AI as a Service Market to reach $75 Bn by 2032, Says Graphical Research Powered by GMI

Major AI as a service market participants include Alphabet Inc, Alibaba, Amazon Web Services, Inc., CognitiveScale, Inc., Baidu, Craft.AI, IBM Corporation, DATAIKU SAS, Intel Corporation, Oracle Corporation, Microsoft Corporation, Inc., and SAP SE.

Selbyville, Delaware, June 06, 2023 (GLOBE NEWSWIRE) --

The AI as a service market valuation is expected to surpass USD 75 billion by 2032, as reported in a research study by Global Market Insights Inc.

Increasing data availability and advancements in cloud computing are cited as chief drivers of the industry. The proliferation of data and the rise of cloud computing are stimulating AI models as businesses are now generating vast volumes of high-quality data to train effectively. Cloud computing platforms provide the necessary infrastructure to store, process, and analyze this data, making it easier for AIaaS providers to offer their services at scale. Moreover, the ease of integration with existing systems facilitates the adoption of AI across various industries and is contributing to market growth.

The AI as a Service market from the large enterprises segment accounted for a significant revenue share in 2022, attributed to fluctuating demands for AI services based on the business cycles, seasonal variations, or specific projects in these organizations. AI as a service offers scalability and flexibility, allowing organizations to adjust their AI usage based on their needs. In addition, the ability to offload the burden of AI development, deployment, and maintenance to specialized providers aids large firms to save costs & effort.

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The AI as a Service market from the private cloud segment will depict a considerable growth from 2023 to 2032, owing to greater control and customization over AI solutions. Private cloud services enable businesses to tailor AI models and algorithms to their specific needs, ensuring compliance and security of proprietary information. Moreover, it allows organizations to deploy AI services closer to their data sources, reducing latency and ensuring optimal performance.

Asia Pacific AI as a Service market is projected to amass substantial gains by 2032. Countries such as China, Japan, South Korea, and Singapore invest heavily on AI R&D, pursuing digital transformation initiatives across various sectors such as healthcare, finance, manufacturing, and retail. This transformation provides intelligent solutions for automation, data analytics, customer engagement, and personalized services, which will spur the regional market progression in the upcoming years.

Some of the leading companies operating in the AIaaS market include Alphabet Inc. (Google LLC), Alibaba.Com, Amazon Web Services, Inc., CognitiveScale, Inc., Baidu, Craft.AI, IBM Corporation, DATAIKU SAS, Intel Corporation, Oracle Corporation, Microsoft Corporation, Inc., and SAP SE. These companies engage in a range of product diversification tactics and strategic partnerships to stay ahead in the industry.

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AI as a service market news

  • In March 2023, Oracle Corporation, an IT services company, partnered with Nvidia to roll out new AI technology. The new cloud computing service based on Oracles chips and software offerings, intended to aid Nvidia in expanding its AI generative chip product line.
  • In March 2023, Baidu, a Chinese IT behemoth, launched its AI bot in response to ChatGPT by Open.AI. The ERNIE Bot service will help the company to remain at the forefront in the AI services market and attain a competitive edge in the country.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary
2.1    AI as a service market 360º synopsis, 2018 - 2032
2.2    Business trends
2.2.1    Total Addressable Market (TAM)
2.3    Regional trends
2.4    Deployment type trends
2.5    Organization size trends
2.6    End-use trends
Chapter 3   AI as a Service Market Industry Insights
3.1    Impact on COVID-19 impact
3.2    Russia- Ukraine war impact
3.3    Industry ecosystem analysis
3.4    Vendor matrix
3.5    Profit margin analysis
3.6    Technology & innovation landscape
3.7    Patent analysis
3.8    Key news and initiatives
3.9    Regulatory landscape
3.10    Impact forces
3.10.1    Growth drivers    Growing number of innovative startups across the globe    Strong government initiatives to promote AI-based infrastructure worldwide    Increasing importance of data-driven decisions in businesses    High investments by enterprises in AI services
3.10.2    Industry pitfalls & challenges    Lack of skilled and qualified staff    Data security issues
3.11    Growth potential analysis
3.12    Porter’s analysis
3.13    PESTEL analysis
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.