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Manager at Zion Market Research
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Artificial Intelligence As A Service Market to Reach by USD 14.71 Billion in 2024
According to the report, global artificial intelligence as a service (AIaaS) market was valued at around USD 1.06 billion in 2017 and is expected to reach approximately USD 14.71 billion in 2024, growing at a CAGR of 45.2% between 2018 and 2024.
Artificial intelligence as a service is offered by the third party as an outsourced service. The service is very much useful for users as it helps them to utilize the advantage of artificial intelligence without investing much. The risk factor is very low in AIaaS which stimulates several users to adapt AI. Even the companies without data science department can take the advantage of AI for data-driven business decisions. With the sudden rise in demand for real-time decision making and increased data from applications such as IoT has flourished the demand for AIaaS market. Amazon is one of the leading players in artificial intelligence as a service market which provides in-house AI expertise; it also provides open source software the Deep Scalable Sparse Tensor Network Engine (DSSTNE) which drives customer recommendation capabilities. Google Cloud platform offers various AI capabilities such as speech recognition, translation & image content identification, also Tensor Flow recommendation software library to help its customers in several ways. Other service providers are also introducing an advanced version of AIaaS on different platforms to compete with the present marketers. AI is assimilated with a wide array of algorithms which has increased the pace for solving specific tasks by a computer. Incorporating AI with Big Data is a new trend emerging fast in AIaaS business and is expected to grow the market revenue at a torrid pace. However, AIaaS can also be misused for illegal purposes such as phishing scams, hacking, and preparing more destructive weapons.
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Some of the major factors which are driving the artificial intelligence as a service market growth are increasing the number of innovative startups and demand for AI-Powered services in the form of API and SDK. AIaaS has increased the scope for businesses and helps them in smart work. AIaaS has influenced the mind of both service providers and the users. However, lack of skilled labor and sensitivity involved with the security of data is restricting the market growth. Additionally, the service providers and users are increasing for AIaaS because of growing demand for AI service integrator and increasing need for the intelligent business application. These aspects will broadcast a good artificial intelligence as a service market opportunity for players in the forecast years.
On the basis of services type, artificial intelligence as a service market is bifurcated into software tools and services which include data storage and archiving, cloud and web-based Application Programming Interface (APIs), managed services, professional services. Furthermore, by technology type market is classified as Machine Learning & Deep Learning, and NLP. In terms of geographic region, North America and Europe have the large market size for artificial intelligence as a service market due to the rise of digital technologies, technological advancements, and need for intelligent business processes. AI service providers are emphasizing more towards development and innovation in the AI technologies that can be provided as a service. Asia Pacific region is expected to be the rapidly growing region for this market because of large industrial growth and emerging need for intelligent and fast technology with growing awareness of AI is flourishing the demand of artificial intelligence as a service market. Additionally, the rapid growth in the digital industry in the Asia Pacific region has projected it as the high potential market for growth in the future.
Major Market Players:
IBM Corp., Google, Amazon Web services, Microsoft Inc., Salesforce, FICO, Baidu, SAS Institute, Bigml, IRIS Al, Intel, SAP, Rainbird Technologies, and Cognitive Scale are some of the major players of the artificial intelligence as a service market.