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Artificial intelligence (AI) as a service offers on-demand services to organizations to deploy, manage and develop AI-based models. Prominent market players such as Amazon Web Services, IBM Corporation, Microsoft Corporation, and SAP SE, among others, are offering cloud-based AI services to SMEs and individuals. AIaaS offers advanced capabilities to enterprises such as Sentiment analysis, robots, text recognition, IoT solutions, speech-to-text conversion, augmented reality, and computer vision.
The lack of IT infrastructure and skilled professionals to develop and implement AI applications across small and medium-sized enterprises (SMEs) is expected to drive the adoption of AI as a service. The increased adoption of digital technologies such as cloud, AI, machine learning, and analytics drives market growth. The ease of access with AI Software Development Kit( SDK) and application programming interfaces(API) and the minimal upfront cost are expected to fuel the market growth.
The AI bots help in financial planning, detecting frauds and cybercrimes, improving bureaucratic efficiency, and offering a customized experience. The growing demand for automation and analytics solutions drives the adoption of artificial intelligence across the industries such as healthcare, manufacturing, retail, logistics, banking, and financial services. Organizations are focusing on implementing artificial intelligence technology. For instance, as per Statista, in 2020, the corporate investment in AI raised to USD 68 Bn across the world.
Covid-19 has increased the adoption of cloud and AI for various challenges such as covid-19 virus tracking, vaccine development, contact tracing, telemedicine, and remote work. Further, the shift in consumer behavior and buying patterns drive the adoption of AI solutions across healthcare, retail, and e-commerce to get customer insights and deliver on-demand services. Covid-19 pandemic has accelerated the adoption of AI technology across industries, including manufacturing, healthcare, retail, and financial services.
For instance, as per KPMG 2021 thriving in AI World survey, 93% of business leaders stated AI is moderately or fully functional in industrial manufacturing. Further, 85% stated AI technology is implemented moderately or fully across financial services.
Prominent market players are focusing on product developments and expansion of products to offer cloud AI services to customers.
Key players in Artificial Intelligence as a service market include Amazon Web Service, Inc., IBM Corporation, Google LLC, Salesforce, Baidu, Inc., Intel, Fair Isaac Corporation, SAS Institute, SAP SE, and BigML, Automation Anywhere, Inc., among others.
The report will cover the following insights-
Low Infrastructure Cost and Advanced Capabilities of Cloud AI Services Drive the Adoption of AIaaS across BFSI and the Healthcare Industry.
The banking, financial services, and insurance industry witness significant growth during the forecast period. The rising digital transformation across banking and increased proliferation of mobile banking, e-banking, real-time money transfers, and mobile payment applications generate a massive volume of customer data or transaction records. Artificial technology with data analytics enables financial institutions to manage this vast volume of data and generate meaningful insights to deliver a personalized customer experience.
Similarly, AI allows banks and financial institutions to avoid fraudulent transactions and identify anti-money laundering activities, likely to propel market growth. Cloud-based AI services such as AI bots such as chatbots or voice bots, Biometric fraud detection, digital payment advisers, smart wallets, and personalized financial services are likely to foster market growth in coming years. Banking and financial institutions increased the adoption of advanced technologies such as AI, cloud, and machine learning.
The growing adoption of digital technologies across healthcare owing to the covid-19 outbreak is expected to showcase remarkable market growth. The AI technology helps healthcare organizations manage the workforce, analyze patient records, detect medication errors, and improve the patient experience with conversational AI. Such features of AI and low infrastructure and implementation costs drive the adoption of AIaaS across the industry. The market players are investing in developing new cloud AI solutions amid the pandemic.
Such rising innovations and investment in developing advanced solutions are projected to drive market growth.
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North America is expected to hold a significant market share in the artificial intelligence as-a-service market. The rising investment in innovation and product development by US companies such as Intel Capital, Y Combinator, and 500 Startups across the region drives the market growth. For instance, in October 2020, Statista stated that funding or investment for AI-focused companies extended to USD 4.7 billion in the US. Such growing investments/funding for technology innovation is likely to fuel the market growth.
The increased adoption of AI technology across public services, healthcare, education, and transportation across the United States is expected to drive market growth. North America holds the most AI patent publications, which is projected to contribute to the region's dominance in the AIaaS market. Thus, rapid adoption and deployment of emerging technologies and increased proliferation of smart devices will likely foster market growth. The prominent market players such as Microsoft Corporation, Amazon Web Services, Google LLC, IBM Corporation, and SAP SE, among others, are focusing on partnerships, collaborations, mergers, product launches, or expansion.
Such growing adoption of cloud and AI technology solutions and investment to implement advanced technology capabilities is expected to drive the market growth in this region.
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