The global Artificial Intelligence as a Service market size was worth around USD 7.90 billion in 2023 and is predicted to grow to around USD 56.87 billion by 2032 with a compound annual growth rate (CAGR) of roughly 24.64% between 2024 and 2032.
With the presence of a large pool of participants, the Global artificial intelligence as a service market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). IBM Corp., Google, Amazon Web services, Microsoft Inc., Salesforce, FICO, Baidu, SAS Institute, Bigml, IRIS Al, Intel, SAP, Rainbird Technologies, and Cognitive Scale are some of the key vendors of artificial intelligence as a service across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the artificial intelligence as a service market study.
Citing an instance, recently, IBM has declared launching of AI OpenScale – an AI service through which it aims to bring transparency and visibility in AI models for firms. Reportedly, the firm’s main goal is to make AI fair & transparent with AI OpenScale.
Escalating Demand For AI-Driven Services To Boost Market Growth
“Rising number of startup firms along with escalating demand for AI-powered services in the form of SDK and API is projected to chart a profitable roadmap for artificial intelligence as a service market in the forthcoming years,” says the author of this study. Apart from this, massive application of AI across BFSI, retail, energy, healthcare & life sciences, telecommunications, and government & defense will further drive artificial intelligence as a service market trends over the years ahead.
Lack of skilled labor & sensitivity involved with the data security, however, will restrict the growth of artificial intelligence as a service market in the forthcoming years. Nonetheless, the rise in the number of users and service providers for artificial intelligence as a service as a result of massive popularity of AI service integrator will accelerate the scope of the business. In addition, surging requirement for intelligent business applications will produce new growth avenues for artificial intelligence as a service market in the near future. This, in turn, will normalize the impact of hindrances on the artificial intelligence as a service market, reports the study.
Launching Of New Digital Technologies To Aid North American Dominance
Regionally, North America has been leading the worldwide artificial intelligence as a service market and is anticipated to continue on the dominant position in the years to come, states the artificial intelligence as a service market study. Inception of new digital technologies, technological innovations, and need for intelligent business processes are the key factors behind the dominance of the North America artificial intelligence as a service market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional artificial intelligence as a service market.
Artificial Intelligence as a Service Market: Competitive Analysis
The report covers detailed competitive outlook including the market share and company profiles of some of the key participants operating in the global artificial intelligence as a service market include:
- IBM Corp.
- Amazon Web services
- Microsoft
- Salesforce
- FICO
- Baidu
- SAS Institute
- BigMLl
- IRIS Al
- Intel
- SAP
- Rainbird Technologies
- Cognitive Scale
The global artificial intelligence as a service market is segmented as follows:
By Services
- Software Tools
- Services
By Technology
By Vertical
- Banking, Financial, & Insurance (BFSI)
- Healthcare and Life Sciences
- Retail
- Telecommunications
- Government and defense
- Manufacturing
- Energy
- Others
By Region
- North AmericaThe U.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- The Middle East and Africa
About Us:
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.
Contact Us:
Zion Market Research 244 Fifth Avenue, Suite N202 New York, 10001, United States Tel: +49-322 210 92714 USA/Canada Toll-Free No.1-855-465-4651 Email: [email protected] Website: https://www.zionmarketresearch.com