The Future of Artificial Intelligence as a Service Market
The Artificial Intelligence as a service market is expected to grow at a significant rate over the next 5 years, due to the need to reduce infrastructure costs and analyze large volumes of data to formulate various growth strategies.
The growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and increasing number of innovative startups are some of the major factors that are expected to drive the AI as a service market.
The major factors that are expected to drive the AI as a service market are the growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and growing number of innovative startups.
Among services, the software tools services segment is expected to hold the larger market size during the forecast period. Software tools play an important role in finding hidden patterns in data and data sets to predict outcomes from the large volume of data.
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Among technologies, the machine learning and deep learning technology segment is expected to hold the larger market size, whereas the natural language processing technology is expected to grow at a higher CAGR during the forecast period.
The growing awareness of AI as a Service among various verticals and generation of the massive amount of data, due to the increasing use of digital technologies are expected to make APAC a high potential market for growth.
AI as a service is used by various verticals to analyze large volumes of data for streamlining their business processes. However, access to data becomes critical, as there are various rules and regulations imposed by government authorities across different regions. Hence, sensitivity involved in accessing data may pose a challenge for the growth of the AI as a service market.
However, the increasing need of organizations to sustain in a competitive world is creating the demand for AI as a service, which in turn, is expected to drive the Artificial Intelligence as a service market growth.
Today, Telecom & IT market includes software, hardware, internet, telephony and content, application and support service provided by entities ranging from corporate top notch to startup entrepreneurs to individual developers and open-source networks. The relevant content & applications are integral parts of the value proposition.