PORTLAND, Oregon, September 10, 2018 /PRNewswire/ --
The growing adoption of artificial intelligence and cloud-based solutions in end-user industries and the increased requirement for cognitive computing are the major factors expected to drive the global AIaaS market
Allied Market Research published a report, titled, Artificial Intelligence as a Service (AIaaS) Market by Technology (Machine Learning, Computer Vision, Natural Language Processing, and Others), By Organization Size (Small and Medium Enterprises and Large Enterprises), and By Industry Vertical (BFSI, IT & Telecom, Retail, Manufacturing, Public Sector, Energy & Utilities Healthcare, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2025. The report presents a thorough analysis of the market share, forecasts based on key segments, market trends, opportunities, and key strategic moves by market players. As per the report, 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 growing expenditure on adoption of artificial intelligence and technological advancement for workflow optimization increase the demand for advanced analytical systems in the market. In addition, the increased adoption of cloud-based solutions in end-user industries and growing requirement for cognitive computing are the major factors that fuel the growth of the AIaaS industry. However, a dearth of trained professionals is expected to hinder the growth the market growth. On the other hand, increased application areas and growth in demand for IoT are likely to provide lucrative opportunities for the artificial intelligence as a service market.
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Machine learning segment to lead in terms of revenue
Among the technologies analyzed in the report, the machine learning segment contributed 42% of the total market share in 2017 and would maintain its lion's share through 2025 owing to the increase in adoption of artificial intelligence industry solutions. However, the natural language processing segment is forecast to grow at the fastest CAGR of 57.5% from 2018 to 2025. The other technologies discussed in the report are computer vision and others.
Large enterprises segment to be lucrative throughout forecast period
Among the organization size, the large enterprises segment contributed two-third of the total market share in 2017 owing to the increased demand for artificial intelligence in various end-user industries. The segment would continue to maintain its lead position throughout the forecast period, registering the highest CAGR of 57.0% from 2018 to 2025.
BFSI segment to register the fastest growth
Among the industry verticals, the IT & telecom segment garnered the highest revenue in 2017 and is anticipated to dominate the global artificial intelligence as a service market throughout the forecast period owing to the growing 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. The other industries analyzed in the report are retail, manufacturing, public sector, energy & utilities, healthcare, and others.
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North America to lead, Asia-Pacific to be the fastest-growing
The North American region contributed to nearly half of the total market in 2017 and is anticipated to secure its lead position through 2025 owing to the presence of large enterprises and IT infrastructure in the region. However, Asia-Pacific region would register the fastest CAGR of 59.9% from 2018 to 2025. The other regions analyzed in the study are Europe and Latin America, Middle East and Africa (LAMEA).
Leading players active in the industry
The key market players analyzed in the report are as Amazon, Microsoft Corporation, Alphabet Inc. (Google Inc.), IBM Corporation, Apple Inc., Intel, Inc., SAP SE, Salesforce, Inc., Fair Isaac Corporation, and CognitiveScale, Inc. These companies have adopted strategies such as launches, acquisitions, and collaborations to expand their businesses.
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