Artificial Intelligence as a Service Market Analysis | 2022-2028

“The Artificial Intelligence as a Service Market was estimated at USD 3.74 billion in 2021 and is expected to grow at a CAGR of 48.19% during 2022-2028 to reach USD 59.11 billion in 2028”.

Market Dynamics

Introduction

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.

Market Drivers

The growth of the artificial intelligence as a service market is propelled by various driving factors:

• 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.

COVID-19 Impact

The COVID-19 pandemic has positively impacted 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.

Segments Analysis

By Organization Size Type

“Large enterprises led the market in 2021 and are expected to show the highest growth rate in the forecast period”.

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

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By End-Use Type

“The BFSI segment held a significant market share in 2021”.

The market has been classified into BFSI, retail, healthcare, IT and telecom, manufacturing, energy, and others. In 2021, the BFSI segment maintained a substantial market share. 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 Analysis

“North America led the market share in 2021 and is forecasted for the highest CAGR growth in the coming years”.

The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). 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 the 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 forecast period.

Key Players

The following are the key players in the Artificial Intelligence as a Service Market (arranged alphabetically)

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

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market 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 market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a 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 books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

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

Competitive Benchmarking

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

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