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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.

In The News

October, 2021: SAS to collaborate with European Banking Federation to provide AI services for banks worldwide to enable AML and fight financial crime.
June, 2020: Wipro limited to collaborate with IBM Corporation to provide security across public or private cloud and on-premises IT environment.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the artificial intelligence as a service market?

Ans: Increasing adoption of artificial intelligence globally is estimated to boost the market growth.

2) What would be the CAGR of artificial intelligence as a service market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~49% over the forecast period, i.e., 2022 – 2031.

5) Who are the major players dominating the artificial intelligence as a service market?

Ans: The major players in the market are Intel Corporation, Baidu, Inc., Fair Isaac Corporation (FICO), SAS Institute, BigML, Inc., Microsoft Corporation, International Business Machines Corporation, Rockwell Automation Inc., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the artificial intelligence as a service market?

Ans: The market is segmented by type, organization size, end-user industry, and by region.

8) Which segment captures the largest market size in end-user industry segment in the artificial intelligence as a service market?

Ans: The BFSI segment is anticipated to hold largest market size in value and is estimated to grow at a CAGR of ****% over the forecast period and display significant growth opportunities.

8) What are the challenges affecting the market growth?

Ans: Requirement of high initial investment are estimated to hamper the market growth.

8) Which region will provide more business opportunities for growth of the artificial intelligence as a service market in future?

Ans: The market in the Asia Pacific region is estimated to provide significant growth opportunities to the market owing to the growing adoption of cloud computing in the region.

IT & Telecom