Artificial Intelligence as a Service Market set to Grow More Than $14 Billion

By 2023, the Artificial Intelligence as a Service (AIaaS) market is expected to grow to US$14.596 billion at a CAGR of 40.38% over the forecast period, according to the latest report titled "Artificial Intelligence as a Service (AIaaS) Market - Forecasts From 2018 to 2023" from ResearchAndMarkets.com.

The same market was valued at US$1.907 billion in 2017. Artificial Intelligence as a Service (AIaaS) is the outsourcing of AI services to/from the third party.

Enterprise needs to have a bulk of investments into Artificial Intelligence before its adoption across enterprises. This has slowed down the overall AI adoption. However, major technology players across the world have invested in Artificial Intelligence technologies to provide Artificial Intelligence as a Service (AIaaS) at cost effective prices. Thus Artificial Intelligence as a Service enabled people and organizations in boosting their AI adoption across the industry but without initial high investments for installation and with low risk.

Most of the enterprises are looking forward to leveraging AI-powered software tools for data analysis processes and create their growth strategies. Cloud-based API can help analyze data and their integrations can lead to new application features e.g. customer sentiment analysis, recommendation systems, and spam detections etc.

Major technology players in Artificial Intelligence as a Service (AIaaS) market are Amazon Web Services (AWS), Microsoft, Google Cloud, IBM, Oracle, BMC, Salesforce, Intel, Baidu, and Apple.

The growth in Artificial Intelligence as a Service (AIaaS) market is generally driven by,

• Continuous advancements in the field of artificial intelligence, 
• Growing demand for AI service integrators and 
• Enterprise interest in intelligent business applications, demand for improvements in internal processes and formulating enterprise growth strategies

Based on industry verticals, the report categorized the market into Banking, financial services and insurance (BFSI), Retail, Communication and Technology, Healthcare, Manufacturing, and others. The technology market segment is divided into Bots and digital assistance, Cognitive computing APIs, Machine learning frameworks, Fully-managed machine learning services

Availability of a good number of vendors offering Artificial Intelligence as a Service at affordable prices is boosting the adoption of these services, thus boosting the growth of this market, the report said.

The detailed report is available for download here.