Global Artificial Intelligence-as-a-Service (AIaaS) Market 2019-2023 | Growing Demand for Smart Homes and Development of Smart Cities to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Jan 6, 2019--The global artificial intelligence-as-a-service (AIaaS) market is expected to post a CAGR of over 47%, according to the latest market research report by . However, the market is expected to decelerate on a year-on-year basis during the forecast period.
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Technavio predicts the global artificial intelligence-as-a-service (AIaaS) market to post a CAGR of over 47% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the use of advanced infrastructure at a reduced cost. With the adoption of AI, enterprises are expected to have long-term benefits in terms of efficiency, productivity, and reduced costs. Also, an AI database is designed to store data indefinitely. However, the development of AI requires high investments for hardware such as sensors and software as it is a complex machine. In addition to the set-up cost of AI, maintenance and repair costs also add to the burden to enterprises planning to implement this system in their businesses. Enterprises using AI in their business operations should also be able to recover lost codes of the system. In order to do so, these enterprises have to invest in additional resources such as AI professionals to maintain AI. Such factors add to the cost of implementing and maintaining AI. Thus, to avoid direct costs associated with implementing and maintaining AI, enterprises prefer to outsource these implementation and maintenance tasks to AIaaS providers, thereby increasing the adoption of AIaaS. Such factors will lead to the growth of the market during the forecast period.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the growing demand for smart homes and the development of smart cities as one of the key emerging trends in the global artificial intelligence-as-a-service (AIaaS) market:
Global artificial intelligence-as-a-service (AIaaS) market: Growing demand for smart homes and development of smart cities
The concept of smart homes is growing as consumer needs are changing and they are focusing more on convenience through electronic devices. Smart home technologies use advanced sensors that are affordable and are used by households to connect appliances such as air conditioning units, camera systems, computers, entertainment systems, heating modules, lighting systems, and security devices Homeowners can control these devices using AIaaS and can schedule the running time for energy management. The smart home market is growing in developing economies such as India. AIaaS forms an important part in making transportation smart, optimizing urban planning, and cities safe. The AIaaS platform helps to track that habits of citizens, behavioral characteristics, and activities. Thus, the increase in demand for smart homes and the development of smart cities will lead to the rise in demand for AIaaS during the forecast period.
“Apart from growing demand for smart homes and development of smart cities, some other factors boosting the global market are lack of skilled workforce encouraging enterprises to shift towards AIaaS and the use of AIaaS for human interaction with machines using natural language processing (NLP),” says a senior analyst at Technavio for research on IT professional services.
Global artificial intelligence-as-a-service (AIaaS) market: Segmentation analysis
This market research report segments the global artificial intelligence-as-a-service (AIaaS) market by end-user (retail, healthcare, BFSI, telecommunication, others) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share close to 39%, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth. The growth of the market is supported by the growing adoption of this technology in industries and rising investment by governments in countries such as India.
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Some of the key topics covered in the report include:
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