LONDON--(BUSINESS WIRE)--The artificial intelligence-as-a-service (AIaaS) market is expected to grow by USD 15.14 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The growing adoption of cloud computing services across the globe is increasing the adoption of cloud-based applications that can be used by multiple end-user industries. The inherent benefits of cloud computing such as minimal cost for infrastructure, scalability, reliability, and high resource availability have driven enterprises to adopt cloud-based solutions. This is expected to accelerate the adoption of cloud-based applications through a service model. With the rise in the adoption of cloud-based services, vendors in the market have started offering cloud-based AI services for the easy management of data. For instance, SAP offers AI capabilities integrated with its cloud-based ERP system called S4/HANA with the aim of supporting business processes such as sales, finance, procurement, and supply chain. Thus, the growing cloud adoption will drive the growth of the market during the forecast period.
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As per Technavio, the increasing integration of AIaaS with blockchain will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Artificial Intelligence-As-A-Service (AIaaS) Market : Increasing Integration of AIaaS with Blockchain
Blockchain technology is integrated with AI applications to manage decentralized records and reduce human error as well as operating costs. Moreover, it can streamline, automate, and create transparency in the sharing of absolute records. Some of the advantages of integrating AI application with blockchain technology include improved traceability, real-time tracking, reduced fraud, automated data flow, and reduced paperwork. Thus, enterprises are partnering with vendors in the market to integrate blockchain-based applications to enhance transparency and efficiency. For instance, in October 2019, Global Container Terminals (GCT), a container terminal operator in North America, joined Maersk and International Business Machines to integrate TradeLens, a blockchain shipping tool, in a bid to enhance transparency and efficiency.
“Factors such as the growing number of acquisitions and partnerships, and increasing investments in AIaaS by retail end-users will have a positive impact on the growth of the AIaaS market value during the forecast period,” says a senior analyst at Technavio.
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Artificial Intelligence-As-A-Service (AIaaS) Market: Segmentation Analysis
This market research report segments the artificial intelligence-as-a-service (AIaaS) market by end-user (retail and healthcare, BFSI, telecommunications, government and defense and others), and geography (North America, APAC, Europe, South America and MEA).
The North American region led the artificial intelligence-as-a-service (AIaaS) market in 2019, followed by APAC, Europe, MEA and South America. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the high adoption of cloud, AI, ML, and big data analysis to draw business insights.
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Some of the key topics covered in the report include:
- Retail and healthcare
- Government and defense
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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