September 12, 2022 08:03 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Sept. 12, 2022 (GLOBE NEWSWIRE) -- The growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and the growing number of innovative start-ups are some of the factors anticipated to drive the market. The Global Market revenue was valued at USD 5.9 Billion in 2021.
The Global Artificial Intelligence as a Service Market size is forecast to reach USD 52.8 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 44.1% during the forecast period; states Vantage Market Research, in a report, titled “Artificial Intelligence as a Service Market Size, Share & Trends Analysis Report by Technology (Deep Learning, Machine Learning, Natural Language Processing), by Verticals (Government, Banking Financial Services & Insurance (BFSI), Healthcare, Manufacturing, Retail, Telecommunication), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
List of Prominent Players in Artificial Intelligence as a Service Market:
Increasing Adoption of AIaaS across BFSI and the Healthcare Industry
The banking, financial services, and insurance sectors experience significant expansion during the forecast period. A significant amount of client data or transaction records are produced due to the growing digital revolution in banking and the increased use of the mobile payment, e-banking, real-time money transfers, and mobile banking applications. Financial institutions can manage this enormous amount of data and provide insightful data with artificial technology to provide a customized consumer experience. Similarly, AI enables financial organizations like banks to stop fraudulent transactions and spot anti-money laundering activities, which is anticipated to boost industry expansion. The market is projected to develop in the upcoming years due to cloud-based AI services, including chatbots and speech bots, biometric fraud detection, digital payment advisers, smart wallets, and individualized financial services. The adoption of cutting-edge technology like AI, the cloud, and machine learning has expanded in the banking and finance sectors. For instance, in September 2021, IBM Corporation partnered with Caixa Bank to boost the digital capabilities of the enterprise. With this partnership, IBM to deliver AI and hybrid cloud solutions to Caixa Bank to improve business efficiency and digital experience.
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Increasing Dependence of Companies Depending upon Artificial Intelligence
Artificial intelligence has been rapidly incorporated into the system due to business competition to give customers the greatest services and experiences possible. Artificial intelligence has been included in the analytical operations of the organization to manage massive amounts of data without error. Artificial intelligence has been thought of as a solution that helps boost the organization's revenue return to lower operational costs. This will enable small and medium-sized businesses to grow significantly during the anticipated period. For cloud learning, businesses rely on artificial intelligence to save time and resources and get the most results for the least amount of money. Businesses can experiment more effectively with their products. Due to the significant market demand for multi-cloud functionality and cloud-based intelligence, which saves energy and space, the company's overall revenue has increased.
The COVID-19 outbreak has affected various industries worldwide and the Global Artificial Intelligence as a Service Market is not an exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Artificial Intelligence as a Service Market suffered as the manufacturing units around the world were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Artificial Intelligence as a Service Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Artificial Intelligence as a Service Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Artificial Intelligence as a Service Market has considered the impact of COVID-19 on the Artificial Intelligence as a Service Market globally and the subsidiaries for the Artificial Intelligence as a Service Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global Artificial Intelligence as a Service Market industry for all the regions and countries based on the following data points:
1. Impact Assessment of COVID-19 Pandemic
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
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The report on Artificial Intelligence as a Service Market highlights:
North America is expected to dominate the growth of Artificial Intelligence as a Service Market in 2021.The market in the region is growing due to increased spending by US businesses in the region, such as Intel Capital, Y Combinator, and 500 Startups. For instance, Statista reported in October 2020 that funding or investment for AI-focused startups in the US reached USD 4.7 billion. Such increasing financial support for technological innovation will probably stimulate market expansion. Market growth is anticipated to be fueled by the rising deployment of AI technology across public services, healthcare, education, and transportation in the United States.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Artificial Intelligence as a Service Market Size, Share & Trends Analysis Report by Technology (Deep Learning, Machine Learning, Natural Language Processing), by Verticals (Government, Banking Financial Services & Insurance (BFSI), Healthcare, Manufacturing, Retail, Telecommunication), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
In February 2021: BAE Systems collaborated with Amazon Web Services (AWS) to offer data labeling as a service and artificial intelligence capabilities to Gov Cloud (United States) on the AWS marketplace for national security missions.
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