AI As A Service Market Outlook 2024: Exclusive Report By The Business Research Company

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through AI As A Service Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The ai as a service market size has grown exponentially in recent years. It will grow from $9.86 billion in 2023 to $14.27 billion in 2024 at a compound annual growth rate (CAGR) of 44.7%. The growth in the historic period can be attributed to cloud computing advancements, data availability and volume, cost-effective solutions, algorithmic advances, industry-specific applications.

The ai as a service market size is expected to see exponential growth in the next few years. It will grow to $63.2 billion in 2028 at a compound annual growth rate (CAGR) of 45.1%. The growth in the forecast period can be attributed to ai for sustainability, ai-powered customer experience, demand for ai-driven insights, ai ethics and regulations, focus on explainable ai. Major trends in the forecast period include democratization of ai, ai integration in iot, ai-enabled automation, augmented analytics, conversational ai expansion.

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Market Segmentation:
The ai as a service market covered in this report is segmented -

1) By Component: Solutions, Services
2) By Offering: Infrastructure As A Service, Platform As A Service, Software As A Service
3) By Deployment: Public, Private, Hybrid
4) By Organization Size: Small And Medium-Sized Enterprises, Large Enterprises
5) By Industry: Banking, Finance Services, And Insurance (BFSI), Information Technology (IT) And Telecom, Retail, Manufacturing, Public Sector, Energy And Utilities, Healthcare, Other Industries

Major Driver - Ai Spending Surge Fuels AI As A Service Market
The increasing spending on artificial intelligence is expected to propel the growth of the AI as a service market going forward. Artificial intelligence refers to the replication of human intellectual functions by machines, particularly computer systems. It enables individuals and organizations to test out AI for a range of purposes with a smaller initial commitment and lower risk. The increasing spending on artificial intelligence is one of the key drivers of the AI as a service market. For instance, in January 2022, according to Government Digital Service, a UK-based IT service management company, in 2020, the 432,000 UK enterprises that have already implemented AI will have spent a total of $57.91 billion on manpower related to the creation, upkeep, and operation of such technologies. By 2025, spending on employment connected to artificial intelligence (AI) might rise to between $100.96 billion and $129.91 billion, with annual growth rates of around 11.7% and 17.5%, respectively. Therefore, increasing spending on artificial intelligence is driving the growth of the AI as a service market going forward.

Competitive Landscape:
Major companies operating in the ai as a service market report are Amazon Web Services Inc., Salesforce Inc., International Business Machines Corporation, Microsoft Corporation, Google Inc., SAP SE, Intel Corporation, BigML Inc., Fair Isaac Corporation, SAS Institute Inc., Siemens, Apple Inc., CognitiveScale Inc., Dataiku SAS, Oracle Corporation, H2O.ai Inc., Craft.AI, DataRobot Inc., OpenAI LP, Baidu Inc., NVIDIA Corporation, General Electric Company, Infosys Limited, Wipro Limited, Tata Consultancy Services Limited, CloudMinds Technology Inc., Palantir Technologies, C3.ai, Databricks

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Top Trend - Technology Advancements Propel Evolution In The AI As A Service Market
Technology advancements are a key trend gaining popularity in the AI as a service market. Companies operating in the AI as a service market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Nvidia Corporation, a US-based software company launched new cloud supercomputing service technology named ""DGX Cloud"" to offer GPU supercomputers-as-a-Service. It gives businesses access to hardware and software for developing cutting-edge models for generative AI and other uses.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. AI As A Service Market Characteristics
3. AI As A Service Market Trends And Strategies
4. AI As A Service Market - Macro Economic Scenario
5. AI As A Service Market Size And Growth
…..
27. AI As A Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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