WASHINGTON, Sept. 12, 2022 (GLOBE NEWSWIRE) -- The growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and the growing number of innovative start-ups are some of the factors anticipated to drive the market. The Global Market revenue was valued at USD 5.9 Billion in 2021.
The Global Artificial Intelligence as a Service Market size is forecast to reach USD 52.8 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 44.1% during the forecast period; states Vantage Market Research, in a report, titled “Artificial Intelligence as a Service Market Size, Share & Trends Analysis Report by Technology (Deep Learning, Machine Learning, Natural Language Processing), by Verticals (Government, Banking Financial Services & Insurance (BFSI), Healthcare, Manufacturing, Retail, Telecommunication), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
- The global Artificial Intelligence as a Service Market was valued USD 5.9 Billion in 2021 and is all set to surpass USD 52.8 Billion by 2028, exhibiting a CAGR of 44.1% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Artificial Intelligence as a Service industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
List of Prominent Players in Artificial Intelligence as a Service Market:
- IBM Corporation
- Google Inc.
- Amazon Web Services
- Microsoft Corporation
- Salesforce
- Baidu
- SAP SE
- Intel Corporation
- Fair Isaac Corporation (FICO)
- BigML
Market Dynamics:
Drivers:
Increasing Adoption of AIaaS across BFSI and the Healthcare Industry
The banking, financial services, and insurance sectors experience significant expansion during the forecast period. A significant amount of client data or transaction records are produced due to the growing digital revolution in banking and the increased use of the mobile payment, e-banking, real-time money transfers, and mobile banking applications. Financial institutions can manage this enormous amount of data and provide insightful data with artificial technology to provide a customized consumer experience. Similarly, AI enables financial organizations like banks to stop fraudulent transactions and spot anti-money laundering activities, which is anticipated to boost industry expansion. The market is projected to develop in the upcoming years due to cloud-based AI services, including chatbots and speech bots, biometric fraud detection, digital payment advisers, smart wallets, and individualized financial services. The adoption of cutting-edge technology like AI, the cloud, and machine learning has expanded in the banking and finance sectors. For instance, in September 2021, IBM Corporation partnered with Caixa Bank to boost the digital capabilities of the enterprise. With this partnership, IBM to deliver AI and hybrid cloud solutions to Caixa Bank to improve business efficiency and digital experience.
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Increasing Dependence of Companies Depending upon Artificial Intelligence
Artificial intelligence has been rapidly incorporated into the system due to business competition to give customers the greatest services and experiences possible. Artificial intelligence has been included in the analytical operations of the organization to manage massive amounts of data without error. Artificial intelligence has been thought of as a solution that helps boost the organization's revenue return to lower operational costs. This will enable small and medium-sized businesses to grow significantly during the anticipated period. For cloud learning, businesses rely on artificial intelligence to save time and resources and get the most results for the least amount of money. Businesses can experiment more effectively with their products. Due to the significant market demand for multi-cloud functionality and cloud-based intelligence, which saves energy and space, the company's overall revenue has increased.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide and the Global Artificial Intelligence as a Service Market is not an exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Artificial Intelligence as a Service Market suffered as the manufacturing units around the world were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Artificial Intelligence as a Service Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Artificial Intelligence as a Service Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Artificial Intelligence as a Service Market has considered the impact of COVID-19 on the Artificial Intelligence as a Service Market globally and the subsidiaries for the Artificial Intelligence as a Service Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global Artificial Intelligence as a Service Market industry for all the regions and countries based on the following data points:
1. Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long-Term Dynamics
5. Short-Term Dynamics
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The report on Artificial Intelligence as a Service Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
Regional Analysis:
North America is expected to dominate the growth of Artificial Intelligence as a Service Market in 2021.The market in the region is growing due to increased spending by US businesses in the region, such as Intel Capital, Y Combinator, and 500 Startups. For instance, Statista reported in October 2020 that funding or investment for AI-focused startups in the US reached USD 4.7 billion. Such increasing financial support for technological innovation will probably stimulate market expansion. Market growth is anticipated to be fueled by the rising deployment of AI technology across public services, healthcare, education, and transportation in the United States.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Artificial Intelligence as a Service Market Size, Share & Trends Analysis Report by Technology (Deep Learning, Machine Learning, Natural Language Processing), by Verticals (Government, Banking Financial Services & Insurance (BFSI), Healthcare, Manufacturing, Retail, Telecommunication), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
In February 2021: BAE Systems collaborated with Amazon Web Services (AWS) to offer data labeling as a service and artificial intelligence capabilities to Gov Cloud (United States) on the AWS marketplace for national security missions.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Artificial Intelligence as a Service Market for the base year and forecast period?
This market titled “Artificial Intelligence as a Service Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Technology • Deep Learning • Machine Learning • Natural Language Processing • Verticals • Government • Banking Financial Services & Insurance (BFSI) • Healthcare • Manufacturing • Retail • Telecommunication • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • IBM Corporation • Google Inc. • Amazon Web Services • Microsoft Corporation • Salesforce • Baidu • SAP SE • Intel Corporation • Fair Isaac Corporation (FICO) • BigML |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
Customization of the Report:
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