AI as a Service: Powering the $187.98 Billion Future of Intelligence
The global Artificial Intelligence As A Service market size is expected to reach USD 187.98 billion by 2030 and exhibit a CAGR of 48.2% in the forecast period (2023−2030), according to Skyquest’s latest research report. The automation and process optimization, improved customer experience and personalization, cost savings through operational efficiency, data-driven insights and decision-making, advancements in machine learning algorithms, growing availability of big data and computing power, increasing demand for virtual assistants and chatbots, rising adoption of AI-powered analytics and predictive models, integration of AI with existing service technologies, are fueling the market’s growth.
Westford, USA, June 25, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research on Artificial Intelligence As A Service Market , natural language processing for enhanced communication, AI-powered chatbots and virtual assistants, increased adoption of machine learning algorithms, integration of AI with Internet of Things (IoT) devices, expansion of AI in diverse service sectors, focus on explainable and transparent AI systems, emergence of edge computing for real-time AI processing, growth of AI-as-a-Service (AIaaS) models, ethical considerations and responsible AI practices, are the trends that aid in the market’s growth.
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Browse in-depth TOC on “Artificial Intelligence As A Service Market”
- Pages – 242
- Tables – 59
- Figures – 75
Artificial intelligence as a service (AIaaS) is a cloud-based service that provides businesses with access to artificial intelligence (AI) capabilities. This means that businesses can use AI without having to build or maintain their own AI infrastructure. AIaaS can be used for a variety of tasks, such as machine learning, natural language processing, and computer vision.
Prominent Players in Artificial Intelligence As A Service Market
- Google Cloud
- IBM Cloud
- Amazon Web Services (AWS)
- Microsoft Azure
- Alibaba Cloud
- Baidu AI Cloud
- Domino Data Lab
- Intel AI
- Nvidia Clara
Machine Learning as a Service (MLaaS) Demand to Grow Substantially in the Forecast Period
Machine learning as a service (MLaaS) dominated the global market as they are widely used and allows organizations, regardless of their size or technical expertise, to leverage the power of machine learning for various applications such as predictive analytics. This service enable AI systems to learn from data and make predictions or decisions without explicit programming. MLaaS offers businesses the ability to leverage pre-built machine learning models and algorithms through cloud-based platforms, making it accessible and cost-effective.
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Healthcare and Life Science are the Leading Application Segment
In terms of application, the healthcare and Life science segment is the leading segment due to the increasing AI powered applications. In addition, the increasing need for efficient healthcare delivery, improved diagnostics, and personalized treatments is driving the adoption of AI services in this sector.
North America is the leading Market Due to the Early Adoption Of AI
Region-wise, North America is one of the largest growing markets with a huge emphasis on AI revolution. The presence of major technology companies, robust research and development activities, access to capital, and a supportive entrepreneurial ecosystem have contributed to the dominance of North America in the AIaaS market.
Furthermore, the Asia Pacific region, especially China, has seen rapid growth in the AIaaS market. China has made significant investments in AI research, development, and deployment, fostering a thriving ecosystem of AI startups and technology companies. The region’s large population, expanding digital economy, and government initiatives to promote AI technologies have propelled its dominance in the market.
A recent report thoroughly analyses the major players operating within the Artificial Intelligence As A Service market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Artificial Intelligence As A Service.
Key Developments in Artificial Intelligence As A Service Market
- In January 2023, Google Cloud acquired Looker, a leading provider of AI-powered business intelligence and data analytics software. This acquisition will help Google Cloud to expand its AIaaS offerings and provide businesses with a more comprehensive suite of tools for data-driven decision making.
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Key Questions Answered in Artificial Intelligence As A Service Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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