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Artificial Intelligence as a Service Market Trends

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

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Artificial Intelligence as a Service Market Trends

The integration of edge computing with AI as a Service (AIaaS) is poised to strengthen the AIaaS market forecast through 2032. By processing data at the edge of the network, closer to the data source, AI models can deliver real-time insights and responses, reducing latency and improving performance. This combination enables AIaaS to cater to applications requiring low-latency processing, such as IoT devices, autonomous vehicles, and industrial automation, ultimately broadening its applicability and driving greater adoption in various industries, thus complementing market growth. To that end, companies in the IT space are introducing novel cutting-edge products in the market to strengthen their market standing. For instance, in September 2023, Lenovo unveiled groundbreaking edge AI services and solutions, setting the stage for widespread deployment of remote computing capabilities that will greatly accelerate AI integration and enable new AI applications across industries.

With the introduction of Lenovo TruScale for Edge and AI, the proven cost-efficiency of the Lenovo TruScale Infrastructure-as-a-Service model is extended to its comprehensive edge portfolio. This empowers customers to adopt a pay-as-you-go approach for swift deployment of potent edge computing, facilitating real-time AI-driven insights at the data source. Additionally, Lenovo's expanded portfolio includes the powerful ThinkEdge SE455 V3, designed to support demanding remote AI workloads efficiently.

The proliferation of data, both structured and unstructured, has created a strong demand for AI-powered analytics. AIaaS solutions can process and analyze vast amounts of data quickly and efficiently, helping organizations gain valuable insights, make data-driven decisions, and enhance their operations.

Against this backdrop, in November 2023, Moody's Analytics introduced a novel stablecoin service, employing artificial intelligence to forecast potential depegging incidents within a 24-hour timeframe. This service will offer real-time insights into the liquidity and stability of stablecoin issuers. Using machine learning and various indicators, Moody's Analytics will analyze major stablecoins, identifying potential depegging risks. Additionally, the service will assess market dynamics, issuer stability, custodians, and reserve quality and provide a transparency index rating the disclosure quality of entities behind fiat-backed stablecoins.

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.