Rise in adoption of cloud-based solutions in end-user industries and surge in requirement for cognitive computing drive the growth of the AIaaS industry. By technology, the machine learning segment held the major share in 2017. By region, on the other hand, Asia-Pacific would register the fastest CAGR by 2025.
Portland, OR, April 08, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global artificial intelligence as a service market was pegged at $2.39 billion in 2017 and is estimated to hit $77.04 billion by 2025, registering a CAGR of 56.7% from 2018 to 2025. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
The growing expenditure on adoption of artificial intelligence and technological advancement for workflow optimization fuel the demand for advanced analytical systems in the market. Moreover, rise in adoption of cloud-based solutions in end-user industries and surge in requirements for cognitive computing drive the growth of the AIaaS industry. On the other hand, dearth of trained professionals is expected to impede the growth to some extent. However, increased application areas and growth in demand for IoT are projected to pave the way for lucrative opportunities in the coming years.
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The outbreak of the pandemic led to the drift of work-from-home practice for most of the organizations across the world. Accordingly, the artificial intelligence as a service market has received a considerable boost, since it enables people and organizations to explore different avenues for different purposes without high investment for initial installation and involves low risk.
This trend is likely to continue post pandemic as well. Companies such as Google, IBM, Microsoft, and other leading players have actively implemented AI services as an important part of their technologies.
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The global artificial intelligence as a service market is analyzed across technology, organization size, industry vertical, and region. Based on technology, the machine learning segment accounted for more than two-fifths of the total market share in 2017 and would retain its dominance by 2025. At the same time, the natural language processing segment would register the fastest CAGR of 57.5% from 2018 to 2025.
Based on organization size, the large enterprises segment contributed to two-third of the total market revenue in 2017, and is expected to dominate by 2025. The same segment would also grow at the fastest CAGR of 57.0% from 2018 to 2025.
Based on region, North America held the major share in 2017 and is projected to lead the trail by 2025. However, Asia-Pacific would exhibit the fastest CAGR of 59.9% from 2018 to 2025. The other regions analyzed through the report include Europe and LAMEA.
The leading market players analyzed in the global artificial intelligence as a service market report include IBM Corporation, CognitiveScale, Inc., Apple Inc., Intel, Inc., SAP SE, Alphabet Inc. (Google Inc.),Salesforce, Inc., and Fair Isaac Corporation. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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