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IN THE NEWSOctober, 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.
Global Artificial Intelligence as a Service Market Highlights over 2022 – 2031
The global artificial intelligence as a service market is estimated to grow at a CAGR of ~49% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing investment in AI technology, along with the rising revenue generated by the AI industry. For instance, it was observed that AI industry generated a revenue of around USD 325 billion in 2021. Moreover, increasing number of enterprises and competition, has led to the surge in integration of artificial intelligence (AI) technology in applications and services. Furthermore, the need for reduce operational cost is another major factor estimated to boost the adoption of artificial intelligence amongst the end-users. Meanwhile, AI is also gradually penetrating into everyday lives of the common people, in the form of digital assistants, making AI a necessity for the population, which is bound to increase the demand for AI assistance amongst businesses and institutions. Additionally, the growing adoption of cloud computing, and multi-cloud functioning, is projected to boost the market growth. For instance, cloud computing generated more than USD 390 billion revenue in 2021.
The market is segmented by type into public cloud, private cloud, and hybrid cloud, out of which, the hybrid cloud segment is anticipated to hold the largest share in the global artificial intelligence as a service market over the forecast period on account of increasing demand for hybrid cloud as it is a combination of on-premise infrastructure, public, and private cloud computing services. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Artificial Intelligence as a Service Market Regional Synopsis
On the basis of geographical analysis, the global artificial intelligence as a service market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing demand for AI-based services in the manufacturing, telecom, and healthcare sectors, along with rising adoption of advanced technologies. For instance, the AI market in the Asia Pacific region was estimated to value around USD 445 million in 2017.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of presence of major market players in the region, along with availability of advanced technology in the region.
The global artificial intelligence as a service market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global artificial intelligence as a service market includes the following segments:
By Type
By Organization Size
By End-User Industry
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing adoption of artificial intelligence globally is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~49% over the forecast period, i.e., 2022 – 2031.
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.
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.
The market is segmented by type, organization size, end-user industry, and by region.
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.
Requirement of high initial investment are estimated to hamper the market growth.
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.
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