capitalists and angel investors; Information Technology management directors/managers; government organizations; research organizations; consultants/advisory companies; IT governance directors/managers; AI system integrators; Value-added Resellers ; Banking, Financial services and Insurance (BFSI); healthcare and life sciences; and retail to improve their business operations, enhance decision-making, and reduce costs.

The AI technologies include machine learning and deep learning, and natural language processing.The AI as a service market by service type has been split into software tools and services.

The sector has also been divided by organization size into big enterprises and Small and Medium-sized Enterprises.The verticals segment of the market includes Banking, Financial services and Insurance (BFSI), manufacturing, healthcare and life sciences, retail, telecommunications, energy, government and defense, and others (Education, Agriculture, Transportation, and Media and Entertainment).

On the basis of regions, the AI as a service market has been divided into north america, Europe (EU), Asia-Pac, Middle East (ME) and African continent, and Latin America area.

The industry report would benefit the market top players and new sector entrants in the AI as a service market in these ways:

1. The document breaks down the market into different subsegments, therefrom it includes the industry overall. The study offers the best approximations of the revenue data for the global market and its sub-segments. The industry numbers are further split into distinct application areas and localities.

2. The analysis helps in understanding the global increase of the market. It offers info on the top market drivers, market restraints, opportunities, and alternatives.

3. The market research also helps in understanding competitors better and gaining additional insights to enhance institutions' position in the sector. This analysis also presents the positioning of the main actors established on their product offerings and strategic management.

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