Artificial Intelligence as a Service Market to Grow at Double Digit CAGR through 2024

Surging penetration of cloud-based solutions and technological advancements for workflow optimization to drive global artificial intelligence as a service market through 2024

According to TechSci Research report, “Global Artificial Intelligence as a Service Market By Technology, By Organization Size, By Service Type, By Type of Cloud, By Vertical, By Region, Competition, Forecast & Opportunities, 2024”, global artificial intelligence as a service market is expected to grow at impressive CAGR of 45% during 2019-2024 on account of growing number of artificial intelligence powered services in the form of software development kit  (SDK) and application program interface (API). AlaaS or artificial intelligence as a service is third party provision of AI allowing enterprises to work with low risk and reduced investment for installations. Increasing trend of workflow optimization along with growing demand for AI and cognitive computing is further anticipated to bolster the growth of the market during forecast period.

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Global artificial intelligence as a service market can be segmented based on technology, organization size, service type, cloud, vertical and region. On the basis of technology, the market can be segmented into machine learning, natural language processing and others. Natural language processing segment is expected to witness significant adoption in the coming years as the technology is capable of understanding behavior of the user, thereby offering improved customer experience. Among service types, software tools segment is likely to grow at the highest rate during forecast period as it helps to reveal hidden patterns in data and predict outcomes based on large amount of data.

Microsoft Corp., Google LLC, Amazon Web Services Inc., International Business Machines (IBM) Corp., Salesforce.com Inc., SAP SE, SAS Institute Inc., H2O.Ai Inc., Intel Corp., Fair Isaac Corporation, etc. are among the leading players operating in global artificial intelligence as a service market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

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“North America is at the forefront of global artificial intelligence as a service market and is expected to register significant growth during forecast period on account of various initiatives taken by the governments in the region to improve the existing infrastructure and smart city programs. Additionally, surging need for analyzing large volume of data is further anticipated to positively influence growth of the market through 2024.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Artificial Intelligence as a Service Market By Technology, By Organization Size, By Service Type, By Type of Cloud, By Vertical, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global artificial intelligence as a service market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global artificial intelligence as a service market.

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