Artificial Intelligence As A Service Market Worth $96,064.7 Million By 2030 Posted on : Nov 21 - 2022

The market is anticipated to expand at a CAGR of 37.1% from 2022 to 2030. Artificial intelligence as a service (AIaaS) is a third-party artificial intelligence outsourcing service that allows large enterprises and SMEs to explore development opportunities without requiring a significant initial investment. It enables businesses or end-users to experiment with AI for various applications while limiting initial investment and risk.

Key Industry Insights & Findings from the report:

• The increased spending on artificial intelligence adoption and technical improvement for workflow optimization drives the demand for AI as a service.
• The increased usage of cloud-based solutions and the need for artificial intelligence and cognitive computing drive market expansion.
• Managing massive amounts of data alongside other business activities becomes challenging for enterprises, creating a demand for managed and professional artificial intelligence (AI) services.
• Banks are employing AI skills to detect and prevent frauds, chatbots, and algorithmic trading objectives, allowing banking institutions to better their operations and increasing the use of AI services in the BFSI business.

Artificial Intelligence As A Service Market Growth & Trends

The increased R&D efforts of AI as service vendors and governments across countries are driving the artificial intelligence-as-a-service market. Furthermore, greater AIaaS integration with blockchain and increased investment in AIaaS by governments and end-users are likely to drive the artificial intelligence-as-a-service market. For instance, in July 2022, the United Nations Development Programme (UNDP), a United Nations agency, and the Telangana government established data in climate resilient agriculture (DiCRA), an AI-powered platform service focused on providing farmers with climate change information. The AI platform can identify farms that are robust to climate change and others that are vulnerable using pattern detection algorithms and remote sensing. View More