The Business Research Companyâ€™s Artificial Intelligence Services Global Market Report 2021: COVID-19 Growth And Change to 2030
LONDON, GREATER LONDON , UK, May 24, 2021 /EINPresswire.com/ — The rise in the adoption of cloud-based solutions is a key factor driving the growth of the global artificial intelligence-as-a-service market. Artificial intelligence (AI) as a service lets businesses experiment with AI for different activities without a high initial investment. Experimentation enables many cloud computing platforms to check different machine learning algorithms and helps streamline how data is analyzed and managed. Businesses are deeply interested in cloud-based machine learning, which lets them experiment through their services and help their clients make informed decisions based on the data. For instance, in March 2020, Google announced the beta launch of Cloud AI Platform Pipelines, which provides its customers with repeatable machine learning pipelines that can be installed easily and used for machine learning workflows securely. The integration of AI applications into its cloud draws more customers, thus enhancing market growth over the forecast period. Therefore, the rise in the adoption of cloud-based solutions is expected to drive the growth of the artificial intelligence services market.
The global artificial intelligence services market is expected grow from $0.77 billion in 2020 to $0.96 billion in 2021 at a compound annual growth rate (CAGR) of 24.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The services in AI software market size is expected to reach $3.39 billion in 2025 at a CAGR of 37%.
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The artificial intelligence (AI) services market consists of sales of AI services that are used in telecommunications, government, retail, defense, and healthcare. Companies in the artificial intelligence market provide outsourced services to cater to business requirements. AI as a service enables individuals and businesses to use AI for different purposes, without significant initial investment and with lower risk.
The artificial intelligence services market covered in this report is segmented by technology into machine learning, computer vision, natural language processing (NLP), others, by end-user into banking, financial, and insurance (BFSI), IT & telecom, retail, manufacturing, public sector, energy & utility, healthcare, others, by services type into managed services, professional services, by software tools into web-based and cloud application programming interface, processing and modeler, archiving and data storage, by organization type into small and medium-sized enterprises, large enterprise, by deployment mode into on-premise, cloud, and by application type into fraud detection, data analytics & visualization, customer service and management, risk management, compliance & security.
The major players covered in the global artificial intelligence services market are Intel Corp., International Business Machines Corp., Microsoft Corp., SAP SE, SAS Institute Inc., Amazon.com Inc., Salesforce, Google LLC, Oracle Corporation, Fair Isaac Corporation, Alphabet Inc., Apple Inc., CognitiveScale, Inc., Baidu, Inc, BigML, H2O.ai, Baidu Inc.
Artificial Intelligence Services Global Market Report 2021: COVID-19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provides artificial intelligence services market overview, forecast artificial intelligence services market size and growth for the whole market, artificial intelligence services market segments, and geographies, artificial intelligence services market trends, artificial intelligence services market drivers, restraints, leading competitorsâ€™ revenues, profiles, and market shares.
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