The global AIaaS market is predicted to gather pace in terms of growth as it registers a healthy CAGR during the forecast period 2018-2026. Well-established tech companies such as Microsoft, IBM, and Google offer AI services alongside their technology services in order to stay competitive in the industry. They realize that offering AI tools and software is not enough to maintain their supremacy in the technology world. Other software or professional service firms may partner with AI solutions providers to expand their customer base. In this regard, it could be said that the demand in the global AIaaS market will increase in the next few years.
The global AIaaS market could see classifications as per type of end-use industry, organization size, and technology. Among technologies, machine learning is anticipated to significantly increase the demand in the global AIaaS market.
The report presented here takes into account the rise and slow growth of the AIaaS market in different regions and important factors responsible for its growth. It also brings to light the nature of competition and how players are competing against each other in the global AIaaS market.
The global AIaaS market is prognosticated to gain from the rise in the demand for cognitive computing and artificial intelligence. In addition, the increasing adoption of cloud-based solutions could create ample of opportunities in the global AIaaS market. AIaaS vendors are also prophesied to bank on the rising demand for sophisticated analytical systems and advanced workflow optimization. Furthermore, the global AIaaS market could take advantage of the increased spending on AI to extend its presence in key end-use industries.
However, the global AIaaS market is envisaged to suffer from the lack of trained professionals. Nevertheless, there could be profit-making opportunities birthed in the global AIaaS market due to the increase in IoT demand and rising number of applications.
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North America is projected to rank higher in the AIaaS market on the basis of revenue share. Availability of IT infrastructure and heavy presence of large enterprises in the region could catapult the AIaaS market in North America. High demand for AI could be another factor augmenting the demand in the North America AIaaS market.
Asia Pacific is also envisioned to become a prominent region for AIaaS market because of the rise of the IT and telecom industry. Nonetheless, there could also be strong demand for AIaaS arising from other industries such as healthcare, retail, and BFSI. The Asia Pacific AIaaS market is forecast to grow at a quick pace in the coming years.