Artificial Intelligence as a Service Market: Global Outlook and Forecast (2024-2030)

  • Artificial Intelligence as a Service Market size was valued at US$ 14.42 Billion in 2023 and the total Artificial Intelligence as a Service revenue is expected to grow at 39% through 2024 to 2030, reaching nearly US$ 144.64 Billion.

  • Format : PDF | Report ID : SMR_284

Artificial Intelligence as a Service Market Overview:

Advanced online search engines, recommendation systems, comprehending vocalizations, self-driving cars, automated decision-making, and playing at the top level in strategic gaming systems are all examples of artificial intelligence applications. The AI effect is a phenomenon that occurs when robots grow more proficient and jobs believed to need intelligence are typically eliminated from the concept of AI. Visual detection and recognition, for example, is typically left out of AI discussions even though it has become commonplace technique. Artificial Intelligence as a Service Market Segment analysis is provided on the basis of type, organization size, vertical and region.

 

There are many categories of artificial intelligence research based on specific aims and the application of certain techniques. Cognition, data modeling, strategy, learning, NLP, sensing, and the capacity to move and control things are all conventional AI research aims. To address these issues, AI researchers have incorporated and combined a variety of problem-solving approaches, including search and optimization algorithms, predicate logic, artificial neural networks, and statistics, probability, and economics methodologies. Ubiquitous computing, sociology, linguistics, philosophy, and a variety of other disciplines are all used in Artificial Intelligence.

 

The market's growth drivers, as well as the market's several segments (Type, Organization Size, Vertical and, Region), are analyzed in this research. Market participants, regions, and special requirements have all provided data. This market study provides an in-depth look at all of the important advancements that are currently taking place across all industry sectors. Statistics, info graphics, and presentations are used to provide key data analysis. The analysis looks at the market's Drivers, Restraints, Opportunities, and Challenges for Artificial Intelligence as a Service. The study aids in the evaluation of market growth drivers and the determination of how to employ these drivers as a tool. The research also aids in the correction and resolution of difficulties with the global Artificial Intelligence as a Service market.

 

Artificial Intelligence as a Service Market

 

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Artificial Intelligence as a Service Market Dynamics:

  • The obligation for key players to gain robotic autonomy to remain competitive in the global market is one of the primary drivers of the Artificial Intelligence as a Service Market.

Nowadays, artificial intelligence (AI), particularly computer vision and machine learning (ML), is reshaping the robotics business. Firms have started to contemplate truly autonomous machines that can sense, interact, and conceive the environment around them to stay on top in a global market. Industries are searching for dependable and knowledgeable technology partners as they attempt to navigate this current technological transformation. Artificial neural networks are used in deep learning models to handle enormous amounts of data, such as photos, texts, and sounds, to provide correct results. AI-driven automation has shown to be beneficial in a variety of areas, including aerospace, medicine, farming, power, and handling of materials. Not only is AI being used to automate operations, but it is also being utilized to identify equipment failures and detect product irregularities.

 

  • The limited number of competent personnel available in the industry is a major restraint for the Artificial Intelligence as a Service Market.

Companies need a staff with specific skill sets to design, manage, and execute AI systems since AI is a complicated system. For example, workers who work with AI systems should be familiar with technologies like intelligent systems, machine learning, supervised learning, and image processing. Integration of AI solutions with current systems is a complex endeavor that necessitates considerable data processing to emulate human brain activity. Even slight faults can cause a system to fail or a solution to malfunction, which can have a significant impact on outcomes and desired outcomes. To personalize an existing ML-based AI service, companies need the help of a data scientist or a developer. Because AI is still in its early stages of development, the number of people with an in-depth understanding of the technology is limited. As a result, the restraining factor's for Artificial Intelligence as a Service Market influence is predicted to be significant in the forecast period.

 

  • Data privacy and regulations are expected to be the key challenge in the Artificial Intelligence as a Service Market.

 

In the future, security risks will become even more prevalent. The financial effect of cybercrime has climbed by approximately 70.5% in the previous decade, and the time required to handle intrusions has doubled. Several IT teams are finding it difficult to keep up with the growing amount of data coming in from various sources. Security breaches and data losses have escalated as a result of the inefficiencies of managing zettabytes and exabytes of data. To provide amazing customer service in today's competitive field, marketing departments demand real-time and secure data. Data breaches have dramatically risen in number and sophistication. For example, in recent years, fraudsters have had access to a broad range of techniques for obtaining passwords, secret questions, and token-generated passwords. In such cases, marketing and IT teams must collaborate, sharing information on when and how data is collected, analyzed, and used in processes.

 

Artificial Intelligence as a Service Market Segment Analysis:

By Vertical, the BFSI segment dominated the Artificial Intelligence as a Service Market in 2023. It is expected to grow at a CAGR of 14.3% in the forecast period.  Application scenarios can be informative in decision-making as banks weigh the benefits and drawbacks of a larger business AI strategy. Executives may make educated decisions that help customize installations to their requirements, resulting in a greater ROI. While these examples are far from complete, they show how data-driven AI can be utilized to bring value across a financial organization in a variety of ways, from front-office revenue growth to back-office organizational effectiveness.

 

Enhanced customization of services to customers (and staff) can improve revenues; reduced prices through efficiency gains produced by greater automation, lesser margins of error, and improved resource utilization can assist to unearth new and previously unforeseen opportunities; and improve the ability to process and gain insights from vast quantities of data can help reveal new and previously unachievable opportunities.

 

Despite billions spent annually on change-the-bank technology programs, few banks have been successful in disseminating and growing AI technologies across their organizations. One of the most significant roadblocks to banks' efforts is the absence of clear AI service-based strategies. Many banks also face two additional challenges: a fragile fundamental infrastructure and data foundation, and an outdated operating model and personnel strategy.

 

Artificial Intelligence as a Service Market Regional Insights:

Artificial intelligence spending is quickly growing over the world, particularly in Asia-Pacific. In addition, the healthcare business in APAC countries like India is rapidly growing. As a result, the industry's scope and need for artificial intelligence are expanding. As a consequence, the area is likely to have a significant investment potential throughout the forecast period, increasing Artificial Intelligence as a Service Market growth in APAC.

 

Importantly, the world's largest IT companies that provide AI solutions are building research laboratories in the Asia Pacific area, which is likely to boost employment and attract more prospective customers. Emerging markets, such as India and Korea, are substantially investing in the adoption of new Intelligence-based services or models, thus broadening the market's application breadth. According to Business Next, firms in Taiwan are creating AI-based software that determines the optimal times to clean solar panels, resulting in a 12.5% increase in electricity output.

 

The purpose of this research is to provide stakeholders in the industry with a thorough insight into the Artificial Intelligence as a Service Market. The study includes an analysis of difficult data in simple language, as well as the industry's historical and current state, as well as anticipated market size and trends. The market report examines all segments of the industry, with a focus on significant players such as market leaders, followers, and new entrants. The report includes a PORTER, PESTEL analysis as well as the possible influence of microeconomic market determinants. External and internal elements that are expected to have a favorable or negative impact on the firm have been examined, providing decision-makers with a clear future vision of the industry. The research also aids in comprehending the Artificial Intelligence as a Service Market dynamics and structure by studying market segments and

 

forecasting market size. The research is an investor's guide since it depicts the competitive analysis of major competitors in the Artificial Intelligence as a Service Market by product, price, financial situation, product portfolio, growth plans, and geographical presence.

 

Breakthroughs in the Artificial Intelligence as a Service industry are discussed, as well as organic and inorganic growth plans. Various companies are focusing on organic growth strategies such as new product releases, product approvals, and other items such as patents and events. Inorganic growth strategies used in the industry included acquisitions, partnerships, and collaborations.

 

Artificial Intelligence as a Service Market Scope:

Artificial Intelligence as a Service Market 

Market Size in 2023

USD 14.42 Bn.

Market Size in 2030

USD 144.64 Bn.

CAGR (2024-2030)

39 %

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

Segment Scope

By  Type

  • Software
  • Services

By Organization Size

  • Large Enterprises
  • Small and Medium-sized Enterprises (SMEs)

By Vertical

  • Banking, Financial, and Insurance (BFSI)
  • Healthcare and Life Sciences
  • Retail
  • Telecommunications
  • Government and defense
  • Manufacturing
  • Energy
  • Others

Regional Scope

North America- United States, Canada, and Mexico

Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

 

 

Artificial Intelligence as a Service Market Players:


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Frequently Asked Questions

The total Artificial Intelligence as a Service revenue is expected to grow at 39 % from 2024 to 2030.

1.    Artificial Intelligence as a Service Market: Research Methodology
1.1.  Research Data 
1.1.1.    Primary Data
1.1.2.    Secondary Data

1.2. Market Size Estimation
1.2.1.    Bottom-Up Approach
1.2.2.    Top-Down Approach

1.3. Market Breakdown and Data Triangulation
1.4. Research Assumptions
2.    Artificial Intelligence as a Service Market: Executive Summary
2.1. Market Overview
2.2. Market Size (2023) and Forecast (2024 – 2030) and Y-O-Y%
2.3. Market Size (USD) and Market Share (%) – By Segments and Regions
3.    Artificial Intelligence as a Service Market: Competitive Landscape
3.1. Stellar Competition Matrix
3.2. Key Players Benchmarking
3.2.1.    Company Name 
3.2.2.    Headquarter
3.2.3. Business Segment
3.2.4. End-user Segment
3.2.5. Y-O-Y%
3.2.6. Revenue (2023)
3.2.7. Profit Margin
3.2.8. Market Share
3.2.9. Company Locations

3.3. Market Structure
3.3.1.    Market Leaders 
3.3.2.    Market Followers
3.3.3.    Emerging Players

3.4. Consolidation of the Market
3.4.1. Strategic Initiatives and Developments
3.4.2. Mergers and Acquisitions
3.4.3. Collaborations and Partnerships

4.    Artificial Intelligence as a Service Market: Dynamics
4.1. Market Trends by Region
4.1.1. North America
4.1.2. Europe
4.1.3. Asia Pacific
4.1.4. Middle East and Africa
4.1.5. South America

4.2. Market Drivers 
4.3. Market Restraints
4.4. Market Opportunities
4.5. Market Challenges 
4.6. PORTER’s Five Forces Analysis
4.6.1. Intensity of the Rivalry
4.6.2. Threat of New Entrants
4.6.3. Bargaining Power of Suppliers
4.6.4. Bargaining Power of Buyers
4.6.5. Threat of Substitutes

4.7. PESTLE Analysis
4.7.1. Political Factors
4.7.2. Economic Factors
4.7.3. Social Factors
4.7.4. Technological Factors
4.7.5. Legal Factors
4.7.6. Environmental Factors

4.8. Technological Roadmap 
4.9. Regulatory Landscape
4.9.1.    Market Regulation by Region
4.9.1.1.    North America
4.9.1.2.    Europe
4.9.1.3.    Asia Pacific
4.9.1.4.    Middle East and Africa
4.9.1.5.    South America
4.9.2.    Impact of Regulations on Market Dynamics
4.9.3.    Government Schemes and Initiatives

5.    Artificial Intelligence as a Service Market Size and Forecast by Segments (by Value USD Million)
5.1. Artificial Intelligence as a Service Market Size and Forecast, By Type (2023-2030)
5.1.1.    Software
5.1.2.    Services

5.2. Artificial Intelligence as a Service Market Size and Forecast, By Organization Size (2023-2030)
5.2.1.    Large Enterprise
5.2.2.    Small and Medium-sized Enterprise (SMEs)

5.3. Artificial Intelligence as a Service Market Size and Forecast, By Vertical (2023-2030)
5.3.1.    Banking, Financial, and Insurance (BFSI)
5.3.2.    Healthcare and Life Sciences
5.3.3.    Retail
5.3.4.    Telecommunications
5.3.5.    Government and defense
5.3.6.    Manufacturing
5.3.7.    Energy
5.3.8.    Others

5.4. Artificial Intelligence as a Service Market Size and Forecast, by Region (2023-2030)
5.4.1.    North America
5.4.2.    Europe
5.4.3.    Asia Pacific
5.4.4.    Middle East and Africa
5.4.5.    South America

6.    North America Artificial Intelligence as a Service Market Size and Forecast (by Value USD Million)
6.1. North America Artificial Intelligence as a Service Market Size and Forecast, By Type (2023-2030)
6.1.1.    Software
6.1.2.    Services

6.2. North America Artificial Intelligence as a Service Market Size and Forecast, By Organization Size (2023-2030)
6.2.1.    Large Enterprise
6.2.2.    Small and Medium-sized Enterprise (SMEs)

6.3. North America Artificial Intelligence as a Service Market Size and Forecast, By Vertical (2023-2030)
6.3.1.    Banking, Financial, and Insurance (BFSI)
6.3.2.    Healthcare and Life Sciences
6.3.3.    Retail
6.3.4.    Telecommunications
6.3.5.    Government and defense
6.3.6.    Manufacturing
6.3.7.    Energy
6.3.8.    Others

6.4. North America Artificial Intelligence as a Service Market Size and Forecast, by Country (2023-2030)
6.4.1.    United States
6.4.2.    Canada
6.4.3.    Mexico

7.    Europe Artificial Intelligence as a Service Market Size and Forecast (by Value USD Million)
7.1. Europe Artificial Intelligence as a Service Market Size and Forecast, By Type (2023-2030)
7.1.1.    Software
7.1.2.    Services

7.2. Europe Artificial Intelligence as a Service Market Size and Forecast, By Organization Size (2023-2030)
7.2.1.    Large Enterprise
7.2.2.    Small and Medium-sized Enterprise (SMEs)

7.3. Europe Artificial Intelligence as a Service Market Size and Forecast, By Vertical (2023-2030)
7.3.1.    Banking, Financial, and Insurance (BFSI)
7.3.2.    Healthcare and Life Sciences
7.3.3.    Retail
7.3.4.    Telecommunications
7.3.5.    Government and defense
7.3.6.    Manufacturing
7.3.7.    Energy
7.3.8.    Others

7.4. Europe Artificial Intelligence as a Service Market Size and Forecast, by Country (2023-2030)
7.4.1.    UK
7.4.2.    France
7.4.3.    Germany
7.4.4.    Italy
7.4.5.    Spain
7.4.6.    Sweden
7.4.7.    Austria
7.4.8.    Rest of Europe

8.    Asia Pacific Artificial Intelligence as a Service Market Size and Forecast (by Value USD Million)
8.1. Asia Pacific Artificial Intelligence as a Service Market Size and Forecast, By Type (2023-2030)
8.1.1.    Software
8.1.2.    Services

8.2. Asia Pacific Artificial Intelligence as a Service Market Size and Forecast, By Organization Size (2023-2030)
8.2.1.    Large Enterprise
8.2.2.    Small and Medium-sized Enterprise (SMEs)

8.3. Asia Pacific Artificial Intelligence as a Service Market Size and Forecast, By Vertical (2023-2030)
8.3.1.    Banking, Financial, and Insurance (BFSI)
8.3.2.    Healthcare and Life Sciences
8.3.3.    Retail
8.3.4.    Telecommunications
8.3.5.    Government and defense
8.3.6.    Manufacturing
8.3.7.    Energy
8.3.8.    Others

8.4. Asia Pacific Artificial Intelligence as a Service Market Size and Forecast, by Country (2023-2030)
8.4.1.    China
8.4.2.    S Korea
8.4.3.    Japan
8.4.4.    India
8.4.5.    Australia
8.4.6.    Indonesia 
8.4.7.    Malaysia
8.4.8.    Vietnam
8.4.9.    Taiwan
8.4.10.    Bangladesh 
8.4.11.    Pakistan
8.4.12.    Rest of Asia Pacific

9.    Middle East and Africa Artificial Intelligence as a Service Market Size and Forecast (by Value USD Million)
9.1. Middle East and Africa Artificial Intelligence as a Service Market Size and Forecast, By Type (2023-2030)
9.1.1.    Software
9.1.2.    Services

9.2. Middle East and Africa Artificial Intelligence as a Service Market Size and Forecast, By Organization Size (2023-2030)
9.2.1.    Large Enterprise
9.2.2.    Small and Medium-sized Enterprise (SMEs)

9.3. Middle East and Africa Artificial Intelligence as a Service Market Size and Forecast, By Vertical (2023-2030)
9.3.1.    Banking, Financial, and Insurance (BFSI)
9.3.2.    Healthcare and Life Sciences
9.3.3.    Retail
9.3.4.    Telecommunications
9.3.5.    Government and defense
9.3.6.    Manufacturing
9.3.7.    Energy
9.3.8.    Others

9.4. Middle East and Africa Artificial Intelligence as a Service Market Size and Forecast, by Country (2023-2030)
9.4.1.    South Africa
9.4.2.    GCC
9.4.3.    Egypt
9.4.4.    Nigeria
9.4.5.    Rest of ME&A

10.    South America Artificial Intelligence as a Service Market Size and Forecast (by Value USD Million)
10.1. South America Artificial Intelligence as a Service Market Size and Forecast, By Type (2023-2030)
10.1.1.    Software
10.1.2.    Services

10.2. South America Artificial Intelligence as a Service Market Size and Forecast, By Organization Size (2023-2030)
10.2.1.    Large Enterprise
10.2.2.    Small and Medium-sized Enterprise (SMEs)

10.3. South America Artificial Intelligence as a Service Market Size and Forecast, By Vertical (2023-2030)
10.3.1.    Banking, Financial, and Insurance (BFSI)
10.3.2.    Healthcare and Life Sciences
10.3.3.    Retail
10.3.4.    Telecommunications
10.3.5.    Government and defense
10.3.6.    Manufacturing
10.3.7.    Energy
10.3.8.    Others

10.4. South America Artificial Intelligence as a Service Market Size and Forecast, by Country (2023-2030)
10.4.1.    Brazil
10.4.2.    Argentina
10.4.3.    Rest of South America

11.    Company Profile: Key players
11.1. International Machines Business Corporation
11.1.1.    Company Overview
11.1.2.    Business Segment
11.1.3.    Financial Overview
11.1.3.1.    Total Revenue 
11.1.3.2.    Segment Revenue 
11.1.4.    SWOT Analysis
11.1.5.    Strategic Analysis
11.1.6.    Recent Developments 

11.2. SAP SE
11.3. Google
11.4. Amazon Web Service, Inc.
11.5. Salesforce
11.6. Intel
11.7. Baidu, Inc
11.8. Fair Isaac Corporation
11.9. SAS Institute
11.10. BigML
11.11. HPE
11.12. Siemens
11.13. Huawei
11.14. General Vision
11.15. Mellanox
Key Findings
12.    Industry Recommendations

13.1. Strategic Recommendations
13.2. Future Outlook

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