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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
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Report Metric |
Details |
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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 |
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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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