DUBLIN, May 22, 2023 (Globe Newswire) — ‘AI as a Service Market’ by Service (SaaS, PaaS, IaaS), Technology (Machine Learning, Natural Language Processing, Context Recognition, Computer Vision), Cloud Type (Public, Private, Hybrid), Organization Size, Vertical and Region – Global Forecast to 2028 report added of ResearchAndMarkets.com Recruitment.
The market for AI as a Service is expected to grow from US$9.3 billion in 2023 to US$55 billion by 2028, at a CAGR of 42.6% during the forecast period.
AI as a service refers to the provision of AI tools and platforms by third-party providers to companies that want to integrate AI into their operations. It gives businesses access to pre-built AI models, APIs, and other tools that can be easily integrated into their existing systems. The growth of AI as a Service (AIaaS) is driven by the growing demand for AI-powered solutions across industries. The availability of big data and the rise of cloud computing have made it easier for enterprises to adopt AIaaS.
The large enterprise segment is projected to be the largest market during the forecast period
Compared to SMEs, large companies are increasingly oriented toward cutting-edge technologies such as AI, machine learning, and natural language processing. They have large amounts of data across their business functions that need to be analyzed for entity extraction, text classification, summarization and sentiment analysis.
AIaaS solutions help large enterprises develop and introduce new AI-powered products and services, helping them stay competitive and meet evolving customer demands. AIaaS is a key technology for large enterprises that want to stay at the forefront of technological innovation and drive growth in a fast-paced business environment.
PaaS segment recorded to grow at the highest CAGR during the forecast period
Platform as a Service (PaaS) provides enterprises with pre-built platforms and tools for developing and deploying AI applications. These platforms typically include pre-trained models and APIs, as well as development tools for customizing and building new models. PaaS allows companies to leverage the expertise of platform providers to rapidly develop AI applications without having to build everything from scratch.
Among the vertical markets, the BFSI vertical market is expected to account for the largest market size during the forecast period
The BFSI industry is harnessing the power of AI to transform how they engage with customers, manage risk, and optimize operations. These organizations are leveraging AI algorithms and tools to streamline processes, reduce costs, and improve customer experiences. Banks are using AI to improve fraud detection and prevention, customer identification and authentication, and personalized financial advice.
Organizations in the BFSI space are investing heavily in AIaaS technology to stay ahead of the digital transformation race. By partnering with an AIaaS provider, BFSI organizations can access cutting-edge AI technologies such as natural language processing and predictive analytics to improve business outcomes and stay ahead of the competition.
North America is expected to account for the largest market size during the forecast period
North America is estimated to hold the largest share of the AI as a service market. North America dominates the global AI as a Service market. North America is the highest revenue generating region in the global AI as a Service market, with the United States accounting for the highest market share, followed by Canada. Countries such as the United States, Canada, and Mexico are adopting AI technology in multiple application areas, driving the growth of AI in the region.
North America is a global leader in AI technology development, with many of the world’s largest AI companies based in the region. The region is witnessing favorable conditions for market growth owing to the adoption of data management technologies, government regulations, presence of established players, and corporate interest in applying ML and BI solutions.
Key Attributes:
| report attribute | detail |
| number of pages | 327 |
| Forecast period | 2023-2028 |
| 2023 Estimated Market Value (USD) | $9.3 billion |
| Projected Market Value (USD) to 2028 | $55 billion |
| compound annual growth rate | 42.6% |
| Target area | global |
Market trend
driver
- Growing Importance of Data-Driven Decision-Making in Business
- Increased need to deliver enhanced customer experience and gain competitive advantage
- Growing Demand for AI-Powered Services in API and SDK Forms
Restraint
- Lack of skilled workers
chance
- Growing need for intelligent business applications
- Growing demand for AI service integrators
Theme
- Confidentiality related to data security
Case study analysis
- Government and defense: Microsoft Azure Aiaas enables Alaska Airlines to optimize on-time performance with predictive maintenance
- BFSI: Improving Customer Service and Fraud Detection with IBM Aiaas
- Healthcare: Transforming Patient Care and Engagement with Google Aiaas
- Retail: Improving Aws Aiaas Product Offerings, Pricing Strategy, and Marketing Campaigns
- Manufacturing: Optimizing the production process with Baidu Aiaas
- It/Ites: Automating Support Request Triage with Salesforce Aiaas
companies mentioned
- absolute data
- alibaba cloud
- amd xilinx
- ah
- Baidu
- big mul
- century soft
- Clouddera
- Craft. AI
- data brick
- Dataiku
- data robot
- Fico
- Fuzzy.AI
- H20.AI
- IBM
- Iris AI
- Meya AI
- microsoft
- Oracle
- Rainbird Technologies
- Salesforce
- sap
- Sas Institute
- shift science
- techno tree
- Tencent
- Vital AI
- Yottamin Analytics
For more information on this report, please visit https://www.researchandmarkets.com/r/u7zfhx.
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Global AI as a Service Market
