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.
With the growing demand for advanced AI solutions, several industry players are rapidly integrating new sets of capabilities. For instance, Google announced the addition of new AI features to its cloud in July 2018. The move aided the company in attracting more customers. In the same year, Mindtree, a Larsen & Toubro group company, collaborated with Tookitaki, to offer AI solutions to the banks to help them detect crimes associated with financial activities. A rise in the number of advanced AI solutions offered by industry players to meet specific client requirements will bolster Artificial Intelligence (AI) as a Service Market growth over the forecast period. Moreover, expanding application scope and mounting demand for IoT will provide major growth avenues for the industry through 2027.
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Some of the players profiled in the report are IBM, Microsoft, Amazon, Google, FICO, SAS Institute, IRIS AI, Salesforce, Mighty.AI, and Craft.AI.
The Global Artificial Intelligence (AI) as a Service Market is segmented as follows:
Service Type Outlook (Revenue, USD Billion; 2017-2027)
- Services
- Managed Services
- Professional Services
- Software Tools
- Web-Based and Cloud Application Programming Interface
- Processing and Modeler
- Archiving and Data Storage
- Others
Technologies Type Outlook (Revenue, USD Billion; 2017-2027)
- Machine Learning and Deep Learning
- Natural Language Processing
- Computer Vision
- Others
Organizational Size Type Outlook (Revenue, USD Billion; 2017-2027)
- Large Enterprises
- Small and Medium-Sized Enterprises
Deployment Mode Type Outlook (Revenue, USD Billion; 2017-2027)
- On-premises
- Cloud
End-User Type Outlook (Revenue, USD Billion; 2017-2027)
- Healthcare and Life Sciences
- Banking, Financial Services, and Insurance
- Telecommunication
- Retail
- Manufacturing
- Government and Defense
- Energy
- Others
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
- Others
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Market Segmentation by Regions:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Answered by the Report:
- Which market segment or sub-segment is expected to grow at the highest CAGR during the forecast timeline?
- What is the forecast valuation of the Artificial Intelligence (AI) as a Service market?
- Who are the leading players in the industry? What are the weaknesses and strengths of these players?
- What are the strategic business steps and initiatives taken by the key competitors in the industry?
- What region is expected to dominate the market in the forecast period?
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