Artificial Intelligence as a Service Market Size Analysis, Regional Analysis 2020: 2027
Market Overview
In its research study, Market Research Future (MRFR), emphasizes
that over the review period, the global Artificial Intelligence as a Service
(AIaaS) market 2020 is projected to rise exponentially, ensuring a significant
market valuation of USD up to 7 trillion by 2027, and a healthy 36 percent CAGR
over the review.
Drivers and constraints
Rising the investment by key players in artificial
intelligence technology growth, growing developments in enterprise automation,
rising number of start-ups and increasing demand for AI-enabled APIs & SDKs
are some of the main drivers for this market's growth in the years to come.
Development of technology such as machine learning, deep learning
and the processing of natural language has pushed companies into the next
level. Businesses simplify their business problems by incorporating AI-enabled
resources into processes or activities, and structured & unstructured data.
However, because these innovations require high technological skills to manage
complex algorithms, the company's recruiting costs are rising, and training is
on the rise.The businesses are now showing interest in contracting AI-based
solutions from third-party vendors to resolve this problem, rather than
creating them.
Artificial Intelligence as a Service (AIaaS) can be described as
an enterprise outsourcing the technology and solutions enabled by artificial
intelligence. AIaaS offers many advantages over conventional approach to an
enterprise, as it provides advanced technology at minimal cost, consistency in
business processes, and scalability. Data security concerns, however, and lack
of technological expertise are some of the major barriers to that market's
development.
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Segmental Analysis
The Global Artificial Intelligence (AI) as a Service
Market is analzed based on the technology, services type, organization
size, software, verticals and region.
Based on the services, the market is segmented into custom
cognitive computing APIs, cognitive computing APIs, and conversational AI.
Based on the technology, the market is bifurcated into natural language
processing and machine learning & deep learning.
By software, the market is further sub-segmented into modeler
& processing, cloud & web-based application, data storage &
archiving, and others.
By organization size, the global Artificial Intelligence as
a Service (AIaaS) market is divided into SMEs and large enterprises.
By vertical, the market is classified into government &
defense, telecommunication, BFSI, healthcare, retail, manufacturing and energy
& power.
Regional Analysis
The global market geographic overview was conducted in four major
regions including Asia Pacific, North America, Europe and the rest of the
world.
North America dominates the artificial intelligence industry as a
business market led by Europe and the Asia-Pacific region. Early adopters of
new technology such as artificial intelligence are North America. Advanced
infrastructure, advanced network technologies and high technical skills are
also some of the other factors that drive the Artificial Intelligence as a
Service (AIaaS) market growth in that area. Currently, the US dominates the
market, with most of the revenue produced by key players located in this
country.
The demand for Asia-Pacific Artificial Intelligence as a Service
(AIaaS) is expected to expand with the highest CAGR during the 2018-2023
forecast period. China, Japan, and South Korea are main artificial intelligence
innovators in the world. China and South Korea are investing heavily in the
development of industrial automation technologies, which is one of the key
driving forces for Artificial Intelligence adoption in these countries. India
and Singapore are both expected to become an significant Artificial
Intelligence as a Service (AIaaS) market in coming years.
Competitive Analysis
The major market players operating in the global market as
identified by MRFR are IBM Corporation, Google Inc., AWS, Microsoft
Corporation, Salesforce, SAP SE, Baidu, Intel Corporation, Fair Isaac
Corporation (FICO), and BigML.
Absolutdata, Fuzzy.AI, Vital AI, Rainbird Technologies, Sift
Science, Craft.AI, Mighty.AI, Yottamine Analytics, Cognitive Scale,
Centurysoft,
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Table of Contents:
1 Executive
Summary
2 Scope Of The
Report
2.1 Market
Definition
2.2 Scope Of
The Study
2.3 Research
Objectives
2.4 Markets
Structure
3 Research
Methodology
4 Market Dynamics
5 Market Alerts
6 Artificial
Intelligence As A Service (AIaaS) Market By Services
Continued….
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