New York, NY -- (SBWire) -- 07/15/2019 --Market Size – USD 1.62 Billion in 2018, Market Growth - CAGR of 45.6%, Market Trends –The rise in the demand for Intelligent Business Applications
The Global Artificial Intelligence (AI) as a service market is forecast to reach USD 33.07 Billion by 2026, according to a new report by Reports and Data. Artificial Intelligence (AI) as a service market is considered to be a highly lucrative market in the upcoming years. During the forecast period, the market is observed to experience considerable growth. The major factors promoting the growth of the market is the drastic rise in the adoption of cloud-based solutions and the hiked demand for AI market. The increased adoption of cloud-based solutions makes the incorporation of Artificial Intelligence (AI) services easy and effective.
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The cloud technology provides with required information and support for AI learning process, which positively impacts the growth of the market. In various end-user industries, there has been an elevated demand for cognitive computing, which also acts as a driving factor for the expansion of the market.
In addition to the factor mentioned above, one of the mentionable traits of AI is the ability and support it provides to machines to react, act, learn, and think like human beings. As a result of the mentioned characteristics, it turns out to be an effective decision making and data analytics tool that helps in deciding based on past data and identified patterns. It is the mentioned traits of AI, which has resulted in it's increase in different industries that have a positive impact on the growth of the market. The industry is witnessing continuous evolutions, which are also enriching the market. In 2018, Google, a key player of the industry, introduced Google Duplex that is capable of performing realistic tasks and conduct natural conversations over the phone, like making a call and having human-like conversations. Such advancements by key players are also boosting the growth of the market.
In regards to the region, Asia Pacific is forecasted to experience the highest growth rate in the market during the forecast period. The growth of the Asia Pacific region in the Artificial Intelligence (AI) as a service market is the result of a drastic rate of expansion and development of AI market in this region. The growth of the AI market in this region has been possible by the rising number of startups in this region and the increased rate of adoption of AI in both the private and public sectors.
Further key findings from the report suggest
- Artificial Intelligence (AI) as a service market held a market share of USD 2.38 Billion in the year 2018, with a growth rate of 45.6% during the forecast period.
- In regards to the Service type, the Software Tools segment yielded the highest revenue of USD 1.10 Billion in 2018 with a CAGR of 45.1% during the forecast period. The revenue generated by the Software Tools segment is the result of extensive use of these tools in analyzing hidden data sets and data pattern from large data sheets.
- In the context of Deployment mode, the Cloud segment dominates the market occupying the higher market share during the forecast period. The market domination of this segment is the result of its low set-ups costs and benefits like access to adequate computer pre-trained models and power for launching AI application.
- While discussing Deployment mode, it is mentionable here that, On-premises segment is forecasted to witness a higher CAGR during the forecast period. The growth rate of the segment and its increasing popularity among the users is the result of the development of various tools for on-premises deployment that is capable of working with mass computer power amount, which in the cloud deployment mode may turn out to be expensive.
- In the context of Application, Customer Service and management is leading the market that held, 46.0% of the market in 2018 with a CAGR of 46.6% during the forecast period. The market dominance of the Customer Service and management segment is the result of increased adoption of conversational AI solutions and chatbots in different industries for enhancing the customer service and empower the customer.
- Key participants include IBM, Microsoft, Amazon, Google, FICO, SAS Institute, IRIS AI, Salesforce, Mighty.AI, and Craft.AI.
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For the purpose of this report, Reports and Data have segmented the global Computer Vision System market according to Service type, Technologies, Organizational size, Deployment mode, End-user, End-user ownership, Application, and Region:
Service type Outlook (Revenue, USD Billion; 2020-2026)
- Services
o Managed Services
o Professional Services
- Software Tools
o Web-Based and Cloud Application Programming Interface
o Processing and Modeler
o Archiving and Data Storage
o Others
Technologies type Outlook (Revenue, USD Billion; 2020-2026)
- Machine Learning and Deep Learning
- Natural Language Processing
- Computer Vision
- Others
Organizational size type Outlook (Revenue, USD Billion; 2020-2026)
- Large Enterprises
- Small and Medium-Sized Enterprises
Deployment mode type Outlook (Revenue, USD Billion; 2020-2026)
- On-premises
- Cloud
End-user type Outlook (Revenue, USD Billion; 2020-2026)
- Healthcare and Life Sciences
- Banking, Financial Services, and Insurance
- Telecommunication
- Retail
- Manufacturing
- Government and Defense
- Energy
- Others
End-user ownership type Outlook (Revenue, USD Billion; 2020-2026)
- Public
- Private
Application Type Outlook (Revenue, USD Billion; 2020-2026)
- Fraud Detection
- Data Analytics & Visualization
- Customer Service and management
- Risk Management
- Compliance & Security
- Others
Regional Outlook (Revenue, USD Billion; 2020-2026)
- North America
o U.S.
- Europe
o UK
o France
- Asia Pacific
o China
o India
o Japan
- MEA
- Latin America
o Brazil
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/artificial-intelligence-ai-as-a-service-market
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Artificial Intelligence (AI) as a Service Market Demand and Forecast by Top Key Players 2019: IBM, Microsoft, Amazon, Google, Salesforce, Mighty.AI
The rise in demand for Intelligent Business Applications, increased requirement for Integrators of AI Service, rise in investment of cloud technology and AI resulted in boosting Artificial Intelligence (AI) as a service market.