Global artificial intelligence as
a service market was valued close to $ 1.4 billion in 2018 and is anticipated
to grow at CAGR of over 45% during 2019-2024 owing to increasing adoption of
artificial intelligence. Organizations are leveraging artificial intelligence
for improving productivity and enhanced efficiency at lower cost, which is
anticipated to fuel growth of artificial intelligence as a service market over
the next five years. Moreover, increasing demand for enhancing user experience
while reducing waiting time through automated chats is further likely to propel
growth of the market.
Artificial
intelligence as a service (AIaaS) market can be segmented based on technology, organization
size, service type, type of cloud, vertical and region. On the basis of
technology, the market can be segmented into machine learning, natural language
processing and others. Natural language processing technology helps to
interpret human language and understand customer behavior which is likely to drive
growth in this segment during forecast period. Artificial intelligence as a
service finds application in various verticals including BFSI, retail, IT &
telecom, healthcare, government and others. Of all, BFSI segment is likely to
witness extensive adoption of AIaaS till 2024 as the vertical uses artificial
intelligence for chatbots, fraud detection and customer recommendation.
Moreover, need for integrating technology and improve operational efficiency is
pushing the adoption of AIaaS in BFSI.
Regionally, the
market for artificial intelligence as a service is gaining traction and
expanding to various regions including Asia-Pacific, North America, Europe,
South America and Middle East & Africa. Healthcare industry in Asia-Pacific
region is growing at a rapid pace, thereby creating investment opportunities,
which is anticipated to promote the growth of artificial intelligence as a
service market in the region.
Major players operating in artificial
intelligence as a service market include Microsoft Corp., Google LLC, Amazon
Web Services Inc., International Business Machines (IBM) Corp., Salesforce.com
Inc., SAP SE, SAS Institute Inc., H2O.Ai Inc., Intel Corp., Fair Isaac
Corporation, etc. Major companies are developing advanced technologies and
launching new products in order to stay competitive in the market. Other
competitive strategies include mergers & acquisitions and new product
developments. In 2018, Google added more AI features to its cloud so as to
attract more customers.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
Objective of the
Study:
- To analyze and forecast the market size of
global artificial intelligence as a service market.
- To classify and forecast global artificial
intelligence as a service market based on technology, organization
size, service type, type of cloud, vertical and regional distribution.
- To identify drivers and challenges for global artificial
intelligence as a service market.
- To examine competitive developments such as
expansions, new product launches, mergers & acquisitions, etc., in global
artificial intelligence as a service market.
- To conduct pricing analysis for global artificial
intelligence as a service market.
- To identify and analyze the profile of leading
players operating in global artificial intelligence as a service market.
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Some of the leading players in the global artificial intelligence as a
service market include Microsoft Corp., Google
LLC, Amazon Web Services Inc., International Business Machines (IBM) Corp.,
Salesforce.com Inc., SAP SE, SAS Institute Inc., H2O.Ai Inc., Intel Corp., Fair
Isaac Corporation, etc.
TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of service providers across the globe. Subsequently, TechSci
Research conducted primary research surveys with the identified companies.
While interviewing, the respondents were also enquired about their competitors.
Through this technique, TechSci Research could include the service providers which
could not be identified due to the limitations of secondary research. TechSci
Research analyzed the service offerings, distribution channels and presence of all
major service providers across the globe.
TechSci Research calculated the market size of global artificial intelligence as a
service market using a bottom-up approach, wherein data for various
end-user segments was recorded and forecast for the future years. TechSci
Research sourced these values from the industry experts and company
representatives and externally validated through analyzing historical data of
these product types and applications for getting an appropriate, overall market
size. Various secondary sources such as company websites, news articles, press
releases, company annual reports, investor presentations and financial reports
were also studied by TechSci Research.
Key Target Audience:
- AI as a service solution and
service providers
- Venture capitalists and
angel investors
- Government bodies such as
regulating authorities and policy makers
- Organizations, forums and
alliances related to artificial intelligence as a service
- Market research and
consulting firms
The study is useful in providing answers
to several critical questions that are important for the industry stakeholders
such as service providers and partners, end users, etc., besides allowing them
in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, global artificial
intelligence as a service market has been segmented into following categories,
in addition to the industry trends which have also been detailed below:
- Market, By Technology:
- Machine Learning
- Natural Language Processing
- Others
- Market, By Organization Size:
- Market, By Service Type:
- Market, By Type of Cloud:
- Public Cloud
- Private Cloud
- Hybrid Cloud
- Market, By Vertical:
- BFSI
- Healthcare
- Retail
- IT & Telecom
- Government
- Others
- Market, By Region:
- North America
- United States
- Mexico
- Canada
- Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- South America
- Brazil
- Argentina
- Colombia
Competitive
Landscape
Company Profiles: Detailed analysis of the major
companies present in global artificial intelligence as a service market.
Available
Customizations:
With the given market data,
TechSci Research offers customizations according to a company’s specific needs.
The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market
players (up to five).
In case you don’t find what you are
looking for, please get in touch with our custom research team at sales@techsciresearch.com
It is an upcoming report to
be released soon. If you wish an early delivery of this report or want to
confirm the date of release, please contact us at sales@techsciresearch.com