The global artificial intelligence-as-a-service (AIaaS) market is expected to post an incremental growth of USD 9.49 billion during 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global artificial intelligence-as-a-Service (AIaaS) market 2019-2023 (Graphic: Business Wire)
Enterprises are increasingly outsourcing the implementation and maintenance of AI services to AIaaS providers. This is done to avoid direct costs associated with the development and maintenance of hardware such as sensors and software related to AI. For example, the software required to run AI systems needs to be upgraded regularly to make it smarter than the previous version and to meet the changing environmental requirements. This requires enterprises to make additional investments in resources such as AI professionals to maintain AI systems. Hence, to avoid such direct costs associated with the implementation and maintenance of AI, enterprises are adopting AIaaS, which is driving the growth of the market.
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As per Technavio, the use of AIaaS for human interaction with machines using Natural Language Processing (NLP) will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Artificial Intelligence-as-a-Service (AIaaS) Market: Use of AIaaS for Human Interaction with Machines Using Natural Language Processing (NLP)
Factors such as the increased human-to-machine interactions and availability of powerful computing and big data have led to the rapid growth of technologies such as NLP. It helps computer systems to communicate with humans by enabling commuter systems to hear speech, read text, and measure sentiments. Many enterprises are increasing the use of NLP with AIaaS in applications such as chatbots and virtual assistants to provide effective services to customers. This allows enterprises to use AIaaS and pay only for the time the NLP was used. Also, the integration of machine learning requires large amounts of energy to operate, which is provided by AIaaS providers. This will lead to increased adoption of AIaaS during the forecast period.
“Growing demand for smartphones and development of smart cities, and rising investments in AI start-ups will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Artificial Intelligence-as-a-Service (AIaaS) Market: Segmentation Analysis
This market report segments the global artificial intelligence-as-a-service (AIaaS) market by end-users (BFSI, retail, healthcare, telecommunications, government and defense, and others) and geography (Americas, APAC, and EMEA).
The Americas region led the market in 2018, followed by EMEA and APAC respectively. During the forecast period, the Americas region is expected to maintain its dominance over the market. This is due to the growing adoption of AIaaS by the BFSI sector in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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