Press release
Global AI As A Service Market Projected to Surpass $93.86 Billion by 2029 with 47% Annual Growth
AI As A Service Market
The surge in the application of artificial intelligence is poised to accelerate the expansion of the AI as a service market in the future. Artificial intelligence entails the imitation of human mental operations by machines, predominantly computer systems. It provides opportunities for individuals and entities to try AI for a variety of uses with minimized initial engagement and reduced risk. For example, Eurostat, a Belgium-based regulatory body reported in May 2024 that large-scale enterprises using AI technology saw significant growth, from 28.4% adoption rate in 2021 to 30.4% in 2023. This noticeable increase in AI solution acceptance by these enterprises is therefore powering the growth of the AI as a service market.
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What is the projected compound annual growth rate (CAGR) of the ai as a service market from 2025 to 2034, and what factors influence it?
The market size for AI as a service has seen a substantial increase in recent times. It is projected to escalate from $14.03 billion in 2024 to a considerable $20.14 billion by 2025, demonstrating a compound annual growth rate (CAGR) of 43.6%. The historic growth can be credited to the progress made in cloud computing technology, the accessibility and quantity of data, affordable solutions, advancements in algorithms, as well as applications specific to various industries.
There is projected to be a significant surge in the size of the AI as a service market in the upcoming years. This market is anticipated to increase to "$93.86 billion by 2029, growing at a compound annual growth rate (CAGR) of 46.9%. This anticipated growth in the estimated period can be linked to the usage of AI for sustainability, AI-driven customer experiences, the increasing demand for AI-led insights, AI codes of conduct and legislation, and the emphasis on the explainability of AI. Key trends for this estimated period compromise the democratization of AI, incorporation of AI in IoT, AI-powered automation, enhanced analytics, and expansion of conversational AI.
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How are the latest trends influencing the growth of the ai as a service market?
Progress in technology is a major trend gaining traction in the AI as a service market. Firms in this market are incorporating new technologies to maintain their market position. For example, in March 2023, Nvidia Corporation, a software company located in the US, introduced a new technology called "DGX Cloud", a cloud supercomputing service. This technology provides businesses the necessary hardware and software resources to build advanced generative AI models and for other applications.
What are the major segments of the ai as a service market and their role in driving growth?
The AI as a service market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Offering: Infrastructure As A Service, Platform As A Service, Software As A Service
3) By Deployment: Public, Private, Hybrid
4) By Organization Size: Small And Medium-Sized Enterprises, Large Enterprises
5) By Industry: Banking, Finance Services, And Insurance (BFSI), Information Technology (IT) And Telecom, Retail, Manufacturing, Public Sector, Energy And Utilities, Healthcare, Other Industries
Subsegments:
1) By Solutions: Machine Learning Solutions, Natural Language Processing Solutions, Computer Vision Solutions, Speech Recognition Solutions, Predictive Analytics Solutions, Data Mining Solutions, Robotic Process Automation Solutions
2) By Services: Consulting Services, Integration Services, Support And Maintenance Services, Training And Education Services, Managed Services
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Which regions are key players in the growth of the ai as a service market?
North America was the largest region in the AI as a service market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global AI as a service market report during the forecast period. The regions covered in the AI as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the ai as a service market?
Major companies operating in the AI as a service market include 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, accenture* plc, CloudMinds Technology Inc., Palantir Technologies, C3.ai, Databricks
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What Is Covered In The AI As A Service Global Market Report?
• Market Size Forecast: Examine the ai as a service market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the ai as a service market for a structured understanding.
• Key Players Overview: Analyze major players in the ai as a service market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ai as a service market.
• Segment Contributions: Evaluate how different segments drive overall growth in the ai as a service market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ai as a service market.
• Industry Challenges: Identify potential risks and obstacles affecting the ai as a service market.
• Competitive Landscape: Review strategic developments in the ai as a service market, including expansions, agreements, and new product launches.
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