Artificial Intelligence as a Service Market will Reach $77,047.7 million by 2025, Growing at a CAGR of 56.7% From 2018 to 2025

The Objective of the Artificial Intelligence as a Service Market report is to depict the trends and upcoming for Artificial Intelligence as a Service Industry over the forecast years. In Artificial Intelligence as a Service Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2018 to 2025 mulling over 2017 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.

The global artificial intelligence as a service market generated a revenue of $2.39 billion in 2017 and is expected to reach $77.04 billion by 2025, registering a CAGR of 56.7% from 2017 to 2025.

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The growing expenditure on the adoption of artificial intelligence and technological advancement for workflow optimization increase the demand for advanced analytical systems in the market. In addition, the increased adoption of cloud-based solutions in end-user industries and growing requirement for cognitive computing are the major factors that fuel the growth of the AIaaS industry. However, a dearth of trained professionals is expected to hinder the growth the market growth. On the other hand, increased application areas and growth in demand for IoT are likely to provide lucrative opportunities for artificial intelligence as a service market.

The North American region contributed to nearly half of the total market in 2017 and is anticipated to secure its lead position through 2025 owing to the presence of large enterprises and IT infrastructure in the region. However, Asia-Pacific region would register the fastest CAGR of 59.9% from 2018 to 2025. The other regions analyzed in the study are Europe and Latin America, Middle East and Africa (LAMEA).

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Among the technologies analyzed in the report, the machine learning segment contributed 42% of the total market share in 2017 and would maintain its lion’s share through 2025 owing to the increase in adoption of artificial intelligence industry solutions. However, the natural language processing segment is forecast to grow at the fastest CAGR of 57.5% from 2018 to 2025. The other technologies discussed in the report are computer vision and others.

Among the organization size, the large enterprises segment contributed two-third of the total market share in 2017 owing to the increased demand for artificial intelligence in various end-user industries. The segment would continue to maintain its lead position throughout the forecast period, registering the highest CAGR of 57.0% from 2018 to 2025.

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Among the industry verticals, the IT & telecom segment garnered the highest revenue in 2017 and is anticipated to dominate the global artificial intelligence as a service market throughout the forecast period owing to the growing investment in artificial intelligence solutions by various new startups. However, the BFSI segment would grow at the highest CAGR of 57.7% during the study period. The other industries analyzed in the report are retail, manufacturing, public sector, energy & utilities, healthcare, and others.

Drivers, Restraints, and Opportunities

1. Increased market for cloud computing

2. Growth associated with artificial intelligence and cognitive computing

3. The dearth of trained professionals

4. Increased adoption of analytical solutions

5. Increased application areas

Key advantages of the study:

These companies have adopted strategies such as launches, acquisitions, and collaborations to expand their businesses.

In 2017, the IT & telecom segment dominated the global artificial intelligence as a service market, in terms of revenue, and is projected to grow at a CAGR of 57.4% during the forecast period.

The machine learning segment is projected to grow at a CAGR of 55.9% during the forecast period.

North America is projected to be one of the fastest-growing regions in artificial intelligence as a service market and is expected to witness high growth rate.

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