AI as a Service Market Growth Opportunities, Applications, Driver, Trends & Forecasts

The growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and increasing number of innovative startups are some of the major factors that are expected to drive the AI as a service market.

The major factors that are expected to drive the AI as a service market are the growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and growing number of innovative startups.

Software tools play an important role in finding hidden patterns in data and data sets to predict outcomes from the large volume of data. Various verticals such as retail, healthcare and life sciences, and Banking, Financial Services, and Insurance (BFSI) are integrating these tools with their existing business applications to analyze large volumes of data and generate data patterns.

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The large enterprises segment is expected to hold the larger market size, whereas Small and Medium-sized Enterprises (SMEs) are expected to grow at a higher CAGR during the forecast period. AI services offer these organizations AI-powered capabilities, with fewer investments in infrastructure and maintenance.

AI as a service also help these verticals formulate various growth strategies. The other verticals such as retail, telecommunication, government and defense, manufacturing, energy, and others (Agriculture, Media and Entertainment, and Transportation) are expected to contribute significantly to the growth of the AI as a Service market, due to the increasing need for real-time data, reducing infrastructure costs, accelerating time to market, and improving business process time.

AI as a service is used by various verticals to analyze large volumes of data for streamlining their business processes. However, access to data becomes critical, as there are various rules and regulations imposed by government authorities across different regions. Hence, sensitivity involved in accessing data may pose a challenge for the growth of the AI as a service market.

Major vendors in the global AI as a service Market include International Business Machines Corporation (IBM, US), SAP SE (Germany), Google (US), Amazon Web Service, Inc. (AWS, US), Salesforce (US), Intel (US), Baidu, Inc. (China), Fair Isaac Corporation (FICO, US), SAS Institute (US), and BigML (US).