Overview

Artificial Intelligence as a Service Market Introduction

Artificial intelligence as a service market is estimated to value over USD 12 billion by 2027 end and grow at a CAGR of over 48% during the forecast period 2020 to 2027.

Inculcation of technologies like deep learning, machine learning in optimizing workflow has significantly transformed businesses worldwide. AI has simplified business operations through effective database management. However, instead of hiring high-skilled professionals for handling such advanced technologies, companies are outsourcing AI-based services from third-party vendors as it is less expensive than in-house development.

The global market segmented on the basis of technology, organization size, vertical, service type and region.

Technology-wise the market is categorised into natural language processing, machine learning and deep learning. Machine learning segment has the potential to showcase significant market growth owing to its characteristic of automatically learning and improving based on the inputs from the user. This feature is useful for industries in enhancing the consumer experience without getting into the complexities of coding that need to be monitored constantly.

Based on the vertical, the market is fragmented into BFSI, healthcare, energy, IT and telecommunication.

Depending on the size of the organization, the market is categorised as small and medium enterprise (SME) and large enterprise. The large enterprise segment dominated the market in 2017 due to an increased demand for AI technology in different end-user industries and it is expected to witness similar market proliferation during the forecast period.
North American region dominates the global market owing to the presence of tech giants like Google, Microsoft, Amazon in the region. Furthermore, the region has a solid IT infrastructure where AI-based services can be effectively implemented which solidifies the market position of the region.

Market Segmentation:
By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Rest of the World

By Technology
• Natural language Processing
• Machine Learning
• Deep Learning

By Organization Size
• Small and Medium Enterprise (SME)
• Large Enterprise

By Vertical
• BFSI
• IT
• Telecommunication
• Healthcare
• Energy

By Service Type
• Software Tools
• Services

Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants

Key Market Players:
• IBM Corp.
• Google Inc.
• Amazon
• Microsoft Corp.
• Intel Inc.
• SAP

FutureWise Key Takeaways:
• Major BFSI and telecom companies are rapidly adopting cloud-based solutions which shall increase the demand for AI-based services
• Multiple tech start-ups, who provide AI-based services, are being established all across the world which is an integral factor responsible for the rapid augmentation of the market

Objectives of the Study:
• To provide with an exhaustive analysis on the artificial intelligence as a service market by region, by technology, by organization size, by vertical, by service type
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions