Triton Market Research presents the Global Artificial Intelligence as a Service Market report segmented by Industry Verticals (BFSI, IT & Telecom, Retail, Manufacturing, Public Sector, Energy Utilities, Healthcare, Other), Technology (Machine Learning, Computer Vision, Natural Language Processing, Other), Organization Size (Small & Medium Enterprise, Large Enterprise), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), discussing Market Definition, Key Insights, Evolution & Transition of AIaaS, Drivers, Restraints, Porter’s Five Forces Analysis, Vendor Scorecard, Market Attractiveness Index, Global Market Size, Forecasts & Analysis (2019-2027).
As per a Triton Market Research report, the Global Artificial Intelligence as a Service Market is progressing at a CAGR of 40.75% during the forecast period (2019-2027). Artificial intelligence is the technology that enables computing systems to imitate the thought process of humans to perform their tasks with the same or better efficiency. However, implementing these systems requires a large amount of investment. This restrains several companies that want to implement AI, but cannot afford these systems. For such cases, there are IT consulting businesses that provide AI to such clients for a fee. Offering AI services to clients as a third party is called ‘Artificial Intelligence as a Service.’
Opting for AIaaS is beneficial for companies as they can avail of this technology at lesser costs. Moreover, cloud computing technology is growing at a rapid rate. Artificial intelligence and cloud computing technologies complement each other. Thus, the growth in the adoption of cloud computing is helping in the growth of the AIaaS market. Despite its numerous benefits, there is little awareness of AI as a Service. Besides, there is a shortage of professionals working in this space, which creates some hurdles in the development of this market.
North America currently holds the largest share of global Artificial Intelligence as a Service market, and is expected to account for the largest market share in 2027 as well. The region is one of the largest markets for cognitive computing, which is attributable to its strong IT infrastructure and the presence of several large industries. The favorable regulations by the government pertaining to data security are expected to be one of the major market drivers. Additionally, the presence of prominent industry leaders, such as IBM, Google, Microsoft, Amazon Web Services, and others, has fueled the demand for the AIaaS market further.
Absolutdata, Amazon Web Services Inc, Apple Inc, Google, Salesforce.com inc, SAP SE, Intel Corporation, Microsoft, Centurysoft.com, and DataRobot Inc are the eminent names in the global Artificial Intelligence as a Service market. Major companies such as Microsoft, Google, IBM, Intel and Stryker dominate this market, accounting for around 64% of the market share. These companies are invested in research and development so as to better and cost-effective services to their consumers. On the other hand, the newer ones are engaged in developing mobile-based apps and their cloud computing capabilities in order to support the AIaaS infrastructure. Players in this industry are competing with each other by offering the same features and similar prices or advanced features at competitive prices. These industry players are focusing on new product development, mergers and collaborative R&D activities with medical institutes so they can serve the consumer more efficiently, which will help them sustain and strengthen their respective positions in the global AIaaS market.
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