Artificial Intelligence Software As A Service (SaaS) Market 2024 Industry Insights, Business Growth, Trends And Forecast To 2033

The artificial intelligence software as a service(saas) market size has grown exponentially in recent years. It will grow from $188.33 billion in 2023 to $256.33 billion in 2024 at a compound annual growth rate (CAGR) of 36.1%. The growth in the historic period can be attributed to increased availability of big data, growth in cloud computing infrastructure, rising demand for predictive analytics, expansion of internet of things (iot), adoption of natural language processing (nlp).

The artificial intelligence software as a service(saas) market size is expected to see exponential growth in the next few years. It will grow to $885.78 billion in 2028 at a compound annual growth rate (CAGR) of 36.3%. The growth in the forecast period can be attributed to improvements in computing power, surge in business intelligence applications, growth in edge ai applications, rise in industry-specific ai solutions, emphasis on explainable ai in saas offerings, customization and personalization of ai saas offerings. Major trends in the forecast period include evolution of deep learning techniques, development of ai-powered virtual assistants, advances in machine learning algorithms, development of industry 4.0 ai saas solutions, evolution of ai saas for continuous learning and adaptation.

Market Overview -
Artificial intelligence software as a service (SaaS) is a cloud-based service that outsources artificial intelligence to allow people and businesses to discover and expand AI-based solutions with minimal initial investment and risk. It is used for automation, personalization, cost savings, improved decision-making, enhanced productivity, customer experience, and innovation.

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The Surge In Cloud Adoption Fuels The Artificial Intelligence Software As A Service (SAAS) Market
The rise in the adoption of cloud-based solutions is expected to propel the growth of the artificial intelligence software as a service (SaaS) market going forward. A cloud-based solution is a concept for providing on-demand access to a shared pool of configurable applications and services that can be quickly deployed and delivered via the internet with low administration work. Artificial intelligence SaaS providers offer services to a broader customer base by leveraging cloud infrastructure, eliminating the need for extensive hardware or on-premises installations, and lowering the barriers to entry for businesses looking to incorporate AI into their operations, as they can easily access AI capabilities through a subscription-based model. For instance, in April 2023, according to the Office of Communications, a UK-based intergovernmental organization, global end-user spending on public cloud services is expected to rise by 20.7% from 2022 to 2023, reaching £477.7 billion ($524.41 billion) from 2022 to £395.7 billion ($434.40billion) in 2023. Furthermore, in December 2021, according to an article published by Eurostat, a Luxembourg-based statistics body for the European Union, 41% of organizations reported using cloud computing services in 2021, a 5-percentage point (pp) increase from 36% in 2020. Therefore, the rise in the adoption of cloud-based solutions drives the artificial intelligence software as a service (SaaS) market.

Competitive Landscape -
Major companies operating in the artificial intelligence software as a service (saas) market report are Amazon Web Services Inc., International Business Machines Corporation, SAP SE, Salesforce Inc., NVIDIA Corp., Rockwell Automation Inc., UiPath Inc., Automation Anywhere Inc., C3.ai Inc., DataRobot Inc., H2O Innovations Inc., Blue River Technology Inc., Freenome Inc., AlphaSense Inc., Grammarly Inc., People.ai Inc., HyperScience, Rebellion Defense Inc., DataVisor Inc., Mighty AI, Vic.ai Inc., Kneron Inc., Adarga, OpenAI Inc., Clarifai Inc.

Technological Advancements Propel The Artificial Intelligence Software As A Service (SAAS) Market
Technological innovations are a key trend gaining popularity in the artificial intelligence software as a service (SaaS) market. Major companies operating in the artificial intelligence SaaS market are introducing advanced solutions to strengthen their position in the market. For instance, in March 2023, SmartSimple Software Inc., a Canada-based software firm that develops and sells a hosted-on-the-cloud business process automation system, launched SmartSimple Cloud +AI. This software provides transformational, end-to-end AI help across the grant administration lifecycle, accelerating the process and decreasing the administrative load even more. The software uses the robust architecture of SmartSimple Cloud to enable grantmakers to implement AI across the grant process. SmartSimple Cloud + AI supports grantmakers through the entire awarding lifecycle by responding to human- and workflow-initiated inquiries. It fits perfectly into the SmartSimple Cloud experience, allowing users to engage with AI directly from the SmartSimple Cloud user interface.

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Key Segments -
The artificial intelligence software as a service (saas) market covered in this report is segmented -

1) By Deployment: Cloud-Based, On-Premise
2) By Organization Size: Large Enterprise, Small And Medium Enterprise
3) By Vertical: Banking, Financial Services, And Insurance (BFSI), Retail And E-Commerce, Healthcare And Life Sciences, IT( Information Technology ) And ITeS(Information Technology Enabled Services), Telecommunications, Government And Defense, Manufacturing, Energy And Utilities, Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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