Global Market Insights Inc. forecasts that the AI services market will exceed $124.2 billion by 2032.

Major AI-as-a-Service market participants include Amazon Web Services, Inc., BigML, Inc., IBM Corporation, Intel Corporation, Fair Isaac Corporation, Google LLC, Microsoft, Salesforce, Inc., SAP SE, and Siemens

Selbyville, Del., Aug. 26, 2024 (GLOBE NEWSWIRE) —

The AI-as-a-service market is expected to reach $124.2 billion by 2032, according to a report research conducted by Global Market Insights Inc.

AI-as-a-service (AIaaS) platforms provide companies with a range of tools to customize AI models to their specific needs for more effective and targeted applications. Significant investment in AI R&D, along with the proliferation of AI startups, is paving the way for innovations such as developing new algorithms, improved AI models, and more efficient data processing techniques. For example, in June 2024, Cisco’s corporate venture capital arm, Cisco Investments, launched a $1 billion AI investment fund to strengthen the startup ecosystem and expand the development of secure and reliable AI solutions. Many AIaaS providers are also developing platforms that are accessible to non-experts, with user-friendly interfaces and pre-built models that enable companies to implement AI solutions without deep technical knowledge, further contributing to the expansion of the industry.

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The AI-as-a-Service market for computer vision technology is expected to grow through 2032, driven by the growing importance in the healthcare sector for medical imaging analysis, diagnostics, and surgical assistance. The development of autonomous vehicles relies heavily on computer vision to interpret and respond to the surrounding environment. Growing use in obstacle detection, lane tracking, and pedestrian recognition is making computer vision a key technology for the automotive sector.

The retail vertical is likely to witness a lucrative CAGR in the AI-as-a-service market from 2024 to 2032. AIaaS tools analyze in-store customer behavior through video channels, tracking metrics such as foot traffic, dwell time, and product interactions. This data helps retailers optimize store layouts and product placement. It also helps enhance the shopping experience with interactive elements such as virtual showrooms or personalized AR experiences, making the shopping experience more engaging and immersive.

The European AI-as-a-Service market is expected to register an exponential CAGR through 2032, driven by the rapid growth of AI startups and innovation hubs, supported by government initiatives and venture capital funding. Leading companies in the region are increasingly integrating these services into their existing systems to leverage AI capabilities without extensive in-house infrastructure investments, leading to vendor-to-vendor partnerships with industry solution providers. A favorable regulatory environment, particularly in the areas of data privacy (GDPR) and ethical use of AI, will also drive the expansion of the regional market.

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Some of the leading players in the AI-as-a-service market are Amazon Web Services, Inc., BigML, Inc., IBM Corporation, Intel Corporation, Fair Isaac Corporation, Google LLC, Microsoft, Salesforce, Inc., SAP SE, and Siemens. These companies are focusing on technological innovations to expand their portfolio and customer base. To cite an example, in February 2023, IBM demonstrated its cutting-edge AI research by implementing basic models and generative AI.

Partial chapters of the report’s table of contents (TOC):

Chapter 1 Methodology and Scope

1.1 Market Scope and Definition

1.2 Estimates and Baseline Calculations

1.3 Calculating forecasts

1.4 Data sources

1.4.1 Basic

1.4.2 Secondary

1.4.2.1 Paid sources

1.4.2.2 Public sources

Chapter 2 Summary

2.1 Synopsis 360º of the AI-as-a-Service market, 2018-2032

2.2 Business Trends

2.2.1 Total Addressable Market (TAM), 2024-2032

2.3 Regional trends

2.4 Technology trends

2.5 Cloud Type Trends

2.6 Trends in Organization Size

2.7 Offering trends

2.8 Vertical Trends in the Industry

Chapter 3 Artificial Intelligence as an Insight into the Service Industry

3.1 Industry Ecosystem Analysis

3.2 Supplier Landscape

3.2.1 Cloud Service Providers

3.2.2 AI Solution Providers

3.2.3 Businesses and companies

3.3 Profit Margin Analysis

3.4 The landscape of technological innovation

3.5 Patent Analysis

3.6 Key news and initiatives

3.7 Regulatory Landscape

3.8 Impact forces

3.8.1 Growth engines

3.8.1.1 Demand for optimization of purchasing processes and increased efficiency

3.8.1.2 Emphasis on data-driven insights to optimize procurement strategies

3.8.1.3 The spread of AI systems in supply chain management

3.8.1.4 Better supplier performance assessment and risk management

3.8.2 Industry Pitfalls and Challenges

3.8.2.1 Low data quality and integration problems

3.8.2.2 Data Security Concerns

3.9 Growth Potential Analysis

3.10 Porter Analysis

3.11 PESTEL Analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specifically designed and presented to support strategic decision-making. These comprehensive reports are designed using a proprietary research methodology and are available for key industries such as Chemicals, Advanced Materials, Technology, Renewable Energy, and Biotechnology.

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