The global Artificial Intelligence Services market size is projected to reach approximately $43.29 Billion by 2030, at a CAGR of 51.2% from 2022 to 2030. Artificial Intelligence Service is a company that outsources artificial intelligence (AI). It allows individuals and organizations to explore many pathways for various reasons without a large initial commitment and with minimal risk. Most smart vendors, whether software companies, consultants, or professional service businesses, offer or partner with companies that can provide a comprehensive set of services to support a large-scale AI solution. This is because AI market service providers recognize that simply providing AI software or AI toolsets to their clients is no longer sufficient. AI services have been aggressively adopted as a major part of the technologies of companies such as IBM, Microsoft, Google, and others.
COVID-19 Impact Analysis
Due to COVID-19, businesses have been moving forward with plans to digitize and automate elements of their operations, not only to improve operational efficiencies but also to defend themselves from interruptions. Various organizations faced considerable increases in customer pressure during the pandemic, but their number of available personnel was reduced. Various contact centers were unable to meet demand or were forced to close due to lockdown restrictions, resulting in lengthy delays in customer support requests and a negative impact on the customer experience. As a result, conversational AI has risen to the top of the list of technology enablers.
Market Dynamics
The continuous advancements in the field of artificial intelligence, increased investments in R&D, continuous advancements in the field of artificial intelligence, increased investments in R&D, and other reasons have all contributed to artificial intelligence service business all contributed to artificial intelligence as a service business.
Drivers:
⮚ Robotic autonomy is required to be competitive in a market
The robotics sector is transforming due to AI, particularly computer vision and machine learning. Businesses are exploring completely autonomous robots that can perceive, interact, and conceive the environment around them to stay ahead in a global market. Industries are looking for dependable and experienced technology partners as they begin to navigate this current technological transformation. Deep learning models handle enormous amounts of data, such as photos, texts, and sounds, using artificial neural networks to produce correct results. Artificial intelligence-driven automation has proven effective in a variety of areas, including aviation, medical, agriculture, energy, and material handling. This means that an ever-changing workforce trained in robots and modern manufacturing is required.
Restraint:
- There are a limited number of AI service expert
Artificial Intelligence is a complex system, and companies need workers with specific skill sets to develop, manage, and implement AI services. For instance, workers who work with AI systems should be familiar with technologies such as cognitive computing, ML and machine intelligence, deep learning, and image recognition. Integrating AI solutions with existing systems is a difficult task that necessitates extensive data processing to replicate the behavior of a human brain. Even minor errors can cause system failure or malfunctioning of a specific solution, which can have a significant impact on outcomes and desired results.
Opportunity:
⮚ Increased government initiatives to use AI technology
Growing applications and simple deployment techniques have drawn governments’ attention to AI technology, resulting in increased government investments in AI and related technologies. Government agencies, public sector organizations, and non-governmental organizations have begun allocating funds for AI-based pilot initiatives in a variety of areas, including road and public safety, traffic management, and government document digitalization.
Segment Overview
By Technology
Based on the Technology, the Artificial Intelligence Services market is segmented based on Deep Learning, Machine Learning, and Natural Language Processing. During the projection period, the machine learning and deep learning technology category are expected to hold the largest market share, while natural language processing technology is expected to rise at a faster CAGR. Natural language processing technology is capable of comprehending user behavior, which aids in the delivery of improved customer service.
By Vertical
Based on Vertical, the global Artificial Intelligence Services market has been divided into Government, BFSI, Healthcare, Manufacturing, Retail, and Telecommunication. The BFSI segment is expected to hold the largest market share. Artificial Intelligence Services is increasingly being used in the BFSI business to improve operational efficiency and provide a better customer experience. AI is at the forefront of all technological advancements.
Global Artificial Intelligence Services Market Share, by Segmentation
Regional Analysis
Based on region, the global Artificial Intelligence Services market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to dominate the use of the Artificial Intelligence Services market followed by the Asia-Pacific and Europe regions.
North America Market
North America has produced and contributed to the largest artificial intelligence service market share due to its early embrace of modern technologies such as artificial intelligence. Advanced infrastructure, sophisticated network technologies, and strong technical capabilities are also contributing to its enormous artificial intelligence service market size.
Asia-Pacific Market
During the forecast years, Asia Pacific is expected to increase at the fastest rate. The countries of China, Japan, and South Korea are the region’s major artificial intelligence inventors. One of the primary causes driving the rise and adoption of artificial intelligence in China and South Korea is their heavy investment in creating automation technologies for companies.
Competitive Landscape
The market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach. Since of their strategic innovations and broad regional presence, companies such as amazon web services inc, apple inc, cognitivescale inc, fair Isaac corporation, and international business management corporations lead the global Artificial Intelligence Services business. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.
Prominent Players:
- Alphabet Inc. (Google LLC)
- Amazon Web Services Inc
- Apple Inc
- CognitiveScale Inc
- Fair Isaac Corporation
- International Business Management Corporation
- Intel Corporation
- Microsoft Corporation
- salesforce inc
- SAP
Scope of the Report
Global Artificial Intelligence Services Market, by Technology
- Deep Learning
- Machine Learning
- Natural Language Processing
Global Artificial Intelligence Services Market, by Vertical
- Government
- BFSI
- Healthcare
- Manufacturing
- Retail
- Telecommunication
Global Artificial Intelligence Services Market, by Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia Pacific
- Rest of the World
| Parameters | Indicators |
|---|---|
| Market Size | 2030: $ 43.29 Billion |
| CAGR | 51.2% CAGR (2022-2030) |
| Base year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Segmentations | Technology, Vertical |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, Middle East, Africa |
| Key Vendors | Amazon Web Services Inc, Alphabet Inc (Google LLC), Apple Inc, Fair Isaac Corporation, CognitiveScale Inc, Intel Corporation, International Business Management Corporation, Microsoft Corporation, salesforce.com inc, SAP |
| Key Market Opportunities | Increased government initiatives to use AI technology |
| Key Market Drivers | Robotic autonomy is required to be competitive in a market |
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Artificial Intelligence Services market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Artificial Intelligence Services market historical market size for the year 2020, and forecast from 2022 to 2030
- Artificial Intelligence Services market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Artificial Intelligence Services market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
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Artificial Intelligence Services Market FAQs
1. What is the study period of this market?
● The study period of the global Artificial Intelligence Services market is 2020 – 2030
2. What is the growth rate of the global Artificial Intelligence Services market?
● The global Artificial Intelligence Services market is growing at a CAGR of ~ 51.2% over the next 7 years
3. Which region has the highest growth rate in the global Artificial Intelligence Services market?
● Asia Pacific is expected to register the highest CAGR during 2022-2030
4. Which region has the largest share in the global Artificial Intelligence Services market?
● North America holds the largest share in 2021
5. Who are the key players in the global Artificial Intelligence Services market?
• Alphabet Inc (Google LLC), Amazon Web Services Inc, Apple Inc, CognitiveScale Inc, Fair Isaac Corporation, International Business Management Corporation, Intel Corporation, Microsoft Corporation, salesforce.com inc, SAP are the major companies operating in the global Artificial Intelligence Services market.
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● Yes, we offer 16 hours of analyst support to solve the queries
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