Rising application areas and growing demand for IoT are likely to provide lucrative opportunities for the Artificial Intelligence as a Service market
PORTLAND, PORTLAND, OR, USA, Aug. 3, 2022 /EINPresswire.com/ — Rising spending on the adoption of artificial intelligence and technological advancements for workflow optimization are increasing the demand for analytical systems advanced in the market. In addition, increasing adoption of cloud-based solutions in end-user industries and rising cognitive computing needs are the major factors fueling the growth of the AIaaS industry.
Key industry players such as – Amazon, Microsoft Corporation, Alphabet Inc. (Google Inc.), IBM Corporation, Apple Inc., Intel, Inc., SAP SE, Salesforce, Inc., Fair Isaac Corporation and CognitiveScale, Inc.
The global Artificial Intelligence as a Service Market generated a revenue of $2.39 billion in 2017 and is expected to reach $77.04 billion by 2025, registering a CAGR of 56.7% from 2017 to 2025.
The North American region contributed nearly half of the total market in 2017 and is expected to secure its leading position till 2025 thanks to the presence of large enterprises and IT infrastructure in the region. However, the Asia-Pacific region would register the fastest CAGR of 59.9% from 2018 to 2025. Other regions analyzed in the study are Europe and Latin America, Middle East and Africa ( LAMEA).
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Among organization size, the large enterprise segment accounted for two-thirds of the total market share in 2017 owing to increased demand for artificial intelligence across various end-user industries. The segment would continue to maintain its leading position throughout the forecast period, registering the highest CAGR of 57.0% from 2018 to 2025.
Among the industry verticals, the IT & Telecom segment generated the highest revenue in 2017 and is expected to dominate the global Artificial Intelligence as a Service market throughout the forecast period owing to the increasing investment in artificial intelligence solutions by various new startups. However, the BFSI segment would grow at the highest CAGR of 57.7% during the study period. Other industries analyzed in the report are retail, manufacturing, public sector, energy and utilities, healthcare, and others.
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Among the technologies analyzed in the report, the machine learning segment accounted for 42% of the total market share in 2017 and would maintain its lion’s share till 2025 owing to the increase in the adoption of machine learning solutions. artificial intelligence industry. However, the natural language processing segment is expected to grow at the fastest CAGR of 57.5% from 2018 to 2025. Other technologies discussed in the report are computer vision and others.
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Key drivers propelling the growth of the market included in the report. Additionally, the challenges and restraining factors that may restrain the market growth are highlighted by analysts to prepare manufacturers for future challenges in advance.
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