Artificial Intelligence is defined as the engineering and science of making intelligent computer systems with almost natural intelligence and can perform tasks directly without any human intervention. Artificial Intelligence as a Service (AIaaS) is the third party offering of artificial intelligence (AI) outsourcing that allows individuals and companies to experiment with AI for various purposes, with minimal initial investment and with proper risk management. The global market for AI as a service is anticipated to mature with 41.47% CAGR during the forecasted years 2019-2027.
The AIaaS market is proliferating globally due to various factors such as flourishing cloud computing market, its dependence on developing artificial intelligence by companies and unexplored markets for artificial intelligence.
The report on global Artificial Intelligence as a Service includes segmentation on the basis of technology, organization size and industry verticals. The largest segmentation by technology is the machine learning. Machine learning is a particular approach to artificial intelligence. On the other hand, natural language processing is the fastest growing segment by technology.
In spite of various positive features, lack of confidence due to the complex nature of AI and shortage of AI professionals are restraining the growth of the market over the forecasting years.
Geographically, the global Artificial Intelligence as a Service market has been segmented into North America, Europe, Asia Pacific and countries from the Rest of the World. The first noted usage of AI was carried out in the healthcare sector in the United States. North America formulated the largest region for the AIaaS market with the key countries such as the United States and Canada. Moreover, The Asia Pacific is the fastest growing region, where the artificial intelligence as a Service market is developing and expanding at a significant pace.
The market has several key market players that are using strategic means to gain an edge in the dynamic market, which include like Alphabet Inc. (Google LLC), Amazon.Com, Inc. (Amazon Web Services, Inc.), Apple Inc., CognitiveScale, Inc., Fair Isaac Corporation, International Business Machines, Microsoft Corporation, Salesforce.com, Inc., SAP SE Software Company, Intel, Absolutdata, DataRobot, Inc., Centurysoft, BigML Inc. and Fuzzy.ai.