In a recent published report, Kenneth Research has updated the market report for Artificial Intelligence as a Service Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Artificial Intelligence as a Service Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Market Synopsis:
Global Artificial Intelligence (AI) as a Service Market was valued in the range of USD 1-2 Billion in 2017 and is estimated to reach market value of USD 6-7 Billion by 2023 growing with 36% CAGR during forecast period 2018-2023. Increasing investment by key players in the development of artificial intelligence technology, rising trend of introducing automation in businesses, increment in number of start-ups, and increasing demand for AI enabled APIs & SDKs are some of the prime driving factors for the growth of this market in the coming years.
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Development in technologies such as machine learning, deep learning, and natural language processing has transformed businesses to the next level. By integrating AI-enabled tools in processes or operations, businesses are simplifying their business problems, and structured & unstructured data. However, as these technologies requires high technical expertise to deal with complex algorithms, the cost incurred to the company for recruiting, and training is increasing. To cater this issue, the companies are now showing interest in outsourcing AI based solutions from third party vendors instead of developing them.
Artificial Intelligence as a Service (AIaaS) can be defined as outsourcing of artificial intelligence enabled technology and solutions by an enterprise. AIaaS provides several benefits to an organization over traditional approach such as it provides advanced infrastructure at minimal cost, transparency in business operations, and scalability. However, data security issues, and lack of technical expertise are some of the major barriers for the growth of this market.
Segmentation:
The Global Artificial Intelligence (AI) as a Service Market is segmented into services type, technology, software, organization size, verticals and region.By services, Artificial Intelligence as a Service (AIaaS) market is segmented into cognitive computing APIs, custom cognitive computing APIs, and conversational AI.
By technology, the market is segmented into machine learning & deep learning, and natural language processing.By software, the market is further sub-segmented into data storage & archiving, modeler & processing, cloud & web-based application, and others.
By organization size, the Artificial Intelligence as a Service (AIaaS) market is segmented into SMEs and large enterprises.By vertical, the market is classified into BFSI, healthcare, retail, telecommunication, government & defense, manufacturing and energy & power.By region, the Artificial Intelligence as a Service (AIaaS)market is segmented into North America, Europe, Asia-Pacific, and Rest of the world.
Regional analysis:
Market Research Future (MRFR) has covered following countries in regional analysis – U.S, Canada and Mexico Artificial Intelligence as a Service (AIaaS) market in North America. Germany, U.K, France, Spain, and Italy Artificial Intelligence as a Service (AIaaS) market in Europe. China, Japan, India, South Korea, Singapore, and Taiwan in Asia-Pacific. The Middle East & Africa and Latin America Artificial Intelligence as a Service (AIaaS) market in the Rest of the world.
North America is leading the market of artificial intelligence as a service market, followed by Europe, and Asia-Pacific. North America is the early adopter of advanced technologies such as artificial intelligence. Also, advanced infrastructure, developed network technologies, and high technical skills are some other factors fueling the market growth of Artificial Intelligence as a Service (AIaaS) in this region. U.S. is currently dominating the market as majority of the revenue has been generated by the key players located in this country.
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Asia-Pacific Artificial Intelligence as a Service (AIaaS) market is projected to grow with highest CAGR during forecast period 2018-2023. China, Japan, and South Korea are the leading innovators in artificial intelligence in the region. China and South Korea are investing heavily in developing automation technologies for industries which is one of the prime driving factors for the adoption of Artificial Intelligence in these countries. India, and Singapore is also expected to become a significant market for Artificial Intelligence as a Service (AIaaS) in coming years.
Key players:
Market Research Future has identified following key players in Artificial Intelligence as a Service (AIaaS) market- IBM Corporation, Google Inc., AWS, Microsoft Corporation, Salesforce, Baidu, SAP SE, Intel Corporation, Fair Isaac Corporation (FICO), and BigML.Absolutdata, Fuzzy.AI, Vital AI, Rainbird Technologies, Craft.AI, Sift Science, Mighty.AI, Cognitive Scale, Centurysoft, Yottamine Analytics, and Datarobot Meya.AI are some other prominent players in the market.
Intended Audience:
Technology, service, and solution providers
Information Technology management
Government
Research Institutes
Consultants/advisory firms
AI system integrators
Managed Service Providers (MSPs)
Value-Added Resellers (VARs)
Strategic business partners
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