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Global $11.5 Billion Artificial Intelligence as a Service Market, Competition, Forecast & Opportunities, 2024

DUBLIN, Nov. 27, 2019 /PRNewswire/ -- The "Global Artificial Intelligence as a Service Market By Technology, By Organization Size, By Service Type (Services & Software Tools), By Type of Cloud, By Vertical, By Region, Competition, Forecast & Opportunities, 2024" report has been added to ResearchAndMarkets.com's offering.

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The Global Artificial Intelligence as a Service Market was valued at $ 2 billion in 2018 and is anticipated to grow at a CAGR of 34% to reach around $ 11.5 billion by 2024 owing to increasing adoption of artificial intelligence to enhance the efficiency in business processes.

Organizations are leveraging artificial intelligence for improving productivity and enhanced efficiency at lower cost, which is anticipated to fuel growth of artificial intelligence as a service market over the next five years. Moreover, increasing demand for enhancing user experience while reducing waiting time through automated chats is further likely to propel growth of the market.

Artificial intelligence as a service (AIaaS) market can be segmented based on technology, organization size, service type, type of cloud, vertical and region. On the basis of technology, the market can be segmented into machine learning, natural language processing and others. Natural language processing technology helps to interpret human language and understand customer behavior which is likely to drive growth in this segment during forecast period.

Artificial intelligence as a service finds application in various verticals including BFSI, retail, IT & telecom, healthcare, government and others. Of all, BFSI segment is likely to witness extensive adoption of AIaaS through 2024 as this vertical utilizes artificial intelligence for chatbots, fraud detection and customer recommendation. Moreover, need for integrating technology and improve operational efficiency is pushing the adoption of AIaaS in BFSI.

Regionally, the market for artificial intelligence as a service is gaining traction and expanding to various regions across the globe. Asia-Pacific industry is anticipated to witness the fastest growth during forecast period. Healthcare industry in Asia-Pacific region is growing at a rapid pace, attributed to the increasing population and health awareness among customers. This segment is creating investment opportunities in the region and anticipated to promote the growth of artificial intelligence as a service market in the region.

Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. In 2018, Google added more AI features to its cloud so as to attract more customers.

Years considered for this report:

  • Historical Years: 2014-2017
  • Base Year: 2018
  • Estimated Year: 2019
  • Forecast Period: 2020-2024

Key Topics Covered:

1. Artificial Intelligence as a Service: Product Overview

2. Research Methodology

3. Executive Summary

4. Voice of Customer

5. Global Artificial Intelligence as a Service Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Technology (Machine Learning; Natural Language Processing; Others)
5.2.2. By Organization Size (SME; Large Enterprise)
5.2.3. By Service Type (Software Tools; Services)
5.2.4. By Type of Cloud (Public Cloud; Private Cloud; Hybrid Cloud)
5.2.5. By Vertical (BFSI; Healthcare; Retail; IT & Telecom; Government; Others)
5.2.6. By Region (North America; Europe; Asia Pacific; South America and Middle East & Africa)
5.2.7. By Company (2018)
5.3. Product Map

6. North America Artificial Intelligence as a Service Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Technology (Machine Learning; Natural Language Processing; Others)
6.2.2. By Service Type (Software Tools; Services)
6.2.3. By Vertical (BFSI; Healthcare; Retail; IT & Telecom; Government; Others)
6.2.4. By Country (United States; Canada; Mexico and Rest of North America)
6.3. North America: Country Analysis

7. Europe Artificial Intelligence as a Service Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Technology (Machine Learning; Natural Language Processing; Others)
7.2.2. By Service Type (Software Tools; Services)
7.2.3. By Vertical (BFSI; Healthcare; Retail; IT & Telecom; Government; Others)
7.2.4. By Country (UK; Germany; France; Spain; Italy; and Rest of Europe)
7.3. Europe: Country Analysis

8. Asia-Pacific Artificial Intelligence as a Service Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Technology (Machine Learning; Natural Language Processing; Others)
8.2.2. By Service Type (Software Tools; Services)
8.2.3. By Vertical (BFSI; Healthcare; Retail; IT & Telecom; Government; Others)
8.2.4. By Country (China; Japan; India; South Korea; Australia; and Rest of Asia Pacific)
8.3. Asia-Pacific: Country Analysis

9. South America Artificial Intelligence as a Service Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Technology (Machine Learning; Natural Language Processing; Others)
9.2.2. By Service Type (Software Tools; Services)
9.2.3. By Vertical (BFSI; Healthcare; Retail; IT & Telecom; Government; Others)
9.2.4. By Country (Brazil; Argentina; Colombia; and Rest of South America)
9.3. South America: Country Analysis

10. Middle East and Africa Artificial Intelligence as a Service Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Technology (Machine Learning; Natural Language Processing; Others)
10.2.2. By Service Type (Software Tools; Services)
10.2.3. By Vertical (BFSI; Healthcare; Retail; IT & Telecom; Government; Others)
10.2.4. By Country (Saudi Arabia; UAE; South Africa, Egypt and Rest of Middle East & Africa)
10.3. MEA: Country Analysis

11. Market Dynamics
11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

13. Competitive Landscape
13.1. Competition Outlook
13.2. Company Profiles
13.2.1. Amazon Web Services Inc.
13.2.2. Google LLC
13.2.3. Microsoft Corp.
13.2.4. International Business Machines (IBM) Corp.
13.2.5. Salesforce.com Inc.
13.2.6. Oracle Corporation
13.2.7. Fair Isaac Corporation
13.2.8. Intel Corp.
13.2.9. SAP SE
13.2.10. SAS Institute Inc.

14. Strategic Recommendations

For more information about this report visit https://www.researchandmarkets.com/r/z41n6m

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