Artificial Intelligence as a Service Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031

The global artificial intelligence as a service market size was valued at $7.7 billion in 2022, and is projected to reach $96.1 billion by 2030, registering a CAGR of 37.10% during the forecast period. Each year, the US spends about $40 billion on patients who have had drug mishaps. Artificial intelligence can assist providers in various patient care and intelligent health systems. Artificial intelligence techniques ranging from machine learning to deep learning are prevalent in healthcare for disease diagnosis, drug discovery, and patient risk identification, avoiding inefficiencies caused by care delivery failures, overtreatment, and improper care delivery.

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A tipping point has been reached in using artificial intelligence (AI) and its effects on businesses and society. The adoption rate of AI globally increased significantly and the usage of AI is nearly universal in several sectors and nations. Organizations globally are quickly gaining new advantages and efficiencies from AI to new automation capabilities, improved usability and accessibility, and a more comprehensive range of tried-and-true use cases. Virtual assistants and other ready-made corporate solutions such as IT incorporating AI into their operations. The fact that 44% of firms are working to integrate AI into current apps and processes supports the argument that accessibility is important. Many government organizations, especially in emerging economies, also understand the benefits and power of AI; hence, they are extensively promoting AI-based infrastructure development.

The artificial intelligence-as-a-service market is fragmented, with most companies focusing on a silo approach to developing solutions. In the future, AI will be increasingly embedded within many systems and applications in everything from data management to retail shopping. The fragmented market has a vast number of players who have been making efforts to increase its market footprint by concentrating on product diversification and development. For instance, in February 2022, LeapMind, a provider of machine learning solutions announced a new image processing model driven by artificial intelligence (AI) that can run on edge devices. The new method uses IP Efficiera, a company's ultra-low power consumption AI inference accelerator, to enhance real-time image quality and eliminate noise. Additionally, excessively low bit quantization for AI image processing has frequently resulted in image quality reduction. Moreover, for instance, in June 2022, a strategic relationship between Wipro and the media giant Eros Investments was established to scale a machine learning and artificial intelligence-based content localization solution globally. For international media companies and over-the-top (OTT) streaming platforms, the technology will automate the labor-intensive process of subtitling and dubbing with accuracy close to that of a human.

Global Artificial Intelligence as a Service Market Report Segment

By Deployment

• Public
• Private
• Hybrid

By Technology

• Machine Learning
• Computer Vision
• Natural Language Processing
• Others

By End-User Industry

• BFSI
• Retail
• Healthcare
• IT & Telecommunication
• Manufacturing
• Energy
• Others

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Artificial Intelligence as a Service Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• Alphabet Inc.
• Amazon Web Services, Inc.
• Apple Inc.
• BigML Inc.
• Craft AI
• Google LLC
• H2O.Ai, Inc.
• International Business Management Corp.
• Microsoft Corp.
• Oracle Corp.
• Salesforce Inc.

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