AI-as-a-Service (AIaaS) Global Industry Analysis and Forecast 2024

"The Business Research Company recently released a comprehensive report on the Global Artificial Intelligence As A Service (AIaaS) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The artificial intelligence as a service (aiaas) market size has grown exponentially in recent years. It will grow from $10.42 billion in 2023 to $14.44 billion in 2024 at a compound annual growth rate (CAGR) of 38.6%. The growth in the historic period can be attributed to increasing demand for ai-driven solutions across industries, advancements in machine learning algorithms and deep learning technologies, growing adoption of cloud computing and big data analytics, need for cost-effective and scalable ai solutions, rise of iot and connected devices generating massive data, expansion of ai applications in healthcare, finance, retail, and other sectors, emphasis on automation and process optimization..

The artificial intelligence as a service (aiaas) market size is expected to see exponential growth in the next few years. It will grow to $54.08 billion in 2028 at a compound annual growth rate (CAGR) of 39.1%. The growth in the forecast period can be attributed to development of ai-powered virtual assistants and chatbots, availability of ai platforms and tools from major cloud service providers, integration of ai with edge computing for real-time decision-making, demand for personalized customer experiences and predictive analytics, government initiatives promoting ai adoption and research, increasing investment in ai startups and innovation hubs, growing awareness about the potential of ai in business transformation, need for ai expertise and talent in organizations.. Major trends in the forecast period include advancements in ai technology, predictive and analytics solutions, advancements in cloud computing infrastructure, advancements in cloud computing technology, upcoming machine translation.

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Market Drivers and Trends:

The rise in the artificial intelligence dependence of businesses is expected to propel the growth of the artificial intelligence as a service (AIaaS) market going forward. Artificial intelligence (AI) in business refers to the use of intelligent computer software with human-like capabilities to boost revenue, improve customer experience, increase productivity and efficiency, and drive business growth and transformation. Artificial intelligence as a service (AIaaS) is used in businesses to provide access to pre-built AI models and tools through the cloud, that empowers businesses of all sizes to leverage the power of AI without the hefty upfront investments and technical expertise required for in-house development. For instance, in May 2022, according to The International Business Machines Corporation, a US-based technology corporation, a poll conducted of 7,502 businesses found that 35-36% of global companies were already implementing AI, and 42-64% were exploring its potential. Further, 64% of businesses believe that AI will improve business productivity, and 42% believe it will streamline job processes. Therefore, the rise in the artificial intelligence dependence of businesses is driving the growth of the artificial intelligence as a service (AIaaS) market.

Major companies operating in the artificial intelligence as a service (AIaaS) market are integrating efforts into developing advanced technological solutions, such as generative AI solutions, to gain a competitive edge in the market. Generative AI refers to AI systems that can create new content, like text or images, by learning from existing data. For instance, in March 2023, Salesforce, Inc., a US-based software company, launched Einstein GPT, the first generative AI for CRM. This powerful tool combines public and private AI models with CRM data, allowing users to generate trustworthy content from their CRM data using natural language prompts. It can be customized to meet specific business needs by fine-tuning the AI models. Customers can use Einstein GPT to connect data to OpenAI's cutting-edge AI models straight out of the box, or they can select an external model of their own and use natural language prompts directly within Salesforce CRM to generate content that dynamically adjusts in real time to changing customer data and needs.

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Major Key Players of the Market:

Apple Inc, Google LLC, Microsoft Corporation, Dell Technologies Inc., Huawei Technologies Co. Ltd., Hitachi Ltd., Amazon Web Services Inc., Siemens AG, Intel Corporation, Accentur*e Plc, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce Inc., NVIDIA Corporation, Fujitsu Ltd., Cognizant Technology Solutions Corp., ZTE Corporation, Baidu Inc., Infosys Ltd., Super Micro Computer Inc, SAS Institute Inc., Arm Limited (SoftBank Group Corp.), Fair Isaac Company (FICO), DataRobot Inc., Cognitivescale Inc., Iris.AI, BigML Inc, Atomwise Inc., craft.AI

Artificial Intelligence As A Service (AIaaS) Market 2024 Key Insights:

• The artificial intelligence as a service (aiaas) market is expected to grow to $54.08 billion in 2028 at a compound annual growth rate (CAGR) of 39.1%.
• Business Dependence On AI Accelerates Growth In The Artificial Intelligence As A Service (AIaaS) Market
• AIaaS Market Drive Innovation With Generative AI Solutions
• North America was the largest region in the artificial intelligence as a service (AIaaS) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence as a service (aiaas) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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