July 22, 2020
According to the research report titled ‘Global Artificial Intelligence as a Service Market Analysis, 2020’, available with Market Study Report, global artificial intelligence as a service market is poised to accumulate considerable revenues by the year 2025.
As per type, global artificial intelligence as a service industry is split into service and software tools. The service segment is further classified into managed services and professionals services. On the other hand, software tools landscape comprises of modeler & processing, cloud & web-based application programming interface, data storage & archiving, and others.
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In terms of technology, the market is bifurcated into machine learning (ML) & deep learning, natural language processing, and others. The report states that ML (machine learning) & deep learning (DL) segment accounted for a considerable market share in the year 2019. Inclination towards using artificial intelligence (AI) solutions and rising adoption of advanced technologies like chatbots across online banking companies and e-commerce are fueling the segmental share.
On the other hand, natural language processing segment is estimated to generate substantial returns in the subsequent years. The technology understands human language such as sentiment, speech and text as well as interpret consumer actions. Growing demand for AI-powered chatbot services is favoring the market scenario.
By enterprise size, artificial intelligence as a service industry is categorized into large, medium and small segments. Speaking of deployment type, the market is fragmented into hybrid, cloud, and on-premise.
Citing the end-user scope, the market is segmented into IT & Telecommunication, government & defense, retail, manufacturing, healthcare, energy & utility, and BFSI. The report states that BFSI sector is anticipated to showcase high CAGR through 2025. Increasing utilization AI in chatbots, algorithmic trading, and fraud detection technologies along with focus towards improving productivity as well as consumer experience are stimulating the demand for AIaaS.
Considering the geographical landscape, artificial intelligence as a service market is divided into Asia-Pacific, Middle East & Africa, Europe, South America, and North America, while focusing on Mexico, Canada, U.S., Argentina, Brazil, Russia, Spain, Italy, France, UK, Germany, South Africa, Saudi Arabia, UAE, Egypt, South Korea, Australia, Japan, India, and China among others.
The prominent companies operating in global artificial intelligence as a service industry are BMC Software Pvt. Ltd., Apple Inc., SAS Institute, Oracle Corp., Intel Corp., SAP SE, Salesforce.com Inc., Amazon Web Services, Microsoft Corp., Google LLC, and IBM Corp. among others.