Artificial Intelligence (AI) as a Service Market Scope and Growing Demands 2020 | Key Players IBM, Microsoft, Amazon, Google, FICO, SAS Institute, IRIS AI

The Global Artificial Intelligence (AI) As A Service Market is forecast to reach USD 33.07 Billion by 2026, according to a new report by Reports and Data. Artificial Intelligence (AI) as a service market is considered to be a highly lucrative market in the upcoming years. During the forecast period, the market is observed to experience considerable growth. The major factors promoting the growth of the market is the drastic rise in the adoption of cloud-based solutions and the hiked demand for AI market. The increased adoption of cloud-based solutions makes the incorporation of Artificial Intelligence (AI) services easy and effective. The cloud technology provides with required information and support for AI learning process, which positively impacts the growth of the market. In various end-user industries, there has been an elevated demand for cognitive computing, which also acts as a driving factor for the expansion of the market.

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Companies considered and profiled in this market study

IBM, Microsoft, Amazon, Google, FICO, SAS Institute, IRIS AI, Salesforce, Mighty.AI, and Craft.AI.

In addition to the factor mentioned above, one of the mentionable traits of AI is the ability and support it provides to machines to react, act, learn, and think like human beings. As a result of the mentioned characteristics, it turns out to be an effective decision making and data analytics tool that helps in deciding based on past data and identified patterns. It is the mentioned traits of AI, which has resulted in it's increase in different industries that have a positive impact on the growth of the market.

For the purpose of this report, Reports and Data have segmented the global Computer Vision System market according to Service type, Technologies, Organizational size, Deployment mode, End-user, End-user ownership, Application, and Region:

Service type Outlook (Revenue, USD Billion; 2020-2026)
Services
Managed Services
Professional Services
Software Tools
Web-Based and Cloud Application Programming Interface
Processing and Modeler
Archiving and Data Storage
Others

Technologies type Outlook (Revenue, USD Billion; 2020-2026)
Machine Learning and Deep Learning
Natural Language Processing
Computer Vision
Others

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Organizational size type Outlook (Revenue, USD Billion; 2020-2026)
Large Enterprises
Small and Medium-Sized Enterprises

Deployment mode type Outlook (Revenue, USD Billion; 2020-2026)
On-premises
Cloud

End-user type Outlook (Revenue, USD Billion; 2020-2026)
Healthcare and Life Sciences
Banking, Financial Services, and Insurance
Telecommunication
Retail
Manufacturing
Government and Defense
Energy
Others

End-user ownership type Outlook (Revenue, USD Billion; 2020-2026)
Public
Private

Application Type Outlook (Revenue, USD Billion; 2020-2026)
Fraud Detection
Data Analytics & Visualization
Customer Service and management
Risk Management
Compliance & Security
Others

Regional Outlook (Revenue, USD Billion; 2020-2026)
North America
Europe
Asia Pacific
MEA
Latin America

Further key findings from the report suggest

1. Artificial Intelligence (AI) as a service market held a market share of USD 2.38 Billion in the year 2018, with a growth rate of 45.6% during the forecast period.

2. In regards to the Service type, the Software Tools segment yielded the highest revenue of USD 1.10 Billion in 2018 with a CAGR of 45.1% during the forecast period. The revenue generated by the Software Tools segment is the result of extensive use of these tools in analyzing hidden data sets and data pattern from large data sheets.

3. In the context of Deployment mode, the Cloud segment dominates the market occupying the higher market share during the forecast period. The market domination of this segment is the result of its low set-ups costs and benefits like access to adequate computer pre-trained models and power for launching AI application.

4. While discussing Deployment mode, it is mentionable here that, On-premises segment is forecasted to witness a higher CAGR during the forecast period. The growth rate of the segment and its increasing popularity among the users is the result of the development of various tools for on-premises deployment that is capable of working with mass computer power amount, which in the cloud deployment mode may turn out to be expensive.

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Key selling points of this research study

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2. It offers a holistic view of all critical aspects boosting or limiting the growth of the sector

3. The market intelligence report derives an eight-year forecast, including historical, contemporary, and potential market prospects, projecting the estimated progress of the market.

4. It aids informed decision-making by offering an exhaustive database of the pivotal market segments and sub-segments.

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