Artificial Intelligence as a Service Market – Increase in Demand for AI-powered Services in the form of Software Development Kit (SDK) & Application Programming Interface (API) is Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 44.1% from 2022 to 2028

Artificial Intelligence as a Service
  • Artificial Intelligence as a Service Market

As stated in our extensive report; the Global Artificial Intelligence as a Service Market accounted forUSD 5.9 Billionin the year 2021.

Artificial Intelligence as a Service is a third-party equipping of artificial intelligence outsourcing. That allows an organization to discover various avenues for various purposes. It doesn't require hefty investments for installation or service and involves low risk. Due to this, most software firms get the support of AI solutions on a large scale. Most IT-based companies such as Google, Microsoft, and others have implemented Artificial Intelligence as a Service as a part of their technology.

Increasing investments in research and development by the major key players are expected to boost the Global Artificial Intelligence as a Service Market. Almost every industry, whether government or private, is being digitalized today. The fast digitalization of sectors such as banking and insurance, hospitality, etc., is boosting the demand for Artificial Intelligence as a Service, which is further expected to lead to the Artificial Intelligence as a Service Market growth. Furthermore, the Global Artificial Intelligence as a Service Market is expected to get more competition due to the rising number of competing market players owing to the increasing demand for this Artificial Intelligence as a Service. Several competing significant vendors exist in the Artificial Intelligence as a Service Market.

Based on the technology, machine learning, and natural language processing technology are gaining more popularity and are expected to lead the Global Artificial Intelligence as a Service Market at an expanding Compound Annual Growth Rate (CAGR) in the given forecasted period. Natural language processing enhances the user's performance as it can comprehend human behaviors. Based on the Services, the Software segment is expected to have the most significant global market share of Artificial Intelligence as a Service Market growth. The software segment is used in banking, financial services, insurance, healthcare and life science, retail, and many others. The increasing application of the above sectors propels the demand for Artificial Intelligence as a Service and leads to market growth.

The Global Artificial Intelligence as a Service Market based on the region is divided into and the rest of the world. However, the has been dominating the Artificial Intelligence as a Service Market over the past few years and is expected to grow more in the future. The Artificial Intelligence as a Service Market has grown significantly in owing to the earlier adaption of AI services, technological advancements, and digitalization of industries such as banking, healthcare, etc.

Some of the key players in the Global Artificial Intelligence as a Service Market include- IBM Corporation, Google Inc., Amazon Web Services, Microsoft Corporation, Salesforce, Baidu, SAP SE, Intel Corporation, Fair Isaac Corporation (FICO), BigML and others.