AI as a service (AIaaS) is the outsourcing of artificial intelligence (AI) which involves third party requirements. The increase in demand from industry professionals and manufacturers for AI-based solutions is driving the demand for AI services. Moreover, most of the organizations have started outsourcing their workloads due to an increasing burden on their overall business processes. Furthermore, numerous organizations are investing in AI technologies and leveraging AI capabilities to stay ahead of global competition. In addition, the growing adoption of social media and the internet of things (IoT) is fuelling the demand for AI technologies, in turn, creating the demand for AI services.
Furthermore, increasing the adoption of cloud-based services by numerous organizations is also fuelling the demand for AI services. Also, the growing need for smart business applications is also driving the demand for AI services among large and small & medium businesses.
Moreover, many AI technology providers are realizing that simply offering AI tools and software is not enough as many organizations are looking for outsourcing services. Therefore, such a factor creating the demand for AI services
Increased demand for advanced technologies
The inclination of enterprises towards IoT, AI, cloud computing, and other technologies has risen significantly in recent years. In addition, the organizations are aggressively adopting cloud-based solutions and services to store their business information and process various business activities. Also, with the adoption of such advanced technologies organizations are generating massive amounts of data every day. Thus, managing such huge volumes of data along with the other business activities becomes impossible for organizations, which in turn creating the demand for artificial intelligence (AI) managed and professional services.
Lack of skilled professionals
Despite being in development phases AI has emerged as an essential technology for many industrial sectors. Several organizations have already deployed AI in their business processes and taking advantage of AI capabilities. However, many organizations are failing to embrace the advantage of AI technology due to the lack of proficient AI professionals. The technology is still developing due to which many professionals do not have the proper knowledge of its application and other capabilities. In addition, the demand for AI solutions is booming worldwide and the AI skilled professionals are falling short to meet such swelling demands. Thus, such factors hindering the AI as a service market growth.
The machine learning segment is anticipated to dominate Artificial Intelligence as a Service (AIaaS) during the forecast period
The machine learning segment is anticipated to dominate the market during the forecast period. The growth of this segment is mainly attributed to the increasing adoption of AI industry solutions among various industries. Moreover, the growing amount of unstructured data is also fuelling the growth of this segment. Hence, such factors are anticipated to boost the demand for this segment in the coming years.
The BFSI industry segment is anticipated to dominate Artificial Intelligence as a Service (AIaaS) the during the forecast period
AI technology is mainly used as fraud detection, algorithmic trading, customer recommendation, and chatbots in numerous industries. Banks are leveraging AI capabilities to detect and prevent frauds, chatbots, and algorithmic trading purposes, which allows banking institutions to improve their overall operations. Moreover, to provide rich consumer experience by improving operational efficiency is also driving the adoption of AI services in the BFSI industry.
Asia-Pacific will lead the growth in this market
It is expected that North America will hold the largest market share in the global Artificial Intelligence as a Service (AIaaS) market. However, Asia-Pacific (APAC) is projected to hold the highest CAGR during the forecast period. North America is estimated to dominate the global Artificial Intelligence as a Service (AIaaS) market due to, the existence of key market players in this region. In addition, growing investments by global tech giants and government expenditure on emerging technologies such as machine learning (ML), artificial intelligence (AI) and related technologies is also one of the major reasons fuelling the market growth in this region.
On the contrary, the growth of Artificial Intelligence as a Service (AIaaS) market in the Asia-Pacific region is mainly accredited to the increasing investments made by public and private sectors to advance their machine learning (ML) and artificial intelligence (AI) technologies.
Key Market Players
• Alphabet Inc. (Google Inc.)
• Microsoft Corporation
• Amazon Web Service Inc.
• IBM Corporation
• Salesforce, Inc.
• Apple Inc.
• CognitiveScale, Inc.
• Intel, Inc.
• SAP SE
• Fair Isaac Corporation
Market Segments: Conversational AI Market
- By Technology
- Natural Language Processing (NLP)
- Machine Learning (ML)
- Speech Recognition
- Computer Vision
- By Organization Size
- Large Organizations
- Small & Medium Organizations
- By Industry Vertical
- IT & Telecom
- By Region
- North America
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Middle East & Africa
- South Africa
- Latin America
- Rest of South America
• Industry Associations
• Patent Websites
• Company Annual Reports
• Company Websites
• Key industry leaders
• Ministry of Electronics & IT (Govt. of India) articles
• IEEE journals
• Technology consultants
• System Integrators
• BFSI experts
Key Questions Answered
• What are the key growth regions and countries?
• What are the important types and technologies being used?
• What are the market players doing, in terms of research and development?
• Which are the new applications for this market?
• What are the integrations happening?
• What are the recent news, developments, mergers, or large value deals?
• Products & solution providers
• System Integrators
• Regulatory Authorities
• Research and Innovation Organizations
• Suppliers and Distributors
• Other Channel Partners