Press Release Description

Escalating Adoption of Cloud-Based Solutions Leading to Proliferation of Global AI as a Service Market 

The market of AI as a service (AIaaS) is advancing at an enormous rate in the global scale owing to the factors such as increasing deployment of cloud-based solution and cognitive computing market by multiples verticals such as BFSI, IT & telecom industry and rising startups in the developed and emerging countries. The propelling government funding towards the AI along with the growing application of AI for chatbots, fraud detection, and enhancement in customer services in the end-user industry are expected to boost the demand for AIaaS in the forecast period.

According to MarkNtel Advisors’ research report titled Global AI as a Service Market Analysis, 2020”, the Global AI as a Service (AlaaS) market is anticipated to grow at a CAGR of 44% during 2020-25. By Deployment, cloud-based solution captured the largest market share in the Global AIaaS market in 2019 on an account of spur in the integration of AI to the cloud-based applications by the companies to attract more customers along with generation of huge volume of data and its cost-effective and less maintenance requirement feature.

“Global AI as a Service Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for AI as a Service providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go-to-Market Strategies and identifying the blue ocean for its offerings.

North America Exhibited the Majority Market Share
Based on Region, US grabbed the larger chunk in the North America AI as a Service (AIaaS) market due to the strong existence of IT infrastructure and large-sized companies, rising funding to artificial intelligence startups and mushrooming IT investment by the multiple end-user such retail, defense etc. For instance, AI startups received USD 26.6B in funding across over 2,200 deals with 20% increase in funding to the sector in 2019.

Moreover, APAC region is growing at a rapid pace on an account of burgeoning adoption of digital technologies, increasing government spending in artificial intelligence research and applications and extensive tech-related startup ecosystem. The Chinese government is expanding their funding in artificial intelligence in order to becoming the leader in AI technology by 2030. The government expected to invest more than USD 30 billion in AI and related technologies within state-owned firms in the forthcoming period as stated in the MarkNtel Advisors’ research report “Global AI as a Service Market Analysis, 2020”.  

According to MarkNtel Advisors’, the key players with a considerable market share in the Global AI as a Service market are IBM, Google, Microsoft, Amazon Web Services, Salesforce, SAP, Intel, Oracle, SAS, Apple etc. The acceleration in the merger & acquisition, partnership, collaboration etc., among these companies is placing a cutthroat competition to other market players in the Al as a Service market. 

Market Segmentation:

1.    By Type (Software tools (Cloud and Web-Based Application Programming Interface, Data Storage and Archiving, Modeler and Processing, Others (Model Validator, Decision Report/Predictor/Training, and Report Storage) Service (Professional Services, Managed Services))
2.    By Enterprise Size (Large, Medium, Small)
3.    By Technology (Natural Language Processing, Machine Learning (ML) and Deep Learning, Others)
4.    By Deployment (Cloud, On-Premise, Hybrid)
5.    By End-User (BFSI, Energy & Utility, Healthcare, Manufacturing, Retail, Government & Défense, IT & Telecommunication, Others (Transportation, Media & Entertainment, etc.))
6.    By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
7.    By Country (US, Canada, Mexico, Brazil, Argentina, UK, Germany, Italy, France, Spain, Russia, China, Japan, South Korea, India, Australia, UAE, Saudi Arabia, South Africa, Egypt), 
8.    By Company (IBM, Google, Microsoft, Amazon Web Services, Salesforce, SAP, Intel, Oracle, SAS, Apple etc.)

Key questions answered in the study: 

1.    What are the current and future trends of the AI as a Service industry? 
2.    How the industry has been evolving in terms of end-user demand and application areas?
3.    How the competition has been shaping across the countries followed by their comparative factorial indexing?
4.    What are the key growth drivers and challenges for the AI as a Service industry?
5.    What is the customer orientation, purchase behavior, and expectations from the AI as a Service firms across various regions?