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AI as a Service Market Size & Share - Growth Analysis Report
Artificial Intelligence Service
As per the report, the artificial intelligence services market size has grown exponentially in recent years. It will grow from $18.34 billion in 2023 to $27.75 billion in 2024 at a compound annual growth rate (CAGR) of 51.3%. The artificial intelligence services market size is expected to see exponential growth in the next few years. It will grow to $96.86 billion in 2028 at a compound annual growth rate (CAGR) of 36.7%.
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Surge In AI Adoption Propels The Artificial Intelligence Services Market
The rising adoption of AI in healthcare is expected to propel the growth of the artificial intelligence services market. AI in healthcare refers to the use of artificial intelligence (AI) technologies in the healthcare industry to improve patient outcomes, reduce costs, and increase efficiency. AI provides real-time data to healthcare professionals, enabling them to make informed decisions and saving time and resources by automating tedious tasks such as data entry, claims processing, and appointment scheduling. For instance, according to the National Center for Biotechnology Information, a US-based organization that provides access to biomedical and genomic information, stated that AI-associated healthcare market was expected to grow rapidly and reach USD 6.6 billion by 2021, corresponding to a 40% compound annual growth rate. Thus, the rising adoption of AI in healthcare is driving the growth of the artificial intelligence services market.
Innovation In The Artificial Intelligence Services Market
Major companies operating in the artificial intelligence services market are developing innovative products such as text-to-image tool to improve customer satisfaction and loyalty. A text-to-image tool is a software or online application that allows users to convert text into images. For instance, in September 2023, OpenAI, a US-based artificial intelligence company, launched Dall-E 3, the latest version of its text-to-image tool. Dall-E 3 uses its wildly popular AI chatbot ChatGPT to help fill in prompts. The tool can translate nuanced requests into extremely detailed and accurate images.
The artificial intelligence services market covered in this report is segmented -
1) By Technology: Machine Learning, Computer Vision, Natural Language Processing (NLP), Other Technology
2) By Services Type: Managed Services, Professional Services
3) By Software Tools: Web-based and Cloud Application Programming Interface, Processing and Modeler, Archiving and Data Storage
4) By Application Type: Fraud Detection, Data Analytics & Visualization, Customer Service and Management, Rsik Management, Compliance & Security
5) By End-User: Banking, Financial, and Insurance (BFSI), IT & Telecom, Retail, Manufacturing, Public Sector, Energy & Utility, Healthcare, Other End-Users
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Major companies operating in the artificial intelligence services market report are Apple Inc., Alphabet Inc., Google LLC, Microsoft Corporation, Dell Technologies Inc., Huawei Technologies CO. Ltd., Hitachi Ltd., Siemens AG, Amazon Web Services Inc., General Electric Company, Intel Corporation, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, H2O.ai Inc., Cisco Systems Inc., PricewaterhouseCoopers International Limited, Ernst & Young Global Limited, Oracle Corporation, Honeywell International Inc., KPMG International Limited, SAP SE, Fujitsu Ltd., Tata Consultancy Services Ltd., NEC Corporation, Salesforce Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Baidu Inc., Wipro Ltd., SAS Institute Inc., Fair Isaac Corporation, HCL Technologies Ltd., Cognitive Scale Inc., BigML Inc.
Contents of the report:
1. Executive Summary
2. Artificial Intelligence Services Market Report Structure
3. Artificial Intelligence Services Market Trends And Strategies
4. Artificial Intelligence Services Market - Macro Economic Scenario
5. Artificial Intelligence Services Market Size And Growth
…..
27. Artificial Intelligence Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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