Artificial Intelligence as a Service Market Size Worth

Newark, May 13, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 10 billion in 2023 global artificial intelligence as a service market will reach USD 289.25 billion in 2033. Artificial Intelligence as a Service (AIaaS) removes the need for substantial in-house infrastructure and knowledge by providing users with cloud-based access to AI tools and capabilities. It provides strong security measures, scalability, flexibility, affordability, and ease of integration. A wide range of AI services, including computer vision, natural language processing, and machine learning algorithms, are available to users on-demand and with little setup time.

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The demand for AI infrastructure and knowledge is addressed by AIaaS, especially for businesses with limited internal resources. Businesses can focus on their core capabilities, cut expenses, and gain from quick innovation by contracting out AI work to specialized providers. AIaaS offers scalability, lower risk, advanced technology access, and time and cost benefits. It quickens the creation and use of AI solutions. Users of AIaaS come from a variety of industries, including manufacturing, banking, healthcare, retail, media, and entertainment. They also range in size from startups and small businesses to huge corporations.

Scope of Artificial Intelligence as a Service Market

Key Insight of the Global Artificial intelligence as a service Market

North America will dominate the market during the forecast period.

Several of the most well-known technological businesses and research centres in the world, including Google Cloud Platform (GCP), Microsoft Azure, and Amazon Web Services (AWS), are based in the region and provide scalable and dependable hosting for AIaaS solutions. With the help of this infrastructure, businesses may use AI technologies without having to make large upfront investments in hardware or infrastructure. The top research centres and universities in the area generate a constant flow of highly qualified experts in disciplines like data science, engineering, and AI research, which advances the knowledge and advancement of AI technology.

In 2023, the large enterprises segment dominated the market, with a 62% market share and revenue of 6.20 billion.

The organization size segment is divided into small and medium enterprises and large enterprises. In 2023, the large enterprises segment dominated the market, with a market share of 62% and revenue of 6.20 billion.

In 2023, the machine learning (ML) segment dominated the market with the largest market share of 45% and revenue of 4.50 billion.

The technology segment is divided into machine learning (ML), computer vision, and natural language processing (NLP). In 2023, the machine learning (ML) segment dominated the market with the largest market share of 45% and revenue of 4.50 billion.

In 2023, the software segment dominated the market with the largest market share of 55% and revenue of 5.50 billion.

The service type segment is divided into software and services. In 2023, the software segment dominated the market, with a 55% market share and revenue of 5.50 billion.

In 2023, the BFSI segment dominated the market, with a 34% market share and revenue of 3.40 billion.

The vertical segment is divided into BFSI, public sector, energy and utility, IT and telecom, retail, manufacturing, healthcare, and others. In 2023, the BFSI segment dominated the market with the largest market share of 34% and revenue of 3.40 billion.

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Advancement in market

Today, the worldwide EY organization (EY) announced the launch of EY.ai. This unifying platform combines artificial intelligence (AI) with human capabilities to assist clients in transforming their businesses through the appropriate and confident use of AI. EY.ai uses cutting-edge EY technology platforms and AI capabilities, as well as a strong AI ecosystem and extensive expertise in strategy, transactions, risk, assurance, and tax. The US$1.4 billion in investments made by EY laid the groundwork for the EY.ai platform.

Market Dynamics

Driver: The rapid advancements in technology.

The market has advanced due to ongoing innovation in several AI subfields, including computer vision, natural language processing, and machine learning. The rapid advancement of AI technology propels the ongoing development of AIaaS platforms in response to changing consumer demands. The need for AIaaS is driven by the quick speed at which AI technology is developing since it gives businesses access to the newest AI capabilities without requiring significant infrastructure investments or in-depth corporate expertise. Consequently, the market is expanding due to the quickening pace of technical breakthroughs, which are also making AIaaS more accessible.

Restraints: The high upfront investment costs.

One of AIaaS’s main cost components is subscription fees, which are usually determined by variables like data volume, algorithm complexity, and service levels. Especially for huge datasets or cross-regional transfers, data transmission fees can mount up. Based on resource use and usage length, compute and storage costs are also important. If usage limits are exceeded, potential overage fees should be taken into account. The costs associated with customizing AIaaS to meet unique requirements or integrating it with current systems must be considered. Consequently, given the capital limitations of these market participants, cost considerations will restrict the market’s expansion because they may make it more difficult for small and medium-sized businesses to access.

Opportunities: The demand for AIaaS is being driven by globalization.

Digital transformation is linked to globalization. This has increased the demand for Artificial Intelligence as a Service (AIaaS) globally by creating a need for scalable, globally accessible solutions. AIaaS enables enterprises to leverage AI capabilities from any location with an internet connection by giving everyone, everywhere, access to AI tools and services. This accessibility removes obstacles and makes it easier for people to collaborate and innovate globally. Furthermore, a key element influencing AIaaS’s widespread acceptance is its affordability. Additionally, companies may deploy AI solutions across many areas and effectively customize them to fit local requirements, given the flexibility of cloud-based AIaaS platforms. Thus, as globalization continues to influence It, the demand for AIaaS is anticipated to increase due to the growing need for scalable, affordable, and accessible AI solutions that can support global operations as globalization continues to change businesses throughout the world.

Challenges: Data privacy and security concerns.

When organizations utilize AIaaS platforms, they often need to share sensitive data with third-party service providers, raising fears about data breaches, privacy violations, and regulatory non-compliance. Sharing sensitive data increases the risk of unauthorized access and misuse, potentially leading to financial losses, reputational damage, and legal repercussions. Therefore, the risk of data privacy and security concerns challenge the market’s growth.

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Some of the major players operating in the global artificial intelligence as a service market are:

• Amazon Web Services, Inc.
• BigML, Inc.
• Fair Isaac Corporation
• Google LLC
• Intel Corporation
• International Business Machines Corporation
• Microsoft
• Salesforce, Inc.
• SAP SE
• Siemens

Key Segments covered in the market:

By Organization Size

• Small and Medium Enterprises
• Large Enterprises

By Technology

• Machine learning (ML)
• Computer Vision
• Natural Language Processing (NLP)

By Service Type

• Software
• Services

By Vertical

• BFSI
• Public Sector
• Energy and Utility
• IT and Telecom
• Retail
• Manufacturing
• Healthcare
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.

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