Global Artificial Intelligence as a Service Market 2023-2030

Description

List of Tables

The global artificial intelligence as a service market size was valued at $7.7 billion in 2022, and is projected to reach $96.1 billion by 2030, registering a CAGR of 37.10% during the forecast period (2023-2030). With the increasing number of enterprises and competition, companies are rigorously trying to integrate artificial intelligence (AI) technology into their application, business, analytics, and services. Moreover, companies are trying to reduce their operational cost to increase profit margins, due to which artificial intelligence-as-a-service (AIaaS) is gaining more prominence over the cloud which is expected to contribute to the market growth. Notably, companies are more interested in cloud-based machine learning, which helps in experimenting with their offerings. The rising trend of multi-cloud functioning and the growing need for cloud-based intelligence services are also increasing the demand for AI as a service. For instance, according to IBM, 98% of the organization's plans will adopt multi-cloud architectures, with only 41% having a multi-cloud management strategy and just 38% having procedures and tools to operate a multi-cloud environment. This creates a massive opportunity for AI services.

Segmental Outlook:

The global artificial intelligence as a service market is segmented based on the deployment, technology, and end-user. Based on the deployment, the market is segmented into public, private, and hybrid. Based on technology, the market is again sub-segmented into machine learning, computer vision, natural language processing, and others. Further on the basis of end-user, the market is segmented into BFSI, retail, healthcare, IT & telecommunication, manufacturing, energy, and others. Among the end-user industry segment, the healthcare sub-segment is expected to cater prominent market share over the forecast period.

The Healthcare Sub-Segment is anticipated to Hold Prominent Share in the Global Artificial Intelligence as a Service Market

Artificial intelligence as a service in the medical field is driven by several factors, including the need to manage data more effectively and optimize healthcare costs, the growth of public-private partnerships, and the increased regional spending on healthcare. Additionally, the market for artificial intelligence in the medical sector is anticipated to grow as opportunities in geriatric population care with the aid of AI technology and imaging & diagnostics to generate data for research development arise.

Regional Outlooks:

The global artificial intelligence as a service market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The market can be analyzed for particular region or country level as per the requirement. Among these, the Asia-Pacific regional market is expected to cater prominent growth over the forecast period due to growing awareness among end-users and increasing use of digital technologies.

The North American Region is expected to Hold Prominent Share in the Global Artificial Intelligence as a Service Market

The North American region is expected to hold prominent share in the market due to rising technological advancements, rising adoption of digital technologies among countries such as US and Canada. The US has a robust innovation ecosystem fueled by strategic federal investments into advanced technology, complemented by the presence of visionary scientists and entrepreneurs coming together and renowned research institutions, which have propelled the development of AI as a service in the North American region. To address the difficulties of AI research and workforce development, institutes bring together the commercial sector, organizations, academics, and federal, state, and municipal authorities. Such government initiatives for the development of AI will drive the market growth.

Market Players Outlook:

The major companies serving the global artificial intelligence as a service market include Microsoft Corp., Google LLC, Amazon Web Services Inc., IBM Corp, Salesforce Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2022, the AI4HealthyCities Health Equity Network was established by the Novartis Foundation, Microsoft AI for Health, and the New York University (NYU) School of Global Public Health as a joint endeavor to employ data analytics and artificial intelligence (AI) to address heart health inequities.

Product Code: OMR2027250

1. Report Summary

Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
- 1.2.1. By Segments
- 1.2.2. By Region

2. Market Overview and Insights

2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Findings
- 2.2.2. Recommendations
- 2.2.3. Conclusion

3. Competitive Landscape

3.1. Key Company Analysis
- 3.1.1. Overview
- 3.1.2. Financial Analysis
- 3.1.3. SWOT Analysis
- 3.1.4. Recent Developments
3.2. Key Strategy Analysis

4. Market Segmentation

4.1. Global Artificial Intelligence as a Service Market by Deployment
- 4.1.1. Public
- 4.1.2. Private
- 4.1.3. Hybrid
4.2. Global Artificial Intelligence as a Service Market by Technology
- 4.2.1. Machine Learning
- 4.2.2. Computer Vision
- 4.2.3. Natural Language Processing
- 4.2.4. Others
4.3. Global Artificial Intelligence as a Service Market by End-User
- 4.3.1. BFSI
- 4.3.2. Retail
- 4.3.3. Healthcare
- 4.3.4. IT & Telecommunication
- 4.3.5. Manufacturing
- 4.3.6. Energy
- 4.3.7. Others

5. Regional Analysis

5.1. North America
- 5.1.1. United States
- 5.1.2. Canada
5.2. Europe
- 5.2.1. UK
- 5.2.2. Germany
- 5.2.3. Italy
- 5.2.4. Spain
- 5.2.5. France
- 5.2.6. Rest of Europe
5.3. Asia-Pacific
- 5.3.1. China
- 5.3.2. India
- 5.3.3. Japan
- 5.3.4. South Korea
- 5.3.5. Rest of Asia-Pacific
5.4. Rest of the World

6. Company Profiles

6.1. Alphabet Inc.
6.2. Amazon Web Services, Inc.
6.3. Apple Inc.
6.4. BigML Inc.
6.5. Craft AI
6.6. Google LLC
6.7. H2O.Ai, Inc.
6.8. International Business Management Corp.
6.9. Microsoft Corp.
6.10. Oracle Corp.
6.11. Salesforce Inc.
6.12. SAS Institute Inc.