New York, July 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "AI As A Service Global Market Report 2023" - https://www.reportlinker.com/p06480089/?utm_source=GNW
, Fair Isaac Corporation, SAS Institute Inc., Siemens, Apple Inc., CognitiveScale Inc., Dataiku SAS, Oracle Corporation, H2O.Ai Inc. and Craft.AI.
The global AI as a service market is expected to grow from $6.84 billion in 2022 to $9.86 billion in 2023 at a compound annual growth rate (CAGR) of 44.28%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The AI as a service market is expected to reach $43.28 billion in 2027 at a CAGR of 44.73%.
The AI as a service market includes revenues earned by entities by assisting businesses with their AI future planning and providing them with AI tools and skills in a scalable and adaptable cloud environment.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.The AI as a service market consists of sales of reactive machines AI, limited memory AI, theory of mind AI, and self-aware AI.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Artificial intelligence as a service refers to commercially available AI solutions that let businesses expand and use AI methods for a fraction of the price of building a comprehensive in-house AI. It makes it possible for people and businesses to experiment with AI for a variety of uses with a smaller initial investment and reduced risk.
North America was the largest region in the AI as a service market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of AI as a service are solutions and services.Artificial intelligence (AI) solutions refer to pre-built and/or adaptable programs created to handle certain use cases and handle particular business problems.
Both organized and unstructured data may be used by artificial intelligence technologies to forecast events, provide warnings, or identify trends that are helpful to enterprises.AI as a service offers infrastructure as a service, platform as a service, and software as a service that is deployed for public, private, and hybrid types of deployment for small and medium-sized enterprises and large enterprises.
The AI as a service provides solutions to banking, finance services, and insurance (BFSI), information technology and telecom, retail, manufacturing, public sector, energy and utilities, healthcare, and other industries.
The increasing spending on artificial intelligence is expected to propel the growth of the AI as a service market going forward.Artificial intelligence refers to the replication of human intellectual functions by machines, particularly computer systems.
It enables individuals and organizations to test out AI for a range of purposes with a smaller initial commitment and lower risk.The increasing spending on artificial intelligence is one of the key drivers of the AI as a service market.
For instance, in January 2022, according to Government Digital Service, a UK-based IT service management company, in 2020, the 432,000 UK enterprises that have already implemented AI will have spent a total of $57.91 billion on manpower related to the creation, upkeep, and operation of such technologies. By 2025, spending on employment connected to artificial intelligence (AI) might rise to between $100.96 billion and $129.91 billion, with annual growth rates of around 11.7% and 17.5%, respectively. Therefore, increasing spending on artificial intelligence is driving the growth of the AI as a service market going forward.
Technology advancements are a key trend gaining popularity in the AI as a service market.Companies operating in the AI as a service market are adopting new technologies to sustain their position in the market.
For instance, in March 2023, Nvidia Corporation, a US-based software company launched new cloud supercomputing service technology named "DGX Cloud" to offer GPU supercomputers-as-a-Service. It gives businesses access to hardware and software for developing cutting-edge models for generative AI and other uses.
In July 2022, International Business Machines Corporation, a US-based multinational technology company acquired Databand.AI for a deal amount of $150 million. This acquisition will help in capturing ’bad data’ at source and amplifies its administration in discernibleness to the total stack of capabilities for IT - over foundation, applications, information, and machine learning, and is a portion of its endeavors to reinforce its cross-breed cloud and AI aptitudes and capabilities. Databand.AI is an Israel-based technology company that empowers individuals to track information quality data, screen pipeline wellbeing, and mechanize progressed DataOps forms.
The countries covered in the AI as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The AI as a service market research report is one of a series of new reports that provides AI as a service market statistics, including AI as a service industry global market size, regional shares, competitors with an AI as a service market share, detailed AI as a service market segments, market trends and opportunities, and any further data you may need to thrive in the AI as a service industry. This AI as a service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06480089/?utm_source=GNW
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