Market Research
Artificial Intelligence as a Service Market To Reach USD 229.6 Billion By 2032 | DataHorizzon Research
By GlobeNewswire
Share
The artificial intelligence as a service market size was valued at USD 16.2 Billion in 2023 and is expected to reach a market size of USD 229.6 Billion by 2032 at a CAGR of 34.3%.
Fort Collins, Colorado, April 17, 2024 (GLOBE NEWSWIRE) --
The growing demand for cloud computing is projected to drive artificial intelligence as a service market.
The artificial intelligence as a service (AIaaS) market is witnessing a consistent demand and expansion, propelled by heightened awareness, accessibility, and training of AI-driven solutions across diverse industries. Key drivers behind market growth include the rise in uptake of cloud computing and the necessity for economical AI solutions. Additionally, the proliferation of extensive datasets and advancements in machine learning algorithms facilitate the creation of increasingly sophisticated AI applications, further amplifying the demand for AIaaS.
Technological breakthroughs in natural language processing (NLP), computer vision, and deep learning are driving the integration of AIaaS across various sectors. These investments have yielded notable enhancements in AI capabilities, rendering it more attainable and cost-efficient for enterprises to incorporate AI into their workflows. Furthermore, the expanding availability of pre-trained AI models and application programming interfaces (APIs) empowers developers to expedite the creation of AI-driven applications, thereby catalyzing the growth trajectory of the AIaaS market.
Segmentation Overview:
The artificial intelligence as a service market has been segmented into offering, deployment mode, technology, organization size, end-use, and region.
IT & Telecom sector accounts for a significant market share in 2023
- Based on end-use, the market is segmented into BFSI, retail, manufacturing, healthcare, IT & telecom, and others. IT & Telecom sector holds a significant share of the end-use segment of the artificial intelligence as a service market. This can be attributed to the increasing adoption of AI technologies in the telecommunications industry for network optimization, predictive maintenance, and customer service automation. Additionally, the IT sector heavily relies on AI for various applications such as cybersecurity, data analytics, and software development, further contributing to the dominance of the IT & Telecom sector.
SaaS offerings will boost during the forecast period.
- Based on offering, the market is segmented into Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). Software as a Service (SaaS) holds a significant share of the artificial intelligence offering segment in the service market. SaaS offerings provide ready-to-use AI applications and tools that can be easily integrated into existing systems, making them more accessible and cost-effective for businesses.
Artificial Intelligence as a Service Market Report Highlights:
- The artificial intelligence as a service market growth is anticipated at a CAGR of 34.3% by 2032.
- Rising demand for artificial intelligence-powered solutions and technological advancements drive the market.
- Asia-Pacific is projected to be the fastest-growing market for artificial intelligence as a service industry. Rise in adoption of AI, and digitalization of business is expected to pivot in the coming years.
- Some prominent players in the artificial intelligence as a service market report include Google Cloud, Amazon Web Services (AWS), Microsoft Azure, IBM Watson, Salesforce Einstein, Oracle AI, H2O.ai, Dataiku, DataRobot, Alteryx, Petuum, C3.ai., and others.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
Contact:
Mail: sales@datahorizzonresearch.com
Ph: +1-970-672-0390
Website: https://datahorizzonresearch.com/
Follow Us: LinkedIn
Recent Publications
North America Smart Parking System Market
Multi-factor Authentication Market
Mobile Virtual Network Operator Market
CONTACT: Mail: sales@datahorizzonresearch.com
Ph: +1-970-672-0390
Website: https://www.datahorizzonresearch.com
First published on Wed, Apr 17, 2024
Enjoyed what you read? Great news – there’s a lot more to explore!
Dive into our content repository of the latest tech news, a diverse range of articles spanning introductory guides, product reviews, trends and more, along with engaging interviews, up-to-date AI blogs and hilarious tech memes!
Also explore our collection of branded insights via informative white papers, enlightening case studies, in-depth reports, educational videos and exciting events and webinars from leading global brands.
Head to the TechDogs homepage to Know Your World of technology today!
Disclaimer - Reference to any specific product, software or entity does not constitute an endorsement or recommendation by TechDogs nor should any data or content published be relied upon. The views expressed by TechDogs' members and guests are their own and their appearance on our site does not imply an endorsement of them or any entity they represent. Views and opinions expressed by TechDogs' Authors are those of the Authors and do not necessarily reflect the view of TechDogs or any of its officials. All information / content found on TechDogs' site may not necessarily be reviewed by individuals with the expertise to validate its completeness, accuracy and reliability.
Tags:
- Promoted By TechDogs -
Related Content on Market Research
Related News on Market Research
Join The Discussion