The Global AI as a Service (AIaaS) market was valued USD 10.2 Billion in 2023 and projected to reach USD 98.21 Billion by 2030, growing at a CAGR of 38.2 % during the forecast period of 2023-2030
Richmond, Dec. 26, 2023 (GLOBE NEWSWIRE) -- According to a research report "AI as a Service Market”, By Cloud Type (Public Cloud, Hybrid Cloud, Private Cloud), Organization Size (Small & Medium-Sized Enterprises, Large Enterprises), Technology (Machine Learning, Natural Language Processin, Context Awareness, Computer Visison), Offering (Infrastructure as a Service, Platform as a Service, Software as a Service), Vertical (Banking, financial services, and insurance, Retail & eCommerce, Healthcare & life sciences, IT & ITeS, Manufacturing, Energy & utilities, Others) and Region - Global Forecast to 2030.
Global AI as a Service Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 10.2 Billion |
| Market size value in 2030 | USD 98.21 Billion |
| CAGR (2023-2030) | 38.2 % |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Cloud Type, Organization Size, Technology, Offering, Vertical, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on AI as a Service Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits
Market Overview
The AI as a Service (AIaaS) market is experiencing robust growth and transformation as businesses increasingly recognize the strategic importance of artificial intelligence in enhancing operations and decision-making processes. As of the latest market overview, AIaaS providers are witnessing a surge in demand across diverse industries, including healthcare, finance, manufacturing, and e-commerce. The market is characterized by a dynamic landscape, with major players offering a wide array of AI services, ranging from machine learning and natural language processing to computer vision and predictive analytics. Cloud-based AI services are gaining prominence, allowing businesses to access cutting-edge AI capabilities without the need for extensive in-house infrastructure. The AIaaS market is poised for further expansion, driven by the continuous evolution of AI technologies, growing data volumes, and an increasing focus on leveraging AI to gain a competitive edge in today's digital economy.
Major vendors in the global AI as a Service Market:
- Amazon Web Services Inc.
- Salesforce Inc.
- International Business Machines Corporation
- Intel Corporation
- Microsoft
- BigML
- Inc.
- Google LLC
- SAP SE
- Siemens
- Fair Isaac Corporation
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Increasing adoption of industry 4.0
The burgeoning adoption of Industry 4.0 principles is a key driver propelling the Digital Twin market within the finance sector. As financial institutions increasingly embrace automation, data analytics, and interconnected technologies, the need for holistic and real-time insights into their operations becomes paramount. Digital twins, with their ability to create virtual replicas of financial processes and systems, align seamlessly with the core tenets of Industry 4.0, enabling institutions to achieve enhanced operational efficiency, predictive analytics, and agile decision-making. The integration of digital twins in finance facilitates a dynamic response to market fluctuations, regulatory changes, and customer demands, thereby empowering financial organizations to stay competitive and resilient in an era characterized by rapid technological advancements and evolving industry landscapes.
Market Dynamics
Drivers:
- Growing number of innovative startups across the globe
- Strong government initiatives to promote AI-based infrastructure worldwide
- Increasing importance of data-driven decisions in businesses
- High investments by enterprises in AI services
Opportunities:
- Rise of Hybrid and Multi-Cloud deployments
- Surge in demand for intelligent business tools
Increasing Democratization of AI
The increasing democratization of AI is a prominent trend in the AI as a service market, reflecting a growing emphasis on making artificial intelligence technologies more accessible to a broader range of users. This trend involves the development and deployment of user-friendly AI tools and platforms that require minimal technical expertise, allowing individuals and organizations with varying levels of technical proficiency to harness the power of AI. As more businesses and individuals seek to integrate AI into their operations, the democratization of AI facilitates widespread adoption by breaking down barriers to entry, fostering innovation, and empowering non-experts to leverage AI solutions for diverse applications, ranging from data analysis to natural language processing. This shift is not only expanding the user base for AI but also contributing to a more inclusive and diverse ecosystem, driving the evolution of the AI as a service market.
North America dominates the market for AI as a Service Market.
North America stands out as a significant revenue contributor to the global AI as a Service Market. The expansion of this market can be credited to advancements in technology and the growing embrace of digital advancements. This region stands out as a crucial player in the cognitive computing market, with numerous large industries and robust IT infrastructure. The market's growth is further propelled by government regulations addressing data security concerns and the increasing demand for cloud application and security information services. A case in point is Guardforce AI Co., Limited, a comprehensive security solutions provider, which, in June 2022, announced the inauguration of new offices in San Francisco, California, and Tokyo, Japan. This strategic move aims to bolster the company's Robotics-as-a-Service business lines in these key regions, offering innovative solutions such as the T-series robot designed for food delivery, reception services, and disinfection robots tailored for shopping malls, hotels, and restaurants.
Significant growth is expected in the AI as a service industry within the Asia Pacific region, which is at the forefront of the global surge in artificial intelligence investment. The rapid expansion of AI as a service is particularly notable in countries like India and China, contributing to the increasing scope and demand for artificial intelligence in the industry. This trend underscores the region's pivotal role in the evolving landscape of AI services, reflecting a dynamic shift in global investment patterns towards the Asia-Pacific area.
Software as a Service Segments is anticipated to hold the Largest Market Share during the Forecast Period
Based on the Offerings segment categorized into Infrastructure as a Service, Platform as a Service, and Software as a Service. Software as a Service has a major share in the AI as a Service Market. Software tools play a crucial role in predicting outcomes from vast datasets by unveiling concealed patterns within the data. Additionally, these tools contribute significantly to the formulation of diverse corporate strategies and the decision-making processes vital to business operations. A noteworthy example is the launch of Sallie by FutureAI.guru, Inc., a consulting firm specializing in closing the knowledge gap in artificial intelligence for businesses. Introduced in July 2022, Sallie is an innovative software and artificial entity designed to learn in real-time, incorporating capabilities in speaking, hearing, vision, and mobility. This enables Sallie to draw conclusions autonomously—a pivotal element in authentic thinking. Notably, Sallie can distinguish objects using eyesight, construct internal models, pose questions, and follow instructions even without prior information.
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