Artificial Intelligence-as-a-Service Market Size 2023 | Report & Industry Forecast Till 2028

Byimarcsuraj

 IMARC Group has recently released a new research study “Artificial intelligence-as-a-service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

What are the growth prospects of the Artificial intelligence-as-a-service Industry?

The global artificial intelligence-as-a-service market size reached US$ 7.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 75.3 Billion by 2028, exhibiting a growth rate (CAGR) of 42.4% during 2023-2028.

Note- We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

What is a Artificial intelligence-as-a-service Market ?

Artificial intelligence-as-a-service represents the procedures of outsourcing artificial intelligence (AI) for enabling companies to explore and employ AI techniques at a minimal cost. These processes rely on cloud computing models to leverage AI and provide substantial flexibility in organizational operations for improving efficiency and productivity levels.

Artificial intelligence-as-a-service solutions further help access AI capabilities using application programming interfaces (APIs) and tools without the need to write complex codes. Consequently, they find widespread applications in numerous sectors, such as IT, telecommunication, energy and utility, retail, manufacturing, healthcare, banking, financial services, and insurance (BFSI) etc.

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What are the major market drivers in the Artificial intelligence-as-a-service Market ?

The rising usage of AI technology in large, small, and medium enterprises for business analytics purposes and the increasing demand for cloud-based machine learning (ML) to reduce operational costs and enhance profit margins are among the key factors driving the artificial intelligence-as-a-service market.Additionally, the inflating investments undertaken by the government bodies to improve AI-based infrastructure and the emerging trend of multi-cloud management strategies across the globe are acting as significant growth-inducing factors.

Moreover, the elevating use of AI in the banking segment to ensure seamless consumer experience and the escalating requirement for predictive and smart automation in business processes to expand service and product portfolios are also positively influencing the global market. Besides this, the growing integration of AI in various internet of things (IoT) devices to facilitate natural language generation and speech recognition is projected to stimulate the artificial intelligence-as-a-service market in the coming years.

Who are The Major Players in Artificial Intelligence-as-a-Service Market?

Amazon Web Services Inc. (Amazon.com Inc.), Arm Limited (SoftBank Group Corp.), DataRobot Inc., FICO, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Nividia Corporation, Oracle Corporation, Salesforce Inc., SAP SE and SAS Institute Inc

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Technology:

  • Machine Learning (ML) and Deep Learning

  • Natural Language Processing (NLP) 

Breakup by Organizations Size:

  • Large Enterprises

  • Small and Medium-sized Enterprises (SMEs)

Breakup by Vertical:

  • Banking, Financial, and Insurance (BFSI)

  • Healthcare and Life Sciences

  • Retail

  • Telecommunication

  • Government and Defense

  • Manufacturing

  • Energy

  • Others 

𝐁𝐲 𝐆𝐞𝐨𝐠𝐫𝐚𝐩𝐡𝐲:

  • North America (United States, Canada)

  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)

  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)

  • Latin America (Brazil, Mexico, Others)

  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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