Artificial Intelligence as a Service Market to Grow at 34% CAGR during 2019-2024
Surging penetration of big-data analytics, technological advancements along with government support for
integration of AI in business processes to drive global artificial intelligence
as a service market through 2024
According
to TechSci Research report, “Global Artificial Intelligence
as a Service Market By Technology, By Organization
Size, By Service Type, By Type of Cloud, By Vertical, By Region, Competition,
Forecast & Opportunities, 2024”, global artificial
intelligence as a service market is expected to grow at an impressive CAGR
of 34% during 2019-2024 on account of growing number of artificial intelligence
powered services in the form of software
development kit (SDK) and application
program interface (API). AlaaS or artificial intelligence as a service is third
party provision of AI allowing enterprises to work with low risk and reduced
investment for installations. Moreover, increasing trend of workflow
optimization along with growing demand for AI and cognitive computing is further
anticipated to bolster the growth of the market during forecast period.
Browse 115 market
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Artificial Intelligence as a Service Market"
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Global
artificial intelligence as a service market can be segmented based on technology,
organization size, service type, type of cloud, vertical and region. On the
basis of technology, the market can be segmented into machine learning, natural
language processing and others. Natural language processing segment is expected
to witness significant adoption in the coming years as the technology is
capable of understanding behavior of the user, thereby offering improved customer
experience. Among service types, software tools segment is likely to grow at
the highest rate during forecast period as it helps to reveal hidden patterns in
data and predict outcomes based on large amount of data.
Amazon Web Services Inc. Google LLC,
Microsoft Corp., International Business Machines (IBM) Corp., Salesforce.com
Inc., Oracle Corporation, Fair Isaac Corporation, SAP SE, SAS Institute Inc.,
Intel Corp., etc. are among the leading players operating in global artificial intelligence
as a service market. The companies operating in the market are using organic growth
strategies such as product launches and inorganic growth strategies like mergers
and collaborations to strengthen their market footprint.
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“North America is at the forefront of global
artificial intelligence as a service market and is expected to maintain its
dominance during forecast period as well on account of various initiatives
taken by the governments in the region to improve the existing infrastructure
and smart city programs. Additionally, surging need for analyzing large volume
of data is further anticipated to positively influence growth of artificial
intelligence as a service market in the region through 2024.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Artificial Intelligence as a Service Market By
Technology, By Organization Size, By Service Type, By Type of Cloud, By
Vertical, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global artificial
intelligence as a service market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global artificial
intelligence as a service market.
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