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AI As A Service Market Size, Share & Competitive Landscape 2024-2033
AI As A Service Market Size
According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
AI As A Service Market 2024 Key Insights:
• The ai as a service market will grow to $63.2 billion in 2028 at a compound annual growth rate (CAGR) of 45.1%.
• Ai Spending Surge Fuels AI As A Service Market
• Technology Advancements Propel Evolution In The AI As A Service Market
• North America was the largest region in the AI as a service market in 2023
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