Artificial Intelligence (AI) as a Service Market worth 10.88 Billion USD by 2023

(IT-NEWSWIRE.COM, July 06, 2021 ) According to research report "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", The AI as a service market size 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.

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The growing demand for AI as a service in the form of Application Programming Interface (API) and Software Development Kit (SDK) and growing number of innovative startups are some of the major factors that are expected to drive the AI as a service market. Furthermore, the increasing need for intelligent business applications and growing demand for AI service integrators are expected to provide growth opportunities for the market.

The cloud and web-based API segment is expected to grow at the highest rate during the forecast period.

Various verticals are focusing on the integration of AI-powered software tools to carry out their data analysis processes and formulate their growth strategies. Cloud-based APIs are playing a crucial role in helping businesses speed up their existing applications. Moreover, the cloud and web-based API software can analyze data and add several application features, such as customer sentiment analysis, spam detections, and recommendation systems.

The natural language processing technology is expected to witness significant growth during the forecast period.

In the AI as a service market the demand for the natural language processing technology is growing, as it helps understand customer behaviors and interpret the human languages, such as text, speech, and sentiment analysis. Hence, the use of the natural language processing technology in various AI-powered service offerings, such as chatbots is growing. Chatbot services are becoming popular, as they can quickly respond to customer queries, thereby helping them reduce their waiting time. As a result, the use of the natural language processing technology is expected to grow, due to the increasing need to attract new as well as old customers.

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North America is expected to hold the largest market size during the forecast period.

North America is expected to continue to dominate the market in terms of market size during the forecast period. North America, among all regions, has shown the maximum adoption of AI as a service. The growing technological advancements, increasing need for intelligent business processes, and rising adoption of digital technologies across the North American region are expected to fuel the growth of the AI as a service market.

Major vendors in the global AI as a service market include International Business Machines Corporation (IBM, US), SAP SE (Germany), Google (US), Amazon Web Service, Inc. (AWS, US), Salesforce (US), Intel (US), Baidu, Inc. (China), Fair Isaac Corporation (FICO, US), SAS Institute (US), and BigML (US).

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Artificial Intelligence (AI) as a Service Market worth 10.88 Billion USD by 2023