Artificial Intelligence-as-a-Service Market 2023| Industry Outlook, Major Players, Industry Analysis and Forecasts to 2028

According to the latest report by IMARC Group, titled “Artificial Intelligence-as-a-Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global artificial intelligence-as-a-service market trends.The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global artificial intelligence-as-a-service market size reached US$ 7.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 75.3 Billion by 2028, exhibiting a growth rate (CAGR) of 42.4% during 2023-2028.

Artificial intelligence as-a-service (AIaaS) refers to artificial intelligence (AI) outsourcing service that allows companies to explore and expand their at a reduced cost with a one-time payment or subscription basies provided by a third party. It depends relies on cloud computing models to leverage AI and add significant flexibility in organizational operations for improving efficiency and driving productivity levels. It also provides various benefits, such as reduced costs, lower risk, scalability, simplicity, customization, and enhanced AI accessibility through application programming interfaces (APIs) and tools. Owing to these benefits, AIaas is globally adopted in retail, telecommunication, manufacturing, banking, financial services, and insurance (BFSI) industries.

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Market Trends

The market is primarily driven by the escalating demand for artificial intelligence-as-a-service (AIaas) across various industrial verticals such as information and technology (IT), energy and utility, and the healthcare sector for their analytics, businesses, applications, and services. In addition, the widespread utilization of cloud-based machine learning (ML) for enhancing profit margins and minimizing operational costs,and the growing popularity of multi-cloud management strategies, is are contributing to market growth.

Moreover, the product adoption in the healthcare sector to assist AI in optimizing healthcare costs and managing data more effectively represents another major growth-inducing factor. Besides this, governments of several countries are taking initiatives to investing in research and development (R&D) activities to develop AI-based infrastructure, which is providing a positive thrust to market growth. Furthermore, the market is further also propelled by the increasing use of AI technology in various internet of things (IoT) devices by for speech recognition, virtual agents, and natural language generation.

who are the key players/companies in the artificial intelligence-as-a-service market?

Amazon Web Services Inc. ( Inc.), Arm Limited (SoftBank Group Corp.), DataRobot Inc., FICO, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Nividia Corporation, Oracle Corporation, Salesforce Inc., SAP SE and SAS Institute Inc.

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Technology:

  • Machine Learning (ML) and Deep Learning
  • Natural Language Processing (NLP) 

Breakup by Organizations Size:

  • Large Enterprises
  • Small and Medium-sized Enterprises (SMEs)

Breakup by Vertical:

  • Banking, Financial, and Insurance (BFSI)
  • Healthcare and Life Sciences
  • Retail
  • Telecommunications
  • Government and Defense
  • Manufacturing
  • Energy
  • Others 

Regional Insights:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

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