Fintech PR
AI as a Service Market worth $72.13 billion by 2029- Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 8, 2024 /PRNewswire/ — The AI as a Service Market is expected to significantly increase from USD 14.00 billion in 2024 to USD 72.13 billion by 2029 at a CAGR of 38.8% during the forecast period, according to a new report by MarketsandMarkets™. Increasing demand for cost-effective AI solutions, cloud adoption, and demand for increased business efficiency drive the AI as a Service Market.
AIaaS plays a key role in helping organizations boost data analytics performance, drive automation, and create more meaningful customer engagement. Furthermore, improvements in machine learning, natural language processes, and the frameworks of AI contribute to the growth of market in all segments of the industries.
Browse in-depth TOC on “AI as a Service Market”
281 – Tables
61 – Figures
392 – Pages
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Scope of the Report
|
Report Metric |
Details |
|
Market size available for years |
2019–2029  |
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Base year considered |
2023 |
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Forecast period |
2024–2029 |
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Forecast units |
USD (Billion) |
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Segments Covered |
Product Type, Organization Size, Business Function, Service Type, End User, and Region |
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Geographies covered |
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
|
Companies covered |
Microsoft (US), IBM (US), Google (US), AWS (US), OpenAI (US), NVIDIA (US), Salesforce (US), Oracle (US), SAP (Germany), FICO (US), Cloudera (US), ServiceNow (US), HPE (US), Altair (US), Vsynergize (US), SAS Institute (US), DataRobot (US), Databricks (US), C3 AI (US), H2O.ai (US), Alibaba Cloud (China), Mistral AI (France), Rainbird Technologies (UK), BigML (US), Yottamine Analytics (US), Scale AI (US), Landing AI (US), Synthesia (UK), Yellow.ai (US), Cohere (Canada), Anyscale (US), Abridge (US), Inflection AI (US), Glean (US), Codeium (US), Arthur (US), Levty AI (US), Unstructured AI (US), Clarifai (US), DeepSearch (Austria), Katonic AI (Australia), MindTitan (Estonia), Viso.ai (Switzerland), and Softweb Solutions (US). |
By Enterprise End User, BFSI to register for the largest market share during the forecast period.
With the growing implementation of AI as a Service (AIaaS) for improving operational performance, risk management, and customer satisfaction, the BFSI sector is positioned to lead the AIaaS market. AIaaS empowers companies with advanced analytics, fraud detection, personalized services, and automation, all without significant infrastructure costs. The increasing demand for AI solutions in BFSI is driven by the need for real-time insights, regulatory compliance, and security measures. Furthermore, AI-driven chatbots, virtual assistants, and predictive analytics play a role in simplifying customer engagements and providing personalized financial guidance, which strengthens the utilization of AIaaS in this sector. The industry’s continual digital evolution and emphasis on creativity position it as a critical force in the AIaaS market.
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By Product Type, No-Code or Low-Code ML Tools is poised for the fastest growth rate during the forecast period.
No-code or low-code machine learning (ML) tools are expected to experience the most significant growth in the AI as a Service (AIaaS) market because they are easy to use for those with limited coding skills. These type of tools allow companies to create and use AI models without deep knowledge of coding, thus democratizing AI application throughout industries. They are reducing the time and the cost involved in the implementation of AI by a lot and making it easy for organizations of any scale to integrate AI into their workflows. Demand for rapid prototyping, customization and automation fuels the demand for no-code/low-code platforms which offer flexibility as well as scalability enabling businesses to innovate fast, stay agile and thus this market is growing at an accelerated pace by the very factor.
By Region, North America accounts for the largest market during forecast period.
North America expected to dominate the share in the AI as a Service Market due to the advanced technology infrastructure and the presence of large AI providers such as IBM, Google, and Microsoft. The regions benefits from early adoption of AI in prominent industries such as healthcare, finance, and retail to automate, generate analytics, and improve customer service. Huge investments in AI research and development, as well as profound government support for AI innovations, also add to the market growth. North America’s robust cloud infrastructure and widespread digital transformation initiatives further create an ideal environment for the growth of AIaaS. The region’s focus on cutting-edge solutions and the growing demand for AI-driven insights from enterprises ensure its leadership in the AIaaS market.
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Top Key Companies in AI as a Service Market:
The major players in the AI as a Service Market include Microsoft (US), IBM (US), Google (US), AWS (US), OpenAI (US), NVIDIA (US), Salesforce (US), Oracle (US), SAP (Germany), HPE (US).
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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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