Artificial Intelligence as a Service Market Analysis & Forecast | 2028

Market Insights

The Artificial Intelligence as a Service market was estimated to grow from USD 3.74 billion in 2021 to USD 59.11 billion by 2028 at a CAGR of over 48.19% during the forecast period.

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What is artificial intelligence as a service?

Artificial Intelligence as a Service (AIaaS) is referred to as a third-party provision of artificial intelligence (AI) outsourcing. It helps people and organizations to explore various avenues for different purposes without high investment for initial installation and involves low risk.

Key Players

The key players operating in artificial intelligence as a service market are-

• IBM Corporation (US)
• Microsoft Corporation (US)
• Google LLC (US)
• Amazon Web Services Inc. (US)
• Oracle Corporation (US)
• Salesforce.com Inc. (US)
• SAS Institute Inc. (US)
• BigML Inc (US)
• DATAIKU SAS (US)
• H2O.Ai Inc (US).

Market Dynamics

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• Rising expenditure on the adoption of artificial intelligence and technological developments for workflow optimization spur the demand for modern analytical systems in the industry.
• Also, increasing implementation of cloud-based solutions and the growing requirements for the artificial intelligence & cognitive computing market are some of the major factors proliferating the market growth.
• lack of trained staff is likely to hamper the industry's growth.

Segment Analysis

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Organization Size Trend

The market has been classified into small & medium enterprises and large enterprises. The large enterprise segment secured the highest market share in 2021 and it is anticipated to grow at the highest CAGR during the forecast period.

End Use Trends

The artificial intelligence as a service market has been classified into BFSI, retail, healthcare, IT and telecom, manufacturing, energy, and others. Under these, the BFSI segment held a significant market share in 2021. In BFSI, AI is primarily used in algorithmic trading, chatbots, fraud detection, and customer recommendation. Banks, such as RBS, are adopting chatbots, expected to compel other financial institutions to invest in similar technologies, which boosts the segment growth.

Regional Trends

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The North American market held the highest market share in 2021 and is projected to grow at the fastest CAGR in the coming years. This is ascribed to large presence of major players, technological developments in BFSI and IT sectors, surging need for intelligent business processes, and increasing adoption of digital technologies, which bolsters the regional market growth during the review period.

COVID-19 Impact on artificial intelligence as a service market

The COVID-19 pandemic has positively impacted the artificial intelligence as a service industry. The rapid spread of the virus has led to several thousands of hospital admissions. This resulted in less testing of genetic disorders. Also, fear of catching infection and stringent social distancing norms has further affected the demand for artificial intelligence as a service amid the pandemic. This pandemic has developed as an opportunity for AI-enabled computer systems to fight against the disease as many tech giants and start-ups are focusing on mitigating, preventing, and containing the virus.

Critical Questions Answered in the Report

• What are the key trends in the artificial intelligence as a service market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on artificial intelligence as a service market?
• What are the key strategies adopted by the major vendors to lead in the artificial intelligence as a service market?
• What is the market share of the top vendors?

Target Audience

The target audience of artificial intelligence (AI) as a service market includes-

• AI as a Service companies
• AI as a Service distributors
• Software companies
• Government organizations

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Research Methodology

• This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with the companies across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Customization

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Technology portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.