IMARC Group, a leading market research company, has recently releases report titled “Artificial Intelligence-as-a-Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global artificial intelligence-as-a-service market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big Is The Artificial Intelligence-as-a-Service Market?

The global artificial intelligence-as-a-service market size reached US$ 7.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 75.3 Billion by 2028, exhibiting a growth rate (CAGR) of 42.4% during 2023-2028.

What are Artificial Intelligence-as-a-Service?

Artificial intelligence as-a-service (AIaaS) refers to artificial intelligence (AI) outsourcing service that allows companies to explore and expand their at a reduced cost with a one-time payment or subscription basies provided by a third party. It depends relies on cloud computing models to leverage AI and add significant flexibility in organizational operations for improving efficiency and driving productivity levels. It also provides various benefits, such as reduced costs, lower risk, scalability, simplicity, customization, and enhanced AI accessibility through application programming interfaces (APIs) and tools. Owing to these benefits, AIaas is globally adopted in retail, telecommunication, manufacturing, banking, financial services, and insurance (BFSI) industries.

What Are The Growth Prospects And Trends In The Artificial Intelligence-as-a-Service Industry?

The market is primarily driven by the escalating demand for artificial intelligence-as-a-service (AIaas) across various industrial verticals such as information and technology (IT), energy and utility, and the healthcare sector for their analytics, businesses, applications, and services. In addition, the widespread utilization of cloud-based machine learning (ML) for enhancing profit margins and minimizing operational costs,and the growing popularity of multi-cloud management strategies, is are contributing to market growth.

Moreover, the product adoption in the healthcare sector to assist AI in optimizing healthcare costs and managing data more effectively represents another major growth-inducing factor. Besides this, governments of several countries are taking initiatives to investing in research and development (R&D) activities to develop AI-based infrastructure, which is providing a positive thrust to market growth. Furthermore, the market is further also propelled by the increasing use of AI technology in various internet of things (IoT) devices by for speech recognition, virtual agents, and natural language generation..

What Is Included In Market Segmentation?

The report has segmented the market into the following categories:

Key Market Segmentation:

Breakup by Technology:

  • Machine Learning (ML) and Deep Learning
  • Natural Language Processing (NLP)

Breakup by Organizations Size:

  • Large Enterprises
  • Small and Medium-sized Enterprises (SMEs)

Breakup by Vertical:

  • Banking, Financial, and Insurance (BFSI)
  • Healthcare and Life Sciences
  • Retail
  • Telecommunications
  • Government and Defense
  • Manufacturing
  • Energy
  • Others

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Who Are The Key Players Operating In The Industry?

The report covers the major market players including: 

  • Amazon Web Services Inc. (Amazon.com Inc.),
  • Arm Limited (SoftBank Group Corp.)
  • DataRobot Inc.
  • FICO
  • Intel Corporation
  • International Business Machines Corporation
  • Microsoft Corporation
  • Nividia Corporation
  • Oracle Corporation
  • Salesforce Inc.
  • SAP SE
  • and SAS Institute Inc.

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