Artificial Intelligence As A Service Market Size, Share, Growth Analysis, By Service Type(Software and Services), By Deployment(Public Cloud and Hybrid Cloud), By Region - Industry Forecast 2024-2031

Global Artificial Intelligence As A Service Market size was valued at USD 8.08 billion in 2022 and is poised to grow from USD 11.97 billion in 2023 to USD 278.64 billion by 2031, growing at a CAGR of 48.2% in the forecast period (2024-2031).

Artificial intelligence is concerned with the computer simulation of intelligent behaviour. A third party provides artificial intelligence as a service (AIaaS) to the company. AIaaS provides a company with a comprehensive set of AI tools and services accessible through a cloud platform including automated voice, vision, and language recognition capabilities. These intelligent services enable a company to optimize its data and uncover new perspectives. AIaaS does not require any prior knowledge of how they work, allowing even those with no prior expertise with AI to use them.

It mainly deals with the numerous services provided by artificial intelligence that help reduce human intervention and make work faster and more accurate without wasting much time. This helps to increase the efficiency of the company and thus helps to increase the revenue return of the organization. AI as a service has succeeded in capturing the market by taking on the company's additional responsibilities. Work was automated using artificial intelligence in analytical processes to manage big data without errors. In order to reduce the operational cost of the company, artificial intelligence has been evaluated as an option that helps increase the revenue return of the business. The emergence of the epidemic had a huge impact on the growth of the market. Due to restricted movement, the physical learning process suffered the greatest loss, managed with the help of artificial intelligence in the form of machine learning. AI-as-a-service is heavily used in the travel industry to quickly handle bookings and cancellations during the pandemic.

Neural networks are used to store large amounts of data and generate deep learning methods incorporating sound, text, and images, which facilitate easy comprehension with the aim of generating maximum output. Artificial intelligence as a service is widely used in the aviation industry to deal with environmental conditions inside and outside the aircraft. It helps in the automatic management of weather conditions for passengers. A similar experience has been found in the automobile business, where an autonomous temperature control system has been developed, which delivers individual climate conditions to the interior of the vehicle. Since artificial intelligence is complex, it is necessary to use professional workers to control the settings. However, it involves huge investment and hence acts as the biggest restraining factor of the market.

US Artificial Intelligence As A Service Market is poised to grow at a sustainable CAGR for the next forecast year.