Mar 18, 2019 (AB Digital via COMTEX) — 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.
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.
The Global Artificial Intelligence as a Service (AIaaS) 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.
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.
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.
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- Technology, service, and solution providers
- Information Technology management
- Research Institutes
- Consultants/advisory firms
- AI system integrators
- Managed Service Providers (MSPs)
- Value-Added Resellers (VARs)
- Strategic business partners
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Research Objectives
2.4 Markets Structure
3 Research Methodology
4 Market Dynamics
LIST OF TABLES
Table 1 Artificial Intelligence As A Service (AIaaS)Market, By Region, 2018–2023
Table 2 North America: Artificial Intelligence As A Service (AIaaS)Market, By Country, 2018–2023
Table 3 Europe: Artificial Intelligence As A Service (AIaaS)Market, By Country, 2018–2023
Table 4 Asia-Pacific: Artificial Intelligence As A Service (AIaaS)Market, By Country, 2018–2023
Table 5 Rest Of The World: Artificial Intelligence As A Service (AIaaS)Market, By Country, 2018–2023
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LIST OF FIGURES
FIGURE 1 Global Artificial Intelligence As A Service (AIaaS)Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Artificial Intelligence As A Service (AIaaS)Market
FIGURE 4 Value Chain/Supply Chain Of Global Artificial Intelligence As A Service (AIaaS)Market
FIGURE 5 Share Of Global Artificial Intelligence As A Service (AIaaS)Market In 2017, By Country (In %)
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members
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