Technology has evolved significantly over the years. Various new technologies and innovations have been in use due to the wide number of benefits they provide. Modern technologies like machine learning (ML), artificial intelligence (AI), and augmented reality (AR) have brought a large number of advancements across various sectors and industries. Thus, the emergence of artificial intelligence as a prominent aspect across a plethora of services in various industries is estimated to boost the growth of artificial intelligence as a service market during the upcoming period.
Artificial intelligence has penetrated almost every sector and industry around the world. The use of artificial intelligence in numerous applications across a plethora of end-user industries has led to the development of artificial intelligence as a service. Many organizations in various industries feel the need for the use of late the st technologies like artificial intelligence but do not have the resources to apply them efficiently. Artificial intelligence as a service does just that. It can be described as a third-party offering for outsourcing artificial intelligence. It enables end-user industries and companies to use and experiment with artificial intelligence through lowering risk and limiting initial investment. Thus, these benefits help in propelling the growth of artificial intelligence as a service market.
The software tools used in artificial intelligence as a service are modeler and processing, data storage and archiving, model validator, report storage, cloud and web-based application programming interface, and others. Some of the prominent end-user sectors that avail the maximum use of artificial intelligence as a service are telecommunications, healthcare and life sciences, energy, transportation, banking, finance, insurance, manufacturing, and retail.
Research and development activities form a major part of the overall growth trajectory of artificial intelligence as a service market. The players in the artificial intelligence as a service market invest extensively in these activities for developing and creating new services that are beneficial for the end-user industries. Furthermore, the players are involved in strategizing marketing aspects for attracting a large consumer base. Thus, these activities ultimately contribute to the growth of artificial intelligence as a service market.
Strategic collaborations are important for the growth of artificial intelligence as a service market. Mergers, partnerships, joint ventures, and acquisitions are common in the artificial intelligence as a service market. These collaborations help in expanding the range of services under the ambit of the players in the artificial intelligence as a service market, eventually increasing the growth rate.
Banking and Finance Industry to Bring Considerable Growth for Artificial Intelligence as a Service Market
Technologically, the banking and finance sector has evolved extensively over the years. The rising use of the latest technology in the banking sector is resulting in the high adoption of artificial intelligence as a service. The players in the artificial intelligence as a service market are focusing on developing and creating novel methodologies and techniques that are helping in enhancing the efficiency of transactions and services offered by bankers. Furthermore, the implementation of chatbots, fraud detection mechanisms, and algorithmic trading has proved to be beneficial for the banking and finance industry.
Emerging Economies to Attract Substantial Growth for Artificial Intelligence as a Service Market
Economies like India, Taiwan, and China are adopting the use of the latest technologies like artificial intelligence on a large scale. The government bodies of these countries are encouraging the use of artificial intelligence through various schemes and initiatives. Furthermore, these countries are providing special subsidies and incentives to emerging tech startups. These factors are helping in strengthening the growth trajectory of artificial intelligence as a service market in the Asia Pacific. North America may observe medium growth as it is already a mature market for artificial intelligence as a service.