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Artificial Intelligence as a Service Market Size

Report ID: GMI7372
Published Date: Jan 2024
Report Format: PDF

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Artificial Intelligence as a Service Market Size

Artificial Intelligence as a Service Market was valued at USD 9.7 billion in 2023 and is estimated to register a CAGR of over 33% between 2024 and 2032. Global AI as a Service Market will garner noteworthy gains throughout 2024-2032, driven by the escalating rollouts of industry-specific solutions. Providers of AI as a Service (AIaaS) are crafting specialized solutions designed to cater to the distinct requirements of specific industries, including healthcare, finance, retail, and manufacturing.

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For instance, in June 2023, Hims & Hers Health, the prominent health and wellness platform, introduced MedMatch, an AI-driven solution aimed at transforming healthcare by equipping healthcare providers with a more intelligent and informed approach to delivering personalized care to patients. This innovative tool seeks to enhance the precision and effectiveness of treatments and medication recommendations. The primary objective of MedMatch is to provide healthcare professionals with clinical recommendations and treatment options that draw upon the vast collective knowledge of thousands of providers and millions of data points. Ultimately, this approach aims to yield improved clinical outcomes and higher levels of patient satisfaction. These specialized AI services can address specific challenges and opportunities within each industry, further driving adoption and innovation in the AIaaS industry.

Artificial Intelligence as a Service Market Report Attributes
Report Attribute	Details
Base Year:	2023
Artificial Intelligence as a Service Market Size in 2023:	USD 9.7 billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	33.2%
2032 Value Projection:	USD 124.2 billion
Historical Data for:	2018 - 2023
No. of Pages:	220
Tables, Charts & Figures:	411
Segments covered:	Technology, Cloud Type, Organization Size, Offering, Industry Vertical
Growth Drivers:	Increasing Demand for AI Capabilities Demand of Cost-Effective AI Solutions Rapid Technological Advancements Big Data Growth
Pitfalls & Challenges:	Data Privacy and Security Concerns Lack of Skilled Workforce

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However, integrating AIaaS solutions into existing infrastructure can be complex and time-consuming. Many organizations face challenges in seamlessly incorporating AI capabilities into their workflows and systems, which can act as a barrier to adoption, thus impacting the industry outlook.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Market size for artificial intelligence as a service was valued at USD 9.7 billion in 2023 and is estimated to register over 33% CAGR between 2024 and 2032 driven by the escalating rollouts of industry-specific solutions.

The machine learning segment in the artificial intelligence as a service industry was over USD 3.3 billion in 2023 and will witness noteworthy expansion between 2024-2032 due to the ability of ML technology to process and analyze vast datasets, extract valuable insights, and improve decision-making processes.

North America artificial intelligence as a service industry share was over 32% in 2023 and will grow significantly through 2032 owing to the region’s robust ecosystem of tech innovation and investment, including Silicon Valley in the United States and the thriving Canadian AI scene.

Amazon Web Services, Inc., Salesforce, Inc., IBM Corporation, Intel Corporation, Microsoft, BigML, Inc., Google LLC, SAP SE, Siemens, and Fair Isaac Corporation.