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

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May 22, 2018, 08:15 ET

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 2002
5.1.3 General Data Protection Regulation
5.1.4 Basel
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand for AI-Powered Services in the Form of API and SDK
5.2.1.2 Growing Number of Innovative Startups
5.2.2 Restraints
5.2.2.1 Lack of Skilled Employees
5.2.3 Opportunities
5.2.3.1 Increasing Need for Intelligent Business Applications
5.2.3.2 Growing Demand for AI Service Integrators
5.2.4 Challenges
5.2.4.1 Sensitivity Involved With Security of Data
5.3 Use Cases
5.3.1 Use Case: AI as a Service Solution to Enhance Customer Experience (Retail and Consumer Goods)
5.3.2 Use Case: AI as a Service Solution to Achieve Efficiency Across Its Business Operations (Finance)
5.3.3 Use Case: AI as a Service Solution to Enhance Customer Experience (Finance)

6 AI as a Service Market, By Technology
6.1 Introduction
6.2 Machine Learning and Deep Learning
6.3 Natural Language Processing

7 Artificial Intelligence as a Service Market, By Organization Size
7.1 Introduction
7.1.1 Small and Medium-Sized Enterprises
7.1.2 Large Enterprises

8 AI as a Service Market, By Service Type
8.1 Introduction
8.2 Software Tools
8.2.1 Data Storage and Archiving
8.2.2 Modeler and Processing
8.2.3 Cloud and Web-Based Application Programming Interface
8.2.4 Others
8.3 Services
8.3.1 Professional Services
8.3.2 Managed Services

9 Artificial Intelligence as a Service Market, By Vertical
9.1 Introduction
9.2 Banking, Financial Services, and Insurance
9.2.1 Fraud and Risk Management
9.2.2 Customer Segmentation
9.2.3 Sales and Marketing Campaign Management
9.2.4 Investment Prediction
9.2.5 Digital Assistance
9.2.6 Others
9.3 Healthcare and Life Sciences
9.3.1 Disease Identification and Diagnosis
9.3.2 Image Analytics
9.3.3 Personalized Treatment
9.3.4 Drug Discovery/Manufacturing
9.3.5 Others
9.4 Retail
9.4.1 Recommendation Engines
9.4.2 Upselling and Cross-Channel Marketing
9.4.3 Segmentation and Targeting
9.4.4 Others
9.5 Telecommunication
9.6 Customer Analytics
9.7 Network Security
9.8 Network Optimization
9.9 Others
9.10 Government and Defense
9.10.1 Autonomous and Defense Systems
9.10.2 Threat Intelligence
9.10.3 Others
9.11 Manufacturing
9.11.1 Predictive Maintenance
9.11.2 Revenue Estimation
9.11.3 Demand Forecasting
9.11.4 Supply Chain Management
9.11.5 Others
9.12 Energy
9.12.1 Power/Energy Usage Analytics
9.12.2 Seismic Data Processing
9.12.3 Carbon Emission
9.12.4 Smart Grid Management
9.12.5 Others
9.13 Others

10 AI as a Service Market, By Region
10.1 Introduction
10.2 North America
10.2.1 By Technology
10.2.2 By Service Type
10.2.2.1 By Software Tool
10.2.2.2 By Service
10.2.3 By Organization Size
10.2.4 By Vertical
10.2.4.1 AI as a Service Application Trends in BFSI
10.2.4.2 AI as a Service Application Trends in Healthcare and Life Sciences
10.2.4.3 AI as a Service Application Trends in Retail
10.2.4.4 AI as a Service Application Trends in Telecommunication
10.2.4.5 AI as a Service Application Trends in Government and Defense
10.2.4.6 AI as a Service Application Trends in Manufacturing
10.2.4.7 AI as a Service Application Trends in Energy and Utilities
10.3 Europe
10.3.1 By Technology
10.3.2 By Service Type
10.3.2.1 By Software Tool
10.3.2.2 By Service
10.3.3 By Organization Size
10.3.4 By Vertical
10.3.4.1 AI as a Service Application Trends in BFSI
10.3.4.2 AI as a Service Application Trends in Healthcare and Life Sciences
10.3.4.3 AI as a Service Application Trends in Retail
10.3.4.4 AI as a Service Application Trends in Telecommunication
10.3.4.5 AI as a Service Application Trends in Government and Defense
10.3.4.6 AI as a Service Application Trends in Manufacturing
10.3.4.7 AI as a Service Application Trends in Energy and Utilities
10.4 Asia Pacific
10.4.1 By Technology
10.4.2 By Service Type
10.4.2.1 By Software Tool
10.4.2.2 By Service
10.4.3 By Organization Size
10.4.4 By Vertical
10.4.4.1 AI as a Service Application Trends in BFSI
10.4.4.2 AI as a Service Application Trends in Healthcare and Life Sciences
10.4.4.3 AI as a Service Application Trends in Retail
10.4.4.4 AI as a Service Application Trends in Telecommunication
10.4.4.5 AI as a Service Application Trends in Government and Defense
10.4.4.6 AI as a Service Application Trends in Manufacturing
10.4.4.7 AI as a Service Application Trends in Energy and Utilities
10.5 Middle East and Africa
10.5.1 By Technology
10.5.2 By Service Type
10.5.2.1 By Software Tool
10.5.2.2 By Service
10.5.3 By Organization Size
10.5.4 By Vertical
10.5.4.1 AI as a Service Application Trends in BFSI
10.5.4.2 AI as a Service Application Trends in Healthcare and Life Sciences
10.5.4.3 AI as a Service Application Trends in Retail
10.5.4.4 AI as a Service Application Trends in Telecommunication
10.5.4.5 AI as a Service Application Trends in Government and Defense
10.5.4.6 AI as a Service Application Trends in Manufacturing
10.5.4.7 AI as a Service Application Trends in Energy and Utilities
10.6 Latin America
10.6.1 By Technology
10.6.2 By Service Type
10.6.2.1 By Software Tool
10.6.2.2 By Service
10.6.3 By Organization Size
10.6.4 By Vertical
10.6.4.1 AI as a Service Application Trends in BFSI
10.6.4.2 AI as a Service Application Trends in Healthcare and Life Sciences
10.6.4.3 AI as a Service Application Trends in Retail
10.6.4.4 AI as a Service Application Trends in Telecommunication
10.6.4.5 AI as a Service Application Trends in Government and Defense
10.6.4.6 AI as a Service Application Trends in Manufacturing
10.6.4.7 AI as a Service Application Trends in Energy and Utilities

11 Competitive Landscape
11.1 Overview
11.2 Top Players Operating in the AI as Service Market
11.3 Competitive Scenario
11.3.1 New Product Launches and Product Enhancements
11.3.2 Partnerships, Collaborations, and Agreements
11.3.3 Mergers and Acquisitions
11.3.4 Business Expansions, 2016

12 Company Profiles
12.1 Introduction
12.2 IBM
12.3 Google
12.4 Amazon Web Services
12.5 Microsoft
12.6 Salesforce
12.7 FICO
12.8 SAS Institute
12.9 Baidu
12.10 Intel
12.11 SAP
12.12 IRIS AI
12.13 Bigml
12.14 H2o.AI
12.15 Absolutdata
12.16 Fuzzy.AI
12.17 Vital AI
12.18 Rainbird Technologies
12.19 Craft.AI
12.20 Sift Science
12.21 Mighty.AI
12.22 Cognitive Scale
12.23 Centurysoft
12.24 Yottamine Analytics
12.25 Datarobot
12.26 Meya.AI

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

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