AI as a service (AIaaS) happens to be a cloud-based service that provides access to artificial intelligence (AI) capabilities on a pay-per-use basis. AIaaS helps businesses and individuals to leverage the power of AI that too without any need for significant upfront investments in hardware or software. Meanwhile users can access AI capabilities through an API or web interface, and pay only for what they use. AIaaS providers offer pre-built AI models and tools that can be integrated into existing applications or used to develop new ones. These models can include machine learning, natural language processing, computer vision, and other AI technologies. The AI models are hosted in the cloud, so users can easily scale up or down as needed, without the need for specialized hardware or software. On the other hand, AIaaS makes AI capabilities accessible to a wider range of businesses and individuals, regardless of their technical expertise. While AIaaS providers are constantly innovating and improving their offerings, which helps users to stay up-to-date with the latest AI technologies that too without the need for their own research. The global AI-as-a-service market is taking large steps on the path of progress.
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Based on data gathered and analyzed by Absolute Markets Insights, it has been reported that around 31% of top companies working in the IT sector were already using AIaaS, on the other hand around 48% have decided to implement AIaaS within the timeframe of next couple of months. AI industry value is expected to jump over 13x over the time span of next 7 years. It is also been forecasted that by 2025, nearly 97 million people will be operating in the field of artificial intelligence (AI). At present 83% of companies claim that majority of their business plans revolve around use of AI. Online streaming platform Netflix makes a whopping $1 billion annually from automated personalized recommendations. Additionally, it has been observed that nearly 48% of businesses at present take help of artificial intelligence to use big data effectively, on the other hand 38% of medical providers trust AI for effective diagnosis. Thus, the global AI-as-a-service market is projected to experience tremendous growth in the near future.
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Global AI-as-a-Service Market Report Highlights
- One of the major factors that has been driving the growth of the global AI-as-a-service market is rising demand for technology that saves time and it is extremely cost efficient. In the times when extensive research is needed, AIaaS is extremely important.
- Rising concerns associated with the security of data is expected to hinder the growth of the global AI-as-a-service market.
- Countries like India and China are the center of economic development on this planet. Numerous multinational companies are entering the region and this is why extensive adoption of AI is being seen. This is the reason why this region of Asia Pacific will make money at the fastest speed for the global AI-as-a-service market during the forecast period 2023-2031.
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Some of the players operating in the Global AI-as-a-Service Market are
- Amazon Web Services (AWS)
- Google Cloud
- Intel Corporation
- Monkey Learn
- Other Market Participants
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Global AI-as-a-Service Market Segmentation
Absolute Markets Insights has segmented the global AI-as-a-service market on the basis of offerings, type, cloud deployment, organization size and end user industry.
Global AI-as-a-Service Market Offerings Outlook (Revenue, USD Million, 2015 – 2031)
- Managed Services
- Professional Services
Global AI-as-a-Service Market Type Outlook (Revenue, USD Million, 2015 – 2031)
- Chatbots & digital assistance
- Cognitive computing APIs
- Machine learning frameworks
Global AI-as-a-Service Market Cloud Deployment Outlook (Revenue, USD Million, 2015 – 2031)
Global AI-as-a-Service Market Organization Size Outlook (Revenue, USD Million, 2015 – 2031)
- Large Organizations
- Small and Medium Organizations
Global AI-as-a-Service Market End User Industry Outlook (Revenue, USD Million, 2015 – 2031)
- Banking, Financial Services and Insurance
- IT and Telecommunications
- Energy and Utilities
- Retail and E-commerce
Global AI-as-a-Service Market Regional Outlook (Revenue, USD Million, 2015 – 2031)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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