The global market report on artificial intelligence (AI) as a service market is suggesting the promotion of the market beyond a valuation of USD 6.7 billion by 2023. During the forecast period of 2018 to 2023, the artificial intelligence as a service (AIaaS) market would take steps forward with 36% CAGR. Market Research Future (MRFR) claims that the market would gain from growing integration of AI, hike in the use of IoT, machine to machine communication, 5G technology, and others as major influencers for the market. Increasing demand from the end users would also help the market secure benefits for market expansion.
The global artificial intelligence (AI) as a service market has been studied on the basis of a segmentation that includes technology, services type, organization size, software, and verticals.
By services, the Artificial Intelligence as a Service (AIaaS) market includes custom cognitive computing APIs, cognitive computing APIs, and conversational AI.
By technology, the market report benefits from a discussion of machine learning & deep learning and natural language processing.
By software, the market encompasses segments like cloud & web-based application, modeler & processing, data storage & archiving, and others.
By organization size, the Artificial Intelligence as a Service (AIaaS) market consists of SMEs and large enterprises.
By vertical, the market relies on a discussion encompassing manufacturing, healthcare, retail, BFSI, government & defense, telecommunication, and energy & power.
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North America and Europe both regions are structurally in an advantageous position and enjoy a continuous influx of investment to support research and development projects, which would bolster their market presence. In Asia Pacific, China, Japan, and South Korea are expected to contribute in notable ways.
The global AIaaS Market is set to benefit from the strategic moves implemented by Google Inc., AWS, IBM Corporation, Baidu, SAP SE, Microsoft Corporation, Salesforce, Fair Isaac Corporation (FICO), Intel Corporation, BigML, Vital AI, Absolutdata, Fuzzy.AI, Craft.AI, Sift Science, Rainbird Technologies, Cognitive Scale, Mighty.AI, Yottamine Analytics, Centurysoft, and Datarobot Meya.AI.
In September 2020, Sage, the market leader in cloud business management solutions, revealed the first artificial intelligence (AI) powered application Sage Intacct cloud financial management system. Sage Intelligent Time is available online or can be downloaded as a mobile app, which would ensure a continuous, timely, and accurate insights to manage billable time in services-based businesses.
Sage Intelligent Time has a solid premise in AI-powered personal time assistants to ensure service professionals get a complete timesheet and this would help them in automatically reconstructing their workday.
In September 2020, Microsoft declared that it would collaborate with Australia’s neobank Volt and the deal would include Volt 2.0, a Banking as a Service (BaaS) platform, that is expected to release on 2021. The platform will ensure that it allows business partners of the neobank to offer full-service banking and payments to their clients. Volt 2.0 will just be an extension of pre-existing partnerships of the bank with various household brands. The bank will act with Microsoft and LAB3 engineers in Australia and overseas. The intent is to ensure a scalable, high performance, and trusted BaaS platform that secures data storage and advanced analytics capability and it will use the cloud computing service, Microsoft Azure.
During the COVID-19 crisis, the global market for artificial intelligence as a service is slated to benefit significantly as several companies, laboratories, and others are looking for various solutions for the disease using artificial intelligence.
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