AI as a Service Market Trends and Forecast
The future of the global AI as a service market looks promising with opportunities in the communication, automobile, medical, and energy markets. The global AI as a service market is expected to reach an estimated $78.0 billion by 2030 with a CAGR of 36.8% from 2024 to 2030. The major drivers for this market are rAPId pace of technological advancements in AI, integration with existing systems, and AI as a service offers scalability and flexibility.
• Lucintel forecasts that chatbot & digital assistance is expected to witness the highest growth over the forecast period.
• Within this market, communication is expected to witness the highest growth over the forecast period.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the AI as a Service Market
• United States: Companies like Google Cloud and Amazon Web Services (AWS) have announced expanded AI service offerings, targeting enhanced machine learning capabilities for diverse industries, supported by government initiatives promoting AI R&D funding.
• China: Alibaba and Baidu have unveiled ambitious AI service expansion plans, aiming to integrate AI into more sectors like healthcare and finance, aligned with government goals for AI leadership and regulatory frameworks promoting AI adoption.
• India: Infosys and Wipro have launched AI-driven solutions for global clients, focusing on scalable AI services in areas such as customer service automation and predictive analytics, supported by government incentives to foster AI innovation hubs.
• United Kingdom: Companies like Microsoft and IBM have introduced AI services tailored for UK enterprises, emphasizing data privacy compliance and ethical AI development, complemented by government strategies promoting AI skills development and regulatory clarity.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
AI as a Service Market by Segment
The study includes a forecast for the global AI as a service market by type, application, and region.
AI as a Service Market by Type [Value from 2018 to 2030]:
• Chatbots & Digital Assistance
• Cognitive Computing API
• Machine Learning Framework
AI as a Service Market by Application [Value from 2018 to 2030]:
• Communication
• Automobile
• Medical
• Energy
• Others
AI as a Service Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of AI as a Service Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies AI as a service companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the AI as a service companies profiled in this report include-
• FICO
• Folio3
• Google Cloud
• lBM
• lntel Corporation
• Monkey Learnoracle
• Salesforce
Recent Development in the AI as a Service Market
• Google Cloud: Introduced enhancements to its AI Platform, including AutoML, to empower businesses in deploying custom machine learning models without extensive expertise.
• Amazon Web Services (AWS): Expanded its AI services portfolio with Amazon SageMaker, aiming to simplify the development and deployment of machine learning models for developers and data scientists.
• Microsoft Azure: Launched Azure AI, offering a comprehensive set of AI and machine learning tools that integrate with Azure services, enhancing scalability and efficiency.
• IBM: Rolled out Watson AI services, integrating natural language processing and computer vision capabilities into IBM Cloud, targeting industries like healthcare and finance for AI-driven insights.
• Salesforce: Enhanced Einstein AI capabilities, embedding predictive analytics and AI-driven insights directly into its CRM platform to empower sales and marketing teams with actionable intelligence.
Features of the Global AI as a Service Market
Market Size Estimates: AI as a service market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: AI as a service market size by type, application, and region in terms of value ($B).
Regional Analysis: AI as a service market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different type, application, and regions for the AI as a service market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the AI as a service market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the AI as a service market size?
Answer: The global AI as a service market is expected to reach an estimated $78.0 billion by 2030.
Q2. What is the growth forecast for AI as a service market?
Answer: The global AI as a service market is expected to grow with a CAGR of 36.8% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the AI as a service market?
Answer: The major drivers for this market are rAPId pace of technological advancements in AI, integration with existing systems, and AI as a service offers scalability and flexibility.
Q4. What are the major segments for AI as a service market?
Answer: The future of the global AI as a service market looks promising with opportunities in the communication, automobile, medical, and energy markets.
Q5. Who are the key AI as a service market companies?
Answer: Some of the key AI as a service companies are as follows:
• FICO
• Folio3
• Google Cloud
• lBM
• lntel Corporation
• Monkey Learnoracle
• Salesforce
Q6. Which AI as a service market segment will be the largest in future?
Answer: Lucintel forecasts that chatbot & digital assistance is expected to witness the highest growth over the forecast period.
Q7. In AI as a service market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the AI as a service market by type (chatbots & digital assistance, cognitive computing API, and machine learning framework), application (communication, automobile, medical, energy, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to AI as a Service Market, AI as a Service Market Size, AI as a Service Market Growth, AI as a Service Market Analysis, AI as a Service Market Report, AI as a Service Market Share, AI as a Service Market Trends, AI as a Service Market Forecast, AI as a Service Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.