DUBLIN — (BUSINESS WIRE) — May 11, 2018 — The "Artificial Intelligence as a Service Market by Service Type (Software Tools and Services), Technology (Machine Learning and Deep Learning, and Natural Language Processing), Organization Size, Vertical, and Region - Global Forecast 2023" report has been added to ResearchAndMarkets.com's offering.
The AI as a service market is expected to grow from USD 1.52 billion in 2018 to USD 10.88 billion by 2023, at a CAGR of 48.2% during the forecast period.
The growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and increasing number of innovative startups are some of the major factors that are driving the growth of the AI as a service market. The demand for intelligent business processes is growing across verticals to enhance the overall experience that is delivered to their customers.
Organizations are therefore focusing on integrating AI capabilities with their existing business applications. However, the process of building APIs is time-consuming. Hence, various verticals are focused toward the adoption of easily available AI-powered APIs and machine learning models to solve their business problems.
Verticals in the AI as a service market include Banking, Financial Services, and Insurance (BFSI), healthcare and life sciences, retail, telecommunications, government and defense, manufacturing, energy, and others (Education, Agriculture, Transportation, and Media and Entertainment). AI as a service helps various verticals easily integrate AI capabilities with their business applications.
Moreover, by leveraging the benefits of AI as a service, verticals can focus more on the enhancement of their business processes and formulation of growth strategies, rather than worrying about costs related to the purchase and maintenance of AI-powered platforms and tools.
APAC is expected to grow at the highest CAGR during the forecast period. Factors such as the rapid generation of large volumes of data, due to the growing use of digital technologies, Internet of Things (IoT), and connected devices, coupled with the growing need to reduce operational costs are expected to fuel the growth of the AI as a service market across regions.
North America is expected to witness the maximum adoption of AI as a service, owing to the factors, such as technological advancements, the growing need to analyze large volumes of data, and the increasing need for intelligent business processes. Apart from these factors, the growing government initiatives in enhancing the existing infrastructures and smart city programs are also expected to drive the demand for AI as a service across the region during the forecast period.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 AI as a Service Market, By Technology
7 Artificial Intelligence as a Service Market, By Organization Size
8 AI as a Service Market, By Service Type
9 Artificial Intelligence as a Service Market, By Vertical
10 AI as a Service Market, By Region
11 Competitive Landscape
12 Company Profiles
- Amazon Web Services
- SAS Institute
- IRIS AI
- Vital AI
- Rainbird Technologies
- Sift Science
- Cognitive Scale
- Yottamine Analytics