Artificial intelligence as a service market worth $96,064.7 million by 2030: Grand View Research, Inc.
SAN FRANCISCO, November 21, 2022 /PRNewswire/ — The Global artificial intelligence as a service market the size should reach $96,064.7 million by 2030, according to a new report from Grand View Research, Inc. The market is expected to grow at a CAGR of 37.1% from 2022 to 2030. Artificial Intelligence as a Service (AIaaS) is a third-party artificial intelligence outsourcing service that enables large enterprises and SMBs to explore development opportunities without requiring a large initial investment. . It allows enterprises or end users to experiment with AI for various applications while limiting initial investment and risk.
Key industry insights and findings from the report:
Rising spending on the adoption of artificial intelligence and technical improvement for workflow optimization is driving the demand for AI as a service.
The increased use of cloud-based solutions and the need for artificial intelligence and cognitive computing are driving the expansion of the market.
Managing huge amounts of data alongside other business activities is becoming a challenge for enterprises, creating a demand for managed and professional artificial intelligence (AI) services.
Banks are using AI skills to detect and prevent fraud, chatbots and algorithmic trading purposes, enabling banking institutions to improve their operations and increase the use of AI services in BFSI business.
Read the full 100-page market research report, “Report analyzing the Artificial Intelligence as a Service Market Size, Share and Trends by Technology, by Service Type, by Deployment, by Vertical (BFSI, Healthcare, Retail, Energy and Utilities), by Region and Segment Forecast, 2022-2030“, published by Grand View Research.
Artificial Intelligence as a Service Market Growth and Trends
Increased R&D efforts of AI as service providers and governments across countries are driving the market for artificial intelligence as a service. Furthermore, greater integration of AIaaS with blockchain and increased investments in AIaaS by governments and end users are likely to drive the market for artificial intelligence as a service. For example, in July 2022, the United Nations Development Program (UNDP), an agency of the United Nations, and the Government of Telangana have created Data on Climate Resilient Agriculture (DiCRA), a platform service powered by the AI which aims to provide farmers with information on climate change. The AI platform can identify climate change resilient farms and other vulnerable ones using pattern detection and remote sensing algorithms.
Additionally, progressive companies are embracing artificial intelligence and other digital technologies to improve the overall work experience. Employees need fast support to stay productive with the change to working from anywhere, whether they have an HR request, an IT issue, or a question about expense policy. Traditional service desks lack the speed and scale to provide a hybrid workforce with real-time, 24/7 support. To completely solve this problem, AI, as a service provider, offers employees the assistance they need in seconds. For example, in July 2022Moveworks, Inc., an artificial intelligence startup based in United States, announced a collaboration with Tata Consultancy Services Limited. This partnership enables customers to revamp their service centers with AI, and they can rely on the partnership’s expertise and technology to automatically support their staff.
More and more companies are investing in AI technologies and harnessing AI skills to stay ahead of the global competition. The increased use of social media and the Internet of Things (IoT) is driving the demand for AI technology. Additionally, many AI technology vendors find the provision of AI tools and software insufficient as many companies seek outsourcing services. As a result, the market has witnessed an increasing demand for AI services. Businesses can improve their productivity by implementing AI-powered IoT solutions in industries such as manufacturing, retail analytics, self-driving cars, and more. This is expected to fuel the AI-as-a-Service market. For example, in May 2021, Bosch Global Software Technologies Private Limited introduced Phantom Edge, an AIoT platform that provides a real-time picture of electrical power consumption and addresses energy efficiency challenges in various industries. The platform collects energy signatures and ML algorithms at the edge using non-intrusive sensors. It processes these signatures to provide a real-time picture of electrical parameters, power consumption, operating usage, and device-level information, producing its digital twin.
Artificial Intelligence as a Service Market Segmentation
Grand View Research has segmented the global Artificial Intelligence as a Service (AIaaS) market on the basis of technology, type of service, organization size, deployment, vertical, and region
Artificial Intelligence as a Service Market – Technology Outlook (Revenue, USD Million, 2017 – 2030)
Artificial Intelligence as a Service Market – Service Type Outlook (Revenue, USD Million, 2017 – 2030)
Artificial Intelligence as a Service Market – Organization Size Outlook (Revenue, USD Million, 2017 – 2030)
Artificial Intelligence as a Service Market – Deployment Outlook (Revenue, USD Million, 2017 – 2030)
Artificial Intelligence as a Service Market – Vertical Insights (Revenue, USD Million, 2017 – 2030)
Banking, Finance and Insurance (BFSI)
Health and life sciences
IT & Telecommunications
Government and defense
Energy and Utilities
Artificial Intelligence as a Service Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
List of Key Players of Artificial Intelligence as a Service Market
Amazon Web Services, Inc.
International Commercial Machinery Society
Just Isaac Corporation
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About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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