Global Artificial Intelligence (AI) as a Service Market is forecasted to grow at a rate of 45.6% from USD 1.73 Billion in 2019 to USD 34.1 Billion in 2027, according to a new report by Reports and Data. AI as a service (AIaaS) is an artificial intelligence outsourcing service that is provided by a third party to enables big organizations and SMEs to explore growth avenues without high investment for initial installation. Most smart vendors, be it consultants, software firms, or professional service firms, partner with or offer organizations that can offer a full suite of services to help support a large-scale Artificial Intelligence solution. Major tech giants, such as IBM, Microsoft, Google, and other leading players, have aggressively implemented Artificial Intelligence solutions and services as an important part of their technologies.
Key Companies included in the report: Key participants in the market include IBM, Microsoft, Amazon, Google, FICO, SAS Institute, IRIS AI, Salesforce, Mighty.AI, and Craft.AI.
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Table of Contents-
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technology
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Artificial Intelligence (AI) as a service Market Segmentation & Impact Analysis
4.1. Artificial Intelligence (AI) as a service Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. The rise in demand for SDK and API
4.2.2.2. Growth in the requirement for Intelligent Business Applications
4.2.2.3. The elevated need for Integrators of AI Service
4.2.3. Market restraints analysis
4.2.3.1. A limited number of skilled employees
4.2.3.2. Risks associated with data security
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price Trend Analysis
Chapter 5. Artificial Intelligence (AI) as a service Market By Service type Insights & Trends
5.1. Service type Dynamics & Market Share, 2019 & 2026
5.2. Services
5.2.1. Market estimates and forecast, 2016 – 2026 (USD Billion)
5.2.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Billion)
5.2.3. Managed Services
5.2.3.1. Market estimates and forecast, 2016 – 2026 (USD Billion)
5.2.3.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Billion)
5.2.4. Professional Services
5.2.4.1. Market estimates and forecast, 2016 – 2026 (USD Billion)
5.2.4.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Billion)
5.3. Software Tools
5.3.1. Market estimates and forecast, 2016 – 2026 (USD Billion)
5.3.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Billion)
5.3.3. Web-Based and Cloud Application Programming Interface
5.3.3.1. Market estimates and forecast, 2016 – 2026 (USD Billion)
5.3.3.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Billion)
5.3.4. Processing and Modeler
5.3.4.1. Market estimates and forecast, 2016 – 2026 (USD Billion)
5.3.4.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Billion)
5.3.5. Archiving and Data Storage
5.3.5.1. Market estimates and forecast, 2016 – 2026 (USD Billion)
5.3.5.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Billion)
5.3.6. Others
5.3.6.1. Market estimates and forecast, 2016 – 2026 (USD Billion)
5.3.6.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Billion)
Continued…
The market research report offers a comprehensive analysis of the competitive landscape through a study of company profile overview, product portfolios, manufacturing and production capacity, market share and size, global position, financial standing, technological developments, and production and manufacturing capacity of the prominent players. It also focuses on key M&A activities, joint ventures, collaborations, product launches and brand promotions, government deals and agreements, and partnerships among others undertaken by the top companies operating in the market. The report also covers a SWOT analysis and Porter’s Five Forces analysis of key players to provide deeper insights into the competition scenario.
The report further segments the market into major geographical regions of the world including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The regions and their respective major countries are analyzed with regards to their revenue contribution, production and consumption patterns, import/export, demand and supply ratio, and presence of key companies located in each region.
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Regional analysis covers:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Rest of MEA
Further, the report segments the Artificial Intelligence (AI) as a Service market based on types and applications and offer insights into the key factors expected to influence revenue growth of the segment over the forecast period.
End-User Ownership Type Outlook (Revenue, USD Billion; 2017-2027)
- Public
- Private
Application Type Outlook (Revenue, USD Billion; 2017-2027)
- Fraud Detection
- Data Analytics & Visualization
- Customer Service and management
- Risk Management
- Compliance & Security
Further key findings from the report suggest-
- The Artificial Intelligence (AI) as a service market size accounted for USD 2.38 Billion in 2018 and is forecast to exhibit a growth rate of 45.6% through 2027.
- Based on service type, the software tools segment generated revenue of approximately USD 1.10 Billion in 2018 and is set to witness a notable CAGR of 45.1% through 2026. The robust segmental growth can be attributed to the extensive usage of these tools in analyzing data patterns and hidden data sets in large datasheets.
- On the basis of deployment model, the on-premises segment is set to contribute significantly towards global Artificial Intelligence (AI) as a Service Market revenue share through 2027. The significant growth will be accountable to the rise in the development of various tools for on-premises deployment that are capable of high-performance with mass computers, which elsewise may turn out to be expensive in the cloud deployment model.
- Speaking in terms of application, the customer service and management application is forecast to register a CAGR of 46.6% through 2026 on account of large-scale adoption of chatbots and conversational AI solutions in various industry verticals for enhancing the customer service.
- Based on end-use, the Banking, Financial Services & Insurance (BFSI) segment accounted for 40.9% of the global market share in 2018 and is likely to register a CAGR of 46.1% through 2026. Growth is stemming from high relevance and associated adoption of AI in the industry in analyzing data patterns and data sets from a large volume of data to formulate growth strategies. Nearly 32% of BFSI service providers are already using artificial intelligence technologies such as Predictive Analytics, Voice Recognition, and others.
- In the regional landscape, Asia Pacific is estimated to experience the maximum growth rate of 47.6% through 2026 due to a rise in the number of startups and the increased rate of adoption of AI in both private and public sectors in this region. Most of the impetus in the region will be provided by China, as it is extensively leveraging AI in most of the sectors. While China is a leading contributor, countries like Singapore, Japan, South Korea, India, and Taiwan, are also shifting their focus toward AI, which will further boost regional growth.
- The report also offers strategic recommendations to the new players entering the market and gives them insights into how to tackle the entry level barriers. It also offers key insights to established players to fortify their presence in the market. The formulation of this report has been done through thorough primary and secondary research to offer a better understanding of the market size, market share, scope, challenges, trends, and growth prospects among the industry. The data has been further validated by industry experts, professionals, and research analysts.
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