At Massive CAGR of 56.7%, Artificial Intelligence as a Service Industry Size to Hit USD 77.05 Billion by 2025

The market for artificial intelligence as a service (AIaaS) in the world had revenues of $2,397.2 million in 2017 and is projected to rise to $77,047.7 million by 2025, with a CAGR of 56.7%. In terms of revenue, North America controlled roughly 47.0% of the global market in 2017, with Asia-Pacific coming in second.

Outsourcing artificial intelligence is a component of artificial intelligence as a service (AIaaS) (AI). Most of the manufacturers and industry professionals engage with organisations that can provide a full spectrum of services to support a large-scale AI solution. Public cloud providers make available APIs and services that don't require traditional machine learning models to be built. These services make use of the supporting infrastructure that cloud service providers hold. The rising usage of cloud services by end-user industries is the main factor driving the market for artificial intelligence as a service. Nonetheless, it is anticipated that a scarcity of skilled labour will impede market expansion.

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The machine learning segment secured the highest share of about 42.0% in the artificial intelligence market in 2017 and is expected to grow at a CAGR of 55.9% during the forecast period. The large enterprises segment is the highest contributor in the growth of the AIaaS market. This segment secured 66.0% share in the market and is projected to grow at a CAGR of 57.0% during the forecast period. In terms of industry vertical, the IT & telecom segment is expected to contribute the highest market share in the coming years, as various new startups have been investing in artificial intelligence solutions. Moreover, the rapid urbanization, technological advancement and increase in demand for cloud applications fuel the demand for AIaaS in the developing economies.

Due to the presence of the major artificial intelligence businesses in the region, the Asia Pacific region is anticipated to experience the highest growth in the artificial intelligence as a service market over the forecast period.

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Artificial Intelligence as a Service (AIaaS) is a rapidly growing industry that provides businesses with access to AI technologies and tools without the need for significant upfront investments in hardware and software. Here are some of the key trends in the AIaaS industry:

• Customization and Personalization: AIaaS providers are increasingly offering customized and personalized solutions to their clients. This involves tailoring AI technologies to meet the specific needs of individual businesses, such as developing custom machine learning models or integrating AI with existing business systems.
• Adoption of Cloud-based Solutions: Many AIaaS providers are adopting cloud-based solutions, enabling businesses to access AI technologies and tools through the cloud. This provides greater scalability and flexibility, allowing businesses to quickly scale up or down as needed and reducing the need for significant hardware investments.
• Increased Focus on Data Security and Privacy: With the increasing adoption of AI in business operations, there is a growing concern about data security and privacy. AIaaS providers are responding to this trend by implementing robust security measures and compliance standards, ensuring that sensitive data is protected and handled in a secure manner.
• Democratization of AI: AIaaS is making AI technologies and tools more accessible to businesses of all sizes, enabling small and medium-sized enterprises (SMEs) to access AI technologies that were previously only available to large enterprises. This is driving innovation and competitiveness in the SME sector, empowering businesses to make data-driven decisions and enhance their operations.
• Increased Adoption of Natural Language Processing (NLP): NLP is a rapidly growing area in AI, and AIaaS providers are increasingly offering NLP services to businesses. This includes voice recognition, chatbots, and virtual assistants, providing businesses with new ways to interact with customers and improve their customer service.

Overall, the AIaaS industry is rapidly evolving, driven by advancements in AI technologies, cloud computing, and data analytics. As businesses continue to adopt AI in their operations, AIaaS is expected to play an increasingly critical role in delivering these technologies and tools.

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The major players, such as Amazon, Microsoft Corporation, Alphabet Inc. (Google Inc.), IBM Corporation, Apple Inc., Intel, Inc., SAP SE, Salesforce, Inc., Fair Isaac Corporation, and CognitiveScale, Inc., focus on developing new products. These companies have expanded their business by collaborating with other small vendors.

Key Findings of the Study:

• 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 region in the artificial intelligence as a service market and is expected to witness high growth rate.

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