New York, NY -- (SBWire) -- 01/15/2021 --The Global Artificial Intelligence (AI) as a Service Market is estimated to grow from SD 1.73 billion in 2019 to USD 34.1 billion in 2027, at a CAGR of 45.6%. Artificial Intelligence as a service (AIaaS) is an AI-based outsourcing service offered by a third party to help large enterprises and SMEs to evade high investments in initial installation and explore various growth avenues. Consultants, software firms, and professional service providers usually team up with these organizations to offer a full suite of these services to multiple organizations.
The leading participants in the global artificial intelligence (AI) as a service market include:
IBM, Amazon Web Services, Microsoft, Google, Salesforce, FICO, Mighty.AI, SAS Institute, IRIS AI, and Craft.AI.
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The global artificial intelligence (AI) as a service market is likely to witness rapid gains over the next eight years, owing to a plethora of conducive growth factors. The skyrocketing demand for advanced AI solutions, the surging demand for IoT, the rising competition among businesses, the popularizing trend of multi-cloud functioning, augmented demand for cloud-based intelligence services, and the surging government focus on AI-based infrastructure development are the predominant factors positively impacting the global market growth.
For this report, the global artificial intelligence (AI) as a service market is segmented in terms of service, technology landscape, deployment mode, organization size, end-user, end-user ownership, application, and region:
By Service (Revenue, USD Billion; 2017-2027)
Services
Managed Services
Professional Services
Software Tools
Web-based and Cloud Application Programming Interface
Archiving and Data Storage
Processing and Modeler
Others
By Technology Landscape (Revenue, USD Billion; 2017-2027)
Machine Learning and Deep Learning
Computer Vision
Natural Language Processing
Others
By Deployment Mode (Revenue, USD Billion; 2017-2027)
Cloud
On-premises
By Organization Size (Revenue, USD Billion; 2017-2027)
Large Enterprises
Small & Medium-sized Enterprises
By End-User (Revenue, USD Billion; 2017-2027)
Healthcare & Life Sciences
BFSI
Retail
Telecommunications
Manufacturing
Aerospace & Defense
Energy
Government
Others
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By End-User Ownership (Revenue, USD Billion; 2017-2027)
Public
Private
By Application (Revenue, USD Billion; 2017-2027)
Data Analytics & Visualization
Fraud Detection
Risk Management
Customer Services & Management
Compliance & Security
Others
By Region (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Organizations have been focusing on lowering their operational costs and expanding profit margins using AIaaS. Moreover, they are increasingly adopting cloud-based machine learning to build on their product & service offerings. For instance, in April 2019, Google Cloud Platform introduced a new end-to-end environment, dubbed the AI Platform, for AI creators to help them test, train, and deploy various AI models. It further upgraded its AutoML service to automate the development of custom AI models. The outbreak of the COVID-19 pandemic has significantly affected several industries and markets globally. The COVID-19 outbreak has led to an overwhelming scenario across customer service departments. However, the demand for AIaaS has gained unprecedented traction during the pandemic, as AI and genomic studies are significantly helping combat the pandemic.
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Key findings of the report:
In terms of service type, the software tools sub-segment accounted for the highest revenue of USD 1.10 Billion in 2019 and is expected to lead the market at a robust CAGR of 45.1% over the forecast period. The segmental growth is supported by the growing usage of these tools in data pattern analysis in large datasheets.
Among the various deployment models, the on-premises sub-segment is set to emerge as the dominant segment in the global artificial intelligence (AI) as a service market by 2027. The emergence of advanced, high-performance tools for on-premise deployment is a significant growth-inducing factor for this segment.
Based on application, the customer services & management sub-segment is likely to record the highest CAGR of 46.6% by 2027, owing to the extensive adoption of chatbots and conversational AI devices to enhance customer experiences.
The BFSI end-user sub-segment held a considerable 40.9% market share in the global artificial intelligence (AI) as a service market in 2019. This sector is set to maintain a dominating market position over the projected timeframe at a 46.1% CAGR. As per the report, the BFSI sector widely deploys advanced AI technologies, such as Voice Recognition, Predictive Analytics, and several others, to increase operational efficacy and enrich customer experience. AI-enabled chatbots, fraud detection, algorithmic trading, and customer recommendations, are other prominent aspects of AIaaS in this industry.
The Asia Pacific region is the leading market for AIaaS, owing to the rising adoption of AI in private and public sectors, expanding applications in the healthcare industry, and substantial investments in adopting advanced AI-based software services. The regional market is estimated to garner the largest market share by 2027, expanding at a striking 47.6% CAGR. As per this report, China, India, Japan, South Korea, Singapore, and Taiwan, are the key growth engines for this market.
In October 2020, IBM Corporation announced the launch of the IBM Maximo for Civil Infrastructure, which is intended to facilitate the renovation of public properties like bridges, highways, tunnels, and railways. The new capabilities include the Red Hat OpenShift for hybrid cloud environments, AI and 3D model annotation tools, predictive maintenance tools, and drones.
In the same month, Amazon Web Services signed a multi-year agreement with Carrier Global Corporation to advance the new Lynx digital platform of Carrier. The new tools offer a wide array of advantages, such as enhanced visibility, actionable intelligence, and increased connectivity. Under the latest deal, Carrier looks to amp up its cold chain operations and improve outcomes for its temperature-sensitive cargo that includes food and medicine.
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Highlights of TOC:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technology
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Artificial Intelligence (AI) as a service Market Segmentation & Impact Analysis
4.1. Artificial Intelligence (AI) as a service Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. The rise in demand for SDK and API
Continued…
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Artificial Intelligence (AI) as a Service Market Size to Reach USD 34.1 Billion by 2027; Industry Compound Annual Growth Rate of 45.6% by Reports and Data
Artificial Intelligence (AI) As A Service Market Size Accounted For USD 2.38 Billion In 2018 And Is Forecast To Exhibit A Growth Rate Of 45.6% Through 2027.