Artificial Intelligence (AI) as a service offers organizations the ability to take advantages of various AI capabilities that can be easily integrated with their existing business applications. AI as a service deployed in the cloud offers various benefits, such as real-time availability of data, reduced operational cost, and higher scalability, to organizations. MarketsandMarkets forecasts the AI as a service market size 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-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. Furthermore, the increasing need for intelligent business applications and growing demand for AI service integrators are expected to provide growth opportunities for the market.
Major vendors in the global AI as a service market include IBM (US), SAP SE (Germany), Google (US), Amazon Web Services, Inc. (AWS, US), Salesforce (US), Intel (US), Baidu, Inc (China), Fair Isaac Corporation (FICO, US), SAS Institute (US), and BigML (US). New services launch, and partnerships are the key growth strategies adopted by these market players for offering AI-powered services to their customers, and to penetrate deeper in the untapped regions.
Google is one of the leading vendors that offer AI as a service to various verticals. The company follows the organic growth strategy of new solution launches. These solutions are offered as a service to strengthen its AI solutions and services portfolio. For instance, in January 2018, the company launched a solution known as Cloud AutoML. This solution aids developers to easily integrate AI capabilities with their business applications. Moreover, Google also made enhancements to its service known as Google Cloud Speech API. These enhancements would increase the Google’s language support for Google Cloud Speech API, which in turn, would help its customers incorporate the AI technology into their businesses.
Another market-leading company, Microsoft Corporation adopted the organic growth strategy of enhancements in its AI-powered services to gain a competitive position in the AI as a service market. For instance, in March 2018, Microsoft enhanced its cognitive services portfolio that includes enhancement to its AI-powered vision and search services. Apart from that, in September 2017, the company made enhancements to its AI-developed platforms. These enhancements cover AI-powered solutions and services, such as Azure Machine Learning (AML), Cognitive Services, and Visual Studio tools for AI.
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
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