Artificial Intelligence as a Service market projected to reach $96064.7 million by 2030

Artificial Intelligence as a Service (AIaaS) market projected to reach $96064.7 million by 2030

According to a recent analysis by Grand View Research, Inc., the size of the global artificial intelligence as a service (AIaaS) industry is anticipated to reach USD 96,064.7 million by 2030. From 2022 to 2030, the market is projected to grow at a CAGR of 37.1%.

Large corporations and SMEs can explore development prospects with artificial intelligence as a service (AIaaS), a third-party artificial intelligence outsourcing service, without making a sizable initial investment. It permits organizations or end users to test out AI for different applications while lowering the initial cost and risk.

The market for artificial intelligence as a service is being driven by governments worldwide and the growing R&D activities of AI as a service supplier. The artificial intelligence-as-a-service industry is also projected to be driven by rising government and end-user investment in AIaaS and greater integration of AIaaS with blockchain.

For instance, in July 2022, the Telangana government and the United Nations Development Programme (UNDP), a UN agency, launched data in climate resilient agriculture (DiCRA), an AI-powered platform service aimed at giving farmers information about climate change. Using pattern identification algorithms and remote sensing, the AI platform can distinguish between resilient farms to climate change and those more susceptible.

Rising demand for AI technology

The report further states that the demand for AI technology is driven by rising social media and Internet of Things (IoT) usage. More businesses are putting money into AI technologies and using AI expertise to stay ahead of the global competition. Furthermore, given that so many businesses are looking for outsourcing services, many AI technology companies believe that simply offering AI tools and software is insufficient.

The market has consequently seen an increase in demand for AI services. Implementing AI-powered IoT solutions in sectors like manufacturing, retail analytics, self-driving cars, and others can help businesses increase their efficiency.

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