Artificial Intelligence (AI) as a Service Market worth USD 10.88 Billion in 2024

Posted on 2021-10-25 by MarketsandMarkets in Technology, Telecommunications // 0 Comments

According to research report “Artificial Intelligence as a Service Market by Service Type (Software Tools and Services), Technology (Machine Learning and Deep Learning, and Natural Language Processing), Organization Size, Vertical, and Region – Global Forecast 2023”, The AI as a service market size is expected to grow from USD 1.52 Billion in 2018 to USD 10.88 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 48.2% during the forecast period.

The growing demand for AI as a service in the form of Application Programming Interface (API) and Software Development Kit (SDK) and growing number of innovative startups are some of the major factors that are expected to drive the AI as a service market. Furthermore, the increasing need for intelligent business applications and growing demand for AI service integrators are expected to provide growth opportunities for the market.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=121842268

The cloud and web-based API segment is expected to grow at the highest rate during the forecast period.

Various verticals are focusing on the integration of AI-powered software tools to carry out their data analysis processes and formulate their growth strategies. Cloud-based APIs are playing a crucial role in helping businesses speed up their existing applications. Moreover, the cloud and web-based API software can analyze data and add several application features, such as customer sentiment analysis, spam detections, and recommendation systems.

The natural language processing technology is expected to witness significant growth during the forecast period.

In the AI as a service market the demand for the natural language processing technology is growing, as it helps understand customer behaviors and interpret the human languages, such as text, speech, and sentiment analysis. Hence, the use of the natural language processing technology in various AI-powered service offerings, such as chatbots is growing. Chatbot services are becoming popular, as they can quickly respond to customer queries, thereby helping them reduce their waiting time. As a result, the use of the natural language processing technology is expected to grow, due to the increasing need to attract new as well as old customers..

Get sample of report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=121842268

North America is expected to hold the largest market size during the forecast period.

North America is expected to continue to dominate the market in terms of market size during the forecast period. North America, among all regions, has shown the maximum adoption of AI as a service. The growing technological advancements, increasing need for intelligent business processes, and rising adoption of digital technologies across the North American region are expected to fuel the growth of the AI as a service market.

Major vendors in the global AI as a service market include International Business Machines Corporation (IBM, US), SAP SE (Germany), Google (US), Amazon Web Service, Inc. (AWS, US), Salesforce (US), Intel (US), Baidu, Inc. (China), Fair Isaac Corporation (FICO, US), SAS Institute (US), and BigML (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Matched content

Editor’s pick