HOME Top Market Reports 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

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

By: marketsandmarkets.com
Publishing Date: April 2018
Report Code: TC 6185

 

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[186 Pages Report] The Artificial Intelligence as a service market is expected to grow at a significant rate over the next 5 years, due to the need to reduce infrastructure costs and analyze large volumes of data to formulate various growth strategies. The growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and increasing number of innovative startups are some of the major factors that are expected to drive the AI as a service market.

The AI as a service market size was valued at USD 1.13 Billion in 2017 and is expected to be USD 10.88 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 48.2% during the forecast period. The base year considered for this study is 2017, and the forecast period is between 2018 and 2023.

The objective of the study is to define, describe, and forecast the global AI as a service market on the basis of service types (software tools and services), technologies (machine learning [ML] and deep learning, and natural language processing [NLP]), organization size (large enterprises and Small and Medium-sized Enterprises [SMEs]), verticals (manufacturing, healthcare and life sciences, Banking, Financial Services, and Insurance [BFSI], retail, government and defense, energy, telecommunication), and others (education, agriculture, transportation and media and entertainment), and regions. The report also aims at providing detailed information about the major factors, such as drivers, restraints, opportunities, and challenges, influencing the growth of the Artificial Intelligence as a service market.

The research methodology used to estimate and forecast the global AI as a service market size began with the capturing of data on the key vendors’ revenues through secondary research, annual reports, Institute of Electrical and Electronic Engineers (IEEE), Factiva, Bloomberg, and press releases. The vendor offerings were also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size from the revenues of the key market players. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key individuals, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of the primary participants is depicted in the figure below:

Artificial Intelligence as a Service Market

To know about the assumptions considered for the study, download the pdf brochure

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).

Target Audience

  • AI as a service software and platform providers
  • Venture capitalists and angel investors
  • Information Technology (IT) management directors/managers
  • Government organizations
  • Research organizations
  • Consultants/advisory firms
  •  IT governance directors/managers
  • AI system integrators
  • Managed Service Providers (MSPs)
  • Value-Added Resellers (VARs)

Scope of the Report

The research report segments the AI as a service market into the following segments:

By Service Type:

  • Software Tools
  • Services

By Software Tool:

  • Data Storage and Archiving
  • Modeler and Processing
  • Cloud and Web-Based Application Programming Interface (APIs)
  • Others (Model Validator, Decision Report/Predictor/Training, and Report Storage)

By Service:

  • Professional Services
  • Managed Services

By Technology:

  • Machine Learning (ML) and Deep Learning
  • Natural Language Processing (NLP)

By Organizations Size:

  • Large Enterprises
  • Small and Medium-sized Enterprises (SMEs)

By Vertical:

  • Banking, Financial, and Insurance (BFSI)
  • Healthcare and Life Sciences
  • Retail
  • Telecommunications
  • Government and defense
  • Manufacturing
  • Energy
  • Others (Education, Agriculture, Transportation, and Media and Entertainment)

By Region:

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Middle East and Africa (MEA)
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix which gives a detailed comparison of product portfolio of each company

Geographic Analysis

  • Further breakdown of the APAC AI as a service market
  • Further breakdown of the North American Artificial Intelligence as a service market
  • Further breakdown of the MEA market
  • Further breakdown of the European market
  • Further breakdown of the Latin American market

Company Information

  • Detailed analysis and profiling of additional market players (Up to 5)

Table of Contents

1 Introduction (Page No. - 20)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 24)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Research Assumptions
    2.4 Limitations

3 Executive Summary (Page No. - 30)

4 Premium Insights (Page No. - 35)
    4.1 Attractive Market Opportunities in the AI as a Service Market
    4.2 AI as a Service Market, By Vertical
    4.3 AI as a Service Market, By Region
    4.4 Market Investment Scenario

5 Market Overview and Industry Trends (Page No. - 38)
    5.1 Regulatory Implications
           5.1.1 Introduction
           5.1.2 Sarbanes-Oxley Act 2002
           5.1.3 General Data Protection Regulation
           5.1.4 Basel
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Growing Demand for AI-Powered Services in the Form of Api and Sdk
                    5.2.1.2 Growing Number of Innovative Startups
           5.2.2 Restraints
                    5.2.2.1 Lack of Skilled Employees
           5.2.3 Opportunities
                    5.2.3.1 Increasing Need for Intelligent Business Applications
                    5.2.3.2 Growing Demand for AI Service Integrators
           5.2.4 Challenges
                    5.2.4.1 Sensitivity Involved With Security of Data
    5.3 Use Cases
           5.3.1 Use Case: AI as a Service Solution to Enhance Customer Experience (Retail and Consumer Goods)
           5.3.2 Use Case: AI as a Service Solution to Achieve Efficiency Across Its Business Operations (Finance)
           5.3.3 Use Case: AI as a Service Solution to Enhance Customer Experience (Finance)

6 AI as a Service Market, By Technology (Page No. - 44)
    6.1 Introduction
    6.2 Machine Learning and Deep Learning
    6.3 Natural Language Processing

7 AI as a Service Market, By Organization Size (Page No. - 47)
    7.1 Introduction
    7.2 Small and Medium-Sized Enterprises
    7.3 Large Enterprises

8 AI as a Service Market, By Service Type (Page No. - 50)
    8.1 Introduction
    8.2 Software Tools
           8.2.1 Data Storage and Archiving
           8.2.2 Modeler and Processing
           8.2.3 Cloud and Web-Based Application Programming Interface
           8.2.4 Others
    8.3 Services
           8.3.1 Professional Services
           8.3.2 Managed Services

9 AI as a Service Market, By Vertical (Page No. - 56)
    9.1 Introduction
    9.2 Banking, Financial Services, and Insurance
           9.2.1 Fraud and Risk Management
           9.2.2 Customer Segmentation
           9.2.3 Sales and Marketing Campaign Management
           9.2.4 Investment Prediction
           9.2.5 Digital Assistance
           9.2.6 Others
    9.3 Healthcare and Life Sciences
           9.3.1 Disease Identification and Diagnosis
           9.3.2 Image Analytics
           9.3.3 Personalized Treatment
           9.3.4 Drug Discovery/Manufacturing
           9.3.5 Others
    9.4 Retail
           9.4.1 Recommendation Engines
           9.4.2 Upselling and Cross-Channel Marketing
           9.4.3 Segmentation and Targeting
           9.4.4 Others
    9.5 Telecommunication
           9.5.1 Customer Analytics
           9.5.2 Network Security
           9.5.3 Network Optimization
           9.5.4 Others
    9.6 Government and Defense
           9.6.1 Autonomous and Defense Systems
           9.6.2 Threat Intelligence
           9.6.3 Others
    9.7 Manufacturing
           9.7.1 Predictive Maintenance
           9.7.2 Revenue Estimation
           9.7.3 Demand Forecasting
           9.7.4 Supply Chain Management
           9.7.5 Others
    9.8 Energy
           9.8.1 Power/Energy Usage Analytics
           9.8.2 Seismic Data Processing
           9.8.3 Carbon Emission
           9.8.4 Smart Grid Management
           9.8.5 Others
    9.9 Others

10 AI as a Service Market, By Region (Page No. - 78)
     10.1 Introduction
     10.2 North America
             10.2.1 By Technology
             10.2.2 By Service Type
                        10.2.2.1 By Software Tool
                        10.2.2.2 By Service
             10.2.3 By Organization Size
             10.2.4 By Vertical
                        10.2.4.1 AI as a Service Application Trends in BFSI
                        10.2.4.2 AI as a Service Application Trends in Healthcare and Life Sciences
                        10.2.4.3 AI as a Service Application Trends in Retail
                        10.2.4.4 AI as a Service Application Trends in Telecommunication
                        10.2.4.5 AI as a Service Application Trends in Government and Defense
                        10.2.4.6 AI as a Service Application Trends in Manufacturing
                        10.2.4.7 AI as a Service Application Trends in Energy and Utilities
     10.3 Europe
             10.3.1 By Technology
             10.3.2 By Service Type
                        10.3.2.1 By Software Tool
                        10.3.2.2 By Service
             10.3.3 By Organization Size
             10.3.4 By Vertical
                        10.3.4.1 AI as a Service Application Trends in BFSI
                        10.3.4.2 AI as a Service Application Trends in Healthcare and Life Sciences
                        10.3.4.3 AI as a Service Application Trends in Retail
                        10.3.4.4 AI as a Service Application Trends in Telecommunication
                        10.3.4.5 AI as a Service Application Trends in Government and Defense
                        10.3.4.6 AI as a Service Application Trends in Manufacturing
                        10.3.4.7 AI as a Service Application Trends in Energy and Utilities
     10.4 Asia Pacific
             10.4.1 By Technology
             10.4.2 By Service Type
                        10.4.2.1 By Software Tool
                        10.4.2.2 By Service
             10.4.3 By Organization Size
             10.4.4 By Vertical
                        10.4.4.1 AI as a Service Application Trends in BFSI
                        10.4.4.2 AI as a Service Application Trends in Healthcare and Life Sciences
                        10.4.4.3 AI as a Service Application Trends in Retail
                        10.4.4.4 AI as a Service Application Trends in Telecommunication
                        10.4.4.5 AI as a Service Application Trends in Government and Defense
                        10.4.4.6 AI as a Service Application Trends in Manufacturing
                        10.4.4.7 AI as a Service Application Trends in Energy and Utilities
     10.5 Middle East and Africa
             10.5.1 By Technology
             10.5.2 By Service Type
                        10.5.2.1 By Software Tool
                        10.5.2.2 By Service
             10.5.3 By Organization Size
             10.5.4 By Vertical
                        10.5.4.1 AI as a Service Application Trends in BFSI
                        10.5.4.2 AI as a Service Application Trends in Healthcare and Life Sciences
                        10.5.4.3 AI as a Service Application Trends in Retail
                        10.5.4.4 AI as a Service Application Trends in Telecommunication
                        10.5.4.5 AI as a Service Application Trends in Government and Defense
                        10.5.4.6 AI as a Service Application Trends in Manufacturing
                        10.5.4.7 AI as a Service Application Trends in Energy and Utilities
     10.6 Latin America
             10.6.1 By Technology
             10.6.2 By Service Type
                        10.6.2.1 By Software Tool
                        10.6.2.2 By Service
             10.6.3 By Organization Size
             10.6.4 By Vertical
                        10.6.4.1 AI as a Service Application Trends in BFSI
                        10.6.4.2 AI as a Service Application Trends in Healthcare and Life Sciences
                        10.6.4.3 AI as a Service Application Trends in Retail
                        10.6.4.4 AI as a Service Application Trends in Telecommunication
                        10.6.4.5 AI as a Service Application Trends in Government and Defense
                        10.6.4.6 AI as a Service Application Trends in Manufacturing
                        10.6.4.7 AI as a Service Application Trends in Energy and Utilities

11 Competitive Landscape (Page No. - 122)
     11.1 Overview
     11.2 Top Players Operating in the AI as Service Market
     11.3 Competitive Scenario
             11.3.1 New Product Launches and Product Enhancements
             11.3.2 Partnerships, Collaborations, and Agreements
             11.3.3 Mergers and Acquisitions
             11.3.4 Business Expansions

12 Company Profiles (Page No. - 131)
     12.1 Introduction
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
     12.2 IBM
     12.3 Google
     12.4 Amazon Web Services
     12.5 Microsoft
     12.6 Salesforce
     12.7 FICO
     12.8 SAS Institute
     12.9 Baidu
     12.10 Intel
     12.11 SAP
     12.12 IRIS AI
     12.13 Bigml
     12.14 H2o.AI
     12.15 Absolutdata
     12.16 Fuzzy.AI
     12.17 Vital AI
     12.18 Rainbird Technologies
     12.19 Craft.AI
     12.20 Sift Science
     12.21 Mighty.AI
     12.22 Cognitive Scale
     12.23 Centurysoft
     12.24 Yottamine Analytics
     12.25 Datarobot
     12.26 Meya.AI

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.

13 Appendix (Page No. - 178)
     13.1 Discussion Guide
     13.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.3 Introducing RT: Real-Time Market Intelligence
     13.4 Available Customizations
     13.5 Related Reports
     13.6 Author Details


List of Tables (98 Tables)

Table 1 United States Dollar Exchange Rate, 2015–2017
Table 2 Global AI as a Service Market Size and Growth Rate, 2016–2023 (USD Million, Y-O-Y %)
Table 3 Total Amount Invested in the AI Startups During 2010–2015 (Worldwide)
Table 4 Data Traffic Worldwide, 2016–2023 (Exabytes/Month)
Table 5 AI as a Service Market Size, By Technology, 2016–2023 (USD Million)
Table 6 AI as a Service Market Size, By Organization Size, 2016–2023 (USD Million)
Table 7 AI as a Service Market Size, By Service Type, 2016–2023 (USD Million)
Table 8 AI as a Service Market Size, By Software Tool, 2016–2023 (USD Million)
Table 9 AI as a Service Market Size, By Service, 2016–2023 (USD Million)
Table 10 AI as a Service Market Size, By Vertical, 2016–2023 (USD Million)
Table 11 Banking, Financial Services, and Insurance Market Size, By Application, 2016–2023 (USD Million)
Table 12 Healthcare and Life Sciences Market Size, By Application, 2016–2023 (USD Million)
Table 13 Retail Market Size, By Application, 2016–2023 (USD Million)
Table 14 Telecommunication Market Size, By Application, 2016–2023 (USD Million)
Table 15 Government and Defense Market Size, By Application, 2016–2023 (USD Million)
Table 16 Manufacturing Market Size, By Application, 2016–2023 (USD Million)
Table 17 Energy Market Size, By Application, 2016–2023 (USD Million)
Table 18 AI as a Service Market Size, By Region, 2016–2023 (USD Million)
Table 19 North America: AI as a Service Market Size, By Technology, 2016–2023 (USD Million)
Table 20 North America: AI as a Service Market Size, By Service Type, 2016–2023 (USD Million)
Table 21 North America: AI as a Service Market Size, By Software Tool, 2016–2023 (USD Million)
Table 22 North America: AI as a Service Market Size, By Service, 2016–2023 (USD Million)
Table 23 North America: AI as a Service Market Size, By Organization Size, 2016–2023 (USD Million)
Table 24 North America: AI as a Service Market Size, By Vertical, 2016–2023 (USD Million)
Table 25 Data Traffic in North America, 2016–2022 (Petabytes/Month)
Table 26 North America: BFSI Market Size, By Application, 2016–2023 (USD Million)
Table 27 Major Fintech Companies in North America Using Machine Learning
Table 28 North America: Healthcare and Life Sciences Market Size, By Application, 2016–2023 (USD Million)
Table 29 North America: Retail Market Size, By Application, 2016–2023 (USD Million)
Table 30 North America: Telecommunication Market Size, By Application, 2016–2023 (USD Million)
Table 31 North America: Government and Defense Market Size, By Application, 2016–2023 (USD Million)
Table 32 List of Total Investments in the Defense Sector in North America, By Country, 2017 (USD Billion)
Table 33 North America: Manufacturing Market Size, By Application, 2016–2023 (USD Million)
Table 34 North America: Energy and Utilities Market Size, By Application, 2016–2023 (USD Million)
Table 35 Europe: AI as a Service Market Size, By Technology, 2016–2023 (USD Million)
Table 36 Europe: AI as a Service Market Size, By Service Type, 2016–2023 (USD Million)
Table 37 Europe: AI as a Service Market Size, By Software Tool, 2016–2023 (USD Million)
Table 38 Europe: AI as a Service Market Size, By Service, 2016–2023 (USD Million)
Table 39 Europe: AI as a Service Market Size, By Organization Size, 2016–2023 (USD Million)
Table 40 Europe: AI as a Service Market Size, By Vertical, 2016–2023 (USD Million)
Table 41 Data Traffic in Europe, 2016–2022 (Petabytes/Month)
Table 42 Europe: BFSI Market Size, By Application, 2016–2023 (USD Million)
Table 43 Europe: Healthcare and Life Sciences Market Size, By Application, 2016–2023 (USD Million)
Table 44 Europe: Retail Market Size, By Application, 2016–2023 (USD Million)
Table 45 Europe: Telecommunication Market Size, By Application, 2016–2023 (USD Million)
Table 46 Europe: Government and Defense Market Size, By Application, 2016–2023 (USD Million)
Table 47 List of Total Investments in the Defense Sector in Europe, By Major Country, 2017
Table 48 Europe: Manufacturing Market Size, By Application, 2016–2023 (USD Million)
Table 49 Europe: Energy and Utilities Market Size, By Application, 2016–2023 (USD Million)
Table 50 Asia Pacific: AI as a Service Market Size, By Technology, 2016–2023 (USD Million)
Table 51 Asia Pacific: AI as a Service Market Size, By Service Type, 2016–2023 (USD Million)
Table 52 Asia Pacific: AI as a Service Market Size, By Software Tool, 2016–2023 (USD Million)
Table 53 Asia Pacific: AI as a Service Market Size, By Service, 2016–2023 (USD Million)
Table 54 Asia Pacific: AI as a Service Market Size, By Organization Size, 2016–2023 (USD Million)
Table 55 Asia Pacific: AI as a Service Market Size, By Vertical, 2016–2023 (USD Million)
Table 56 Data Traffic in Asia Pacific, 2016–2022 (Petabytes/Month)
Table 57 Asia Pacific: BFSI Market Size, By Application, 2016–2023 (USD Million)
Table 58 Asia Pacific: Healthcare and Life Sciences Market Size, By Application, 2016–2023 (USD Million)
Table 59 Asia Pacific: Retail Market Size, By Application, 2016–2023 (USD Million)
Table 60 Asia Pacific: Telecommunication Market Size, By Application, 2016–2023 (USD Million)
Table 61 Asia Pacific: Government and Defense Market Size, By Application, 2016–2023 (USD Million)
Table 62 List of Total Investments in Defense Sector in Asia Pacific, By Major Country, 2017 (USD Billion)
Table 63 Asia Pacific: Manufacturing Market Size, By Application, 2016–2023 (USD Million)
Table 64 Asia Pacific: Energy and Utilities Market Size, By Application, 2016–2023 (USD Million)
Table 65 Middle East and Africa: AI as a Service Market Size, By Technology, 2016–2023 (USD Million)
Table 66 Middle East and Africa: AI as a Service Market Size, By Service Type, 2016–2023 (USD Million)
Table 67 Middle East and Africa: AI as a Service Market Size, By Software Tool, 2016–2023 (USD Million)
Table 68 Middle East and Africa: AI as a Service Market Size, By Service, 2016–2023 (USD Million)
Table 69 Middle East and Africa: AI as a Service Market Size, By Organization Size, 2016–2023 (USD Million)
Table 70 Middle East and Africa: AI as a Service Market Size, By Vertical, 2016–2023 (USD Million)
Table 71 Data Traffic in Middle East and Africa, 2016–2022 (Petabytes/Month)
Table 72 Middle East and Africa: BFSI Market Size, By Application, 2016–2023 (USD Million)
Table 73 Middle East and Africa: Healthcare and Life Sciences Market Size, By Application, 2016–2023 (USD Million)
Table 74 Middle East and Africa: Retail Market Size, By Application, 2016–2023 (USD Million)
Table 75 Middle East and Africa: Telecommunication Market Size, By Application, 2016–2023 (USD Million)
Table 76 Middle East and Africa: Government and Defense Market Size, By Application, 2016–2023 (USD Million)
Table 77 Investments in the Defense Sector in Middle East and Africa, By Major Country, 2017 (USD Billion)
Table 78 Middle East and Africa: Manufacturing Market Size, By Application, 2016–2023 (USD Million)
Table 79 Middle East and Africa: Energy and Utilities Market Size, By Application, 2016–2023 (USD Million)
Table 80 Latin America: AI as a Service Market Size, By Technology, 2016–2023 (USD Million)
Table 81 Latin America: AI as a Service Market Size, By Service Type, 2016–2023 (USD Million)
Table 82 Latin America: AI as a Service Market Size, By Software Tool, 2016–2023 (USD Million)
Table 83 Latin America: AI as a Service Market Size, By Service, 2016–2023 (USD Million)
Table 84 Latin America: AI as a Service Market Size, By Organization Size, 2016–2023 (USD Million)
Table 85 Latin America: AI as a Service Market Size, By Vertical, 2016–2023 (USD Million)
Table 86 Data Traffic in Latin America, 2016–2022 (Petabytes/Month)
Table 87 Latin America: BFSI Market Size, By Application, 2016–2023 (USD Million)
Table 88 Latin America: Healthcare and Life Sciences Market Size, By Application, 2016–2023 (USD Million)
Table 89 Latin America: Retail Market Size, By Application, 2016–2023 (USD Million)
Table 90 Latin America: Telecommunication Market Size, By Application, 2016–2023 (USD Million)
Table 91 Latin America: Government and Defense Market Size, By Application, 2016–2023 (USD Million)
Table 92 Total Investments in the Defense Sector in Latin America, By Major Country, 2017 (USD Billion)
Table 93 Latin America: Manufacturing Market Size, By Application, 2016–2023 (USD Million)
Table 94 Latin America: Energy and Utilities Market Size, By Application, 2016–2023 (USD Million)
Table 95 New Product/Service Launches and Product Enhancements, 2015–2018
Table 96 Partnerships, Collaborations, and Agreements, 2017–2018
Table 97 Mergers and Acquisitions, 2015–2018
Table 98 Business Expansions, 2016


List of Figures (53 Figures)

Figure 1 AI as a Service Market: Market Segmentation
Figure 2 AI as a Service Market: Research Design
Figure 3 Breakdown of Primary Interviews: By Company Type, Designation Level, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 AI as a Service Market: Assumptions
Figure 8 AI as a Service Market Snapshot, By Service Type (2018 vs 2023)
Figure 9 AI as a Service Market Snapshot, By Software Tool (2018 vs 2023)
Figure 10 AI as a Service Market Snapshot, By Service
Figure 11 AI as a Service Market Snapshot, By Technology
Figure 12 AI as a Service Market Snapshot, By Organization Size
Figure 13 AI as a Service Market Snapshot, By Vertical
Figure 14 AI as a Service Market: Regional Snapshot
Figure 15 Growing Number of Innovative Startups is Expected to Drive the Growth of the AI as a Service Market During the Forecast Period
Figure 16 Healthcare and Life Sciences Vertical is Expected to Have the Highest CAGR During the Forecast Period
Figure 17 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 18 Asia Pacific is Expected to Be the Best Market for Investments in the Next 5 Years
Figure 19 AI as a Service Market: Drivers, Restraints, Opportunities, and Challenges
Figure 20 Natural Language Processing Technology is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 21 Small and Medium-Sized Enterprises Segment is Expected to Exhibit A Higher CAGR During the Forecast Period
Figure 22 Services Segment is Expected to Exhibit A Higher CAGR During the Forecast Period
Figure 23 Cloud and Web-Based Application Programming Interface Segment is Expected to Exhibit the Highest CAGR During the Forecast Period
Figure 24 Managed Services Segment is Expected to Exhibit A Higher CAGR During the Forecast Period
Figure 25 Healthcare and Life Sciences Vertical is Expected to Exhibit the Highest CAGR During the Forecast Period
Figure 26 Digital Assistance Application is Expected to Exhibit the Highest CAGR During the Forecast Period
Figure 27 Personalized Treatment Application is Expected to Exhibit the Highest CAGR During the Forecast Period
Figure 28 Recommendation Engines Application is Expected to Exhibit the Highest CAGR During the Forecast Period
Figure 29 Network Optimization Application is Expected to Exhibit the Highest CAGR During the Forecast Period
Figure 30 Threat Intelligence Application is Expected to Exhibit the Highest CAGR During the Forecast Period
Figure 31 Predictive Maintenance Application is Expected to Exhibit the Highest CAGR During the Forecast Period
Figure 32 Smart Grid Management Application is Expected to Exhibit the Highest CAGR During the Forecast Period
Figure 33 North America is Expected to Hold the Largest Market Size in the Global AI as a Service Market During the Forecast Period
Figure 34 Asia Pacific is Expected to Grow at the Highest CAGR in the AI as a Service Market During the Forecast Period
Figure 35 North America: Market Snapshot
Figure 36 Asia Pacific: Market Snapshot
Figure 37 Growth Strategies Adopted By the Key Players During 2016–2018
Figure 38 Geographic Revenue Mix of Market Players
Figure 39 IBM: Company Snapshot
Figure 40 IBM: SWOT Analysis
Figure 41 Google: Company Snapshot
Figure 42 Google: SWOT Analysis
Figure 43 AWS: Company Snapshot
Figure 44 AWS: SWOT Analysis
Figure 45 Microsoft: Company Snapshot
Figure 46 Microsoft: SWOT Analysis
Figure 47 Salesforce: Company Snapshot
Figure 48 Salesforce: SWOT Analysis
Figure 49 FICO: Company Snapshot
Figure 50 SAS Institute: Company Snapshot
Figure 51 Baidu: Company Snapshot
Figure 52 Intel: Company Snapshot
Figure 53 SAP: Company Snapshot

The global Artificial Intelligence as a service market 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 major factors that are expected to drive the AI as a service market are the growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and growing number of innovative startups.

Among services, the software tools services segment is expected to hold the larger market size during the forecast period. Software tools play an important role in finding hidden patterns in data and data sets to predict outcomes from the large volume of data. Various verticals such as retail, healthcare and life sciences, and Banking, Financial Services, and Insurance (BFSI) are integrating these tools with their existing business applications to analyze large volumes of data and generate data patterns. Moreover, software tools assist in formulating various business strategies and making business-critical decisions.

Among technologies, the machine learning and deep learning technology segment is expected to hold the larger market size, whereas the natural language processing technology is expected to grow at a higher CAGR during the forecast period. The natural language processing technology is capable of understanding user behaviors, which is why it helps in delivering enhanced customer experience.

The large enterprises segment is expected to hold the larger market size, whereas Small and Medium-sized Enterprises (SMEs) are expected to grow at a higher CAGR during the forecast period. AI services offer these organizations AI-powered capabilities, with fewer investments in infrastructure and maintenance.

For verticals, the BFSI vertical is expected to be the highest contributor to the market size of the AI as a service market. Whereas the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. Both verticals are adopting AI as a service to analyze large volumes of data generated from various business processes. AI as a service also help these verticals formulate various growth strategies. The other verticals such as retail, telecommunication, government and defense, manufacturing, energy, and others (Agriculture, Media and Entertainment, and Transportation) are expected to contribute significantly to the growth of the AI as a Service market, due to the increasing need for real-time data, reducing infrastructure costs, accelerating time to market, and improving business process time.

Artificial Intelligence as a Service Market

The global AI as a service market has been segmented on the basis of major geographic regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to be the largest revenue-generating region, due to technological advancements, coupled with the increasing need for intelligent business processes and the rising adoption of digital technologies. Moreover, AI solution providers are focusing on innovation and the development of AI technologies, which can be offered as a service. APAC is expected to be the fastest-growing region in the Artificial Intelligence as a service market. The growing awareness of AI as a service among various verticals and generation of the massive amount of data, due to the increasing use of digital technologies are expected to make APAC a high potential market for growth.

AI as a service is used by various verticals to analyze large volumes of data for streamlining their business processes. However, access to data becomes critical, as there are various rules and regulations imposed by government authorities across different regions. Hence, sensitivity involved in accessing data may pose a challenge for the growth of the AI as a service market. However, the increasing need of organizations to sustain in a competitive world is creating the demand for AI as a service, which in turn, is expected to drive the Artificial Intelligence as a service market growth.

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).

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