Artificial Intelligence as a Service Report 2018-2023: Global Market to Reach $10.88 Billion, Driven by Growing Number of Innovative Startups

DUBLIN, May 22, 2018 /PRNewswire/ --

The "Artificial Intelligence as a Service Market by Service Type (Software Tools and Services), Technology (Machine Learning and Deep Learning, and Natural Language Processing), Organization Size, Vertical, and Region - Global Forecast 2023" report has been added to ResearchAndMarkets.com's offering.

The global Artificial Intelligence as a service market is expected to grow from USD 1.52 Billion in 2018 to USD 10.88 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 48.2% during the forecast period.

The major factors that are expected to drive the AI as a service market are the growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and growing number of innovative startups.

Among services, the software tools services segment is expected to hold the larger market size during the forecast period. Software tools play an important role in finding hidden patterns in data and data sets to predict outcomes from the large volume of data. Various verticals such as retail, healthcare and life sciences, and Banking, Financial Services, and Insurance (BFSI) are integrating these tools with their existing business applications to analyze large volumes of data and generate data patterns. Moreover, software tools assist in formulating various business strategies and making business-critical decisions.

Among technologies, the machine learning and deep learning technology segment is expected to hold the larger market size, whereas the natural language processing technology is expected to grow at a higher CAGR during the forecast period. The natural language processing technology is capable of understanding user behaviors, which is why it helps in delivering enhanced customer experience.

The large enterprises segment is expected to hold the larger market size, whereas Small and Medium-sized Enterprises (SMEs) are expected to grow at a higher CAGR during the forecast period. AI services offer these organizations AI-powered capabilities, with fewer investments in infrastructure and maintenance.

For verticals, the BFSI vertical is expected to be the highest contributor to the market size of the AI as a service market. Whereas the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. Both verticals are adopting AI as a service to analyze large volumes of data generated from various business processes. AI as a service also help these verticals formulate various growth strategies.

The other verticals such as retail, telecommunication, government and defense, manufacturing, energy, and others (Agriculture, Media and Entertainment, and Transportation) are expected to contribute significantly to the growth of the AI as a Service market, due to the increasing need for real-time data, reducing infrastructure costs, accelerating time to market, and improving business process time.

Key Topics Covered

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.3 Research Assumptions
2.4 Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the AI as a Service Market
4.2 Artificial Intelligence as a Service Market, By Vertical
4.3 Market By Region
4.4 Market Investment Scenario

5 Market Overview and Industry Trends
5.1 Regulatory Implications
5.1.1 Introduction
5.1.2 Sarbanes-Oxley Act 002

For more information about this report visit https://www.researchandmarkets.com/research/q225jl/artificial?w=5

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SOURCE Research and Markets

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