Sarasota, FL -- (SBWIRE) -- 04/18/2019 -- According to the report, global artificial intelligence as a service (AIaaS) market was valued at around USD 1.06 billion in 2017 and is expected to reach approximately USD 14.71 billion in 2024, growing at a CAGR of 45.2% between 2018 and 2024.

With the presence of a large pool of participants, the Global artificial intelligence as a service market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). IBM Corp., Google, Amazon Web services, Microsoft Inc., Salesforce, FICO, Baidu, SAS Institute, Bigml, IRIS Al, Intel, SAP, Rainbird Technologies, and Cognitive Scale are some of the key vendors of artificial intelligence as a service across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the artificial intelligence as a service market study.

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Citing an instance, recently, IBM has declared launching of AI OpenScale – an AI service through which it aims to bring transparency and visibility in AI models for firms. Reportedly, the firm's main goal is to make AI fair & transparent with AI OpenScale.

"Rising number of startup firms along with escalating demand for AI-powered services in the form of SDK and API is projected to chart a profitable roadmap for artificial intelligence as a service market in the forthcoming years," says the author of this study. Apart from this, massive application of AI across BFSI, retail, energy, healthcare & life sciences, telecommunications, and government & defense will further drive artificial intelligence as a service market trends over the years ahead.

Lack of skilled labor & sensitivity involved with the data security, however, will restrict the growth of artificial intelligence as a service market in the forthcoming years. Nonetheless, the rise in the number of users and service providers for artificial intelligence as a service as a result of massive popularity of AI service integrator will accelerate the scope of the business. In addition, surging requirement for intelligent business applications will produce new growth avenues for artificial intelligence as a service market in the near future. This, in turn, will normalize the impact of hindrances on the artificial intelligence as a service market, reports the study.

Launching Of New Digital Technologies To Aid North American Dominance

Regionally, North America has been leading the worldwide artificial intelligence as a service market and is anticipated to continue on the dominant position in the years to come, states the artificial intelligence as a service market study. Inception of new digital technologies, technological innovations, and need for intelligent business processes are the key factors behind the dominance of the North America artificial intelligence as a service market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional artificial intelligence as a service market.

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The global artificial intelligence as a service market is segmented as follows:

By Services

Software Tools
Services

By Technology

Machine Learning (ML) & Deep Learning
Natural Language Processing (NLP)

By Vertical

Banking, Financial, & Insurance (BFSI)
Healthcare and Life Sciences
Retail
Telecommunications
Government and defense
Manufacturing
Energy
Others

By Region

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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