Artificial Intelligence-as-a-Service Market is anticipated to grow at a CAGR of ~46% from 2019 to 2030.

Market Industry Reports (MIR) has published a new report titled “Artificial Intelligence-as-a-Service (AIaaS) Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global artificial intelligence-as-a-service market accounted for over ~US $ 2.36 billion in 2019. It is anticipated to grow at a CAGR of ~46% from 2019 to 2030.

The growth of the Artificial Intelligence-as-a-Service(AIaaS)market can be attributed several factors such as rising demand for intelligent businesses, growing requirement for AI service integrators and, rapid adoption of artificial intelligence systems across different industry verticals.AI provides a wide range of services such as cognitive services, bot services, machine learning and deep learning services among other. By means of cognitive services, organizations can uncover patterns and relationships in their contents, understand sentiments, and extract key phrases and perform several other functions.AI and cognitive mobility platforms helps organizations to easily &efficiently achieve their tasks with minimal human intervention.

Increasing adoption of AI-powered services have significantly augmented the demand for AIaaS market. For instance, HCL Technologies, a software company, launched two AI powered services Companies like Google, offers a wide range of AI services including speech recognition, translation, predictive analytics and image content identification among others. Similarly, AWS (Amazon Web Services), offers different set of tools for organizations to create impactful machine learning solutions, faster.

Browse key industry insights spread across 220 pages with market data tables & figures & charts from the report, Artificial Intelligence-as-a-Service Market Technology (Machine Learning & Deep Learning and Natural Language Processing), Service Type (Software Tools and Services), Organization Size (Small & Medium-sized Enterprises and Large Enterprises), End-user Industry (Banking, Financial Services, & Insurance (BFSI), IT & Telecommunication, Healthcare, Aerospace & Defense, and Automotive) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:

However, lack of skilled professionals is likely to restrain the AIaaS market to a certain extent. For development and implementations of AI systems, organizations require skilled workforce, having knowledge of technologies such as cognitive computing, machine learning, deep learning, and image recognition. Integrating AI solution with existing software solutions is a complex procedure and requires several years of experience, thereby limiting the market to a certain extent.

North America is expected to hold a significant share in the AIaaS market, as the region has been on the forefront in adopting AI technology and has a strong focus on investing in R&D activities for the development of new technologies& services. However, Asia Pacific is estimated to account for the highest CAGR in AIaaS market during the forecast period. Factors such as rapid urbanization, continuously incrementing economy, rising investment, growing awareness, and increasing application of AI are expected to propel the AIaaS market in the Asia Pacific region. Moreover, countries in the Asia Pacific region, has emerged as the manufacturing & knowledge hubs for companies across the globe, thereby further fueling the growth of the market in this region.

Some of the key players operating in the global artificial intelligence-as-a-service market are Google, Microsoft, IBM, Amazon Web Services, Inc., Fair Isaac Corporation, SAP, SAS Institute Inc., Intel Corporation, Cognitive Scale , among others.

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