COVID-19 Impact on Global Artificial Intelligence as a Service Market – 2020-2026
Summary: Artificial Intelligence as a Service
The Artificial Intelligence-as-a-Service market was valued at USD 2.38 billion in 2019 and is expected to reach USD 22.08 billion by 2026, at a CAGR of 45% over the forecast period 2020 – 2026. With the increasing number of enterprises and competition among them, companies are rigorously trying to integrate artificial intelligence (AI) technology to their application, business, analytics, and services.
Moreover, companies are trying to reduce their operational cost to increase profit margins, due to which Artificial Intelligence-as-a-Service (AIaaS) is gaining more prominence over the cloud. Notably, companies are more interested in cloud-based machine learning, which helps in experimenting with their offerings.
Furthermore, industry players are rapidly integrating new sets of capabilities. For instance, in July 2018, Google announced the incorporation of more AI features to its cloud, which is expected to attract more consumers, thereby boosting the market growth over the forecast period.
Additionally, Mindtree is offering AI solution to the banks in collaboration with machine-learning- powered platform by Tookitaki, which helps in detecting crimes associated with financial activities. As a result, it is likely to foster market growth over the next few years.
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the Artificial Intelligence as a Service 3900 market in 2020.
COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.
The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future.
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Understanding the segments helps in identifying the importance of different factors that aid the
Scope of the Report
Artificial Intelligence as a Service is a third party offering of artificial intelligence (AI) outsourcing. AI as a service allows enterprises to experiment with AI for various actions without large initial investment extremely low risk. Experimentation empowers the sampling of multiple public cloud platforms to test different machine learning algorithms. Different AI provider platforms offer a number of styles of machine learning and AI that can be integrated with an organization’s AI needs since organizations need to evaluate features and pricing to see what works for them and what doesn’t.
Key Market Trends
BFSI is Expected to Occupy the Highest Share
In recent years, AI technology has been increasingly adopted in the BFSI industry, primarily to enhance operational efficiency and enable rich consumer experience. AI is at the forefront of all innovations and will continue to remain so in 2019-2020.
In the BFSI industry, AI is mainly used as chatbots, algorithmic trading, fraud detection, and customer recommendation. Banks, such as RBS, are implementing chatbots, which is likely to compel other financial institutions to invest in similar technology. As a result, it is expected to create demand for AI-based solutions, which, in turn, is expected to boost the investment by the industry players, thereby, fostering the market growth, over the next six years.
Artificial intelligence in finance can act as a powerful ally when it comes to analysing real-time activities in any environment. The accurate predictions and forecasts that it provides are based on multiple variables, vital to business planning.
For Instance, a US leasing company, Crest Financial, used artificial intelligence on the Amazon Web Services platform and immediately saw a significant improvement in risk analysis, without facing any deployment delays associated with traditional data science methods.
Artificial Intelligence can also provide a faster, more accurate and unbiased assessment of a potential borrower, at a lower cost, by accounting for a wider variety of factors, which leads to a better-informed, data-backed decision.
For example, Automobile lending companies in the U.S. have reported success with AI for their lending activities as well. A report by Zest Finance shows that atop auto lender in the US was able to cut losses by 23% annually bringing AI on board.
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Key Market Trends | Growth | Share | Sale | Revenue | Manufactures | Technology Component
Asia-Pacific is Expected to Witness the Highest Growth
The global investment in artificial intelligence is rapidly increasing, primarily in the Asia-Pacific region. Furthermore, the healthcare industry in Asia-Pacific countries, such as India, is rapidly expanding. Due to this, the scope and demand for artificial intelligence in the industry is increasing. As a result, the region is expected to have a substantial investment opportunity, thereby boosting the market growth over the forecast period.
Notably, the top tech giants across the world, offering AI services, are opening research labs in the Asia-Pacific region, which is expected to ascend the employment and tap more potential consumers.
For instance, in January 2019, Microsoft announced the largest artificial intelligence (AI) and the Internet of Things (IoT) lab in China, in a bid to target the region’s growing business sectors, ranging from manufacturing to healthcare. Also, in December 2017, Google announced the opening of its artificial intelligence (AI) research center in China
Emerging countries, like India and Taiwan, are heavily investing in adopting new AI-based services or models, further expanding the application scope of the studied market. According to Business Next, in Taiwan, startups are developing AI-inspired software that calculates the best times to clean solar panels, thereby, increasing power generation by more than 15%.
The Artificial Intelligence-as-a-Service market is fragmented, with most companies focusing on a silo approach to developing solutions. Going forward, AI will be increasingly embedded within many systems and applications in everything from data management to retail shopping. The fragmented market has a vast number of players who have been making efforts to increase its market footprint, by concentrating on product diversification and development.
March 2019 – Bengaluru based EdTech company, CarveNiche Technologies entered into a strategic partnership with Microsoft for its customizable Math learning solution. The programme titled- beGalileo, allows students from class 1 to 10 to learn maths using Artificial Intelligence. With the hosting on the Microsoft Azure cloud, the solution will now be easily accessible to students and schools, on any device, from anywhere around the globe.
March 2019 – McDonald announced the acquisition of Dynamic Yield, an artificial intelligence company based in New York and Tel Aviv, for USD 300 million. The acquisition will give McDonalds data on what purchases are most popular with consumers, and help it design solutions for a more customized experience.
January 2019 – Sonasoft Corp., a leader in innovative eDiscovery and artificial intelligence (AI) solutions, announced the acquisition of Hotify Inc. Hotify Inc. is an artificial intelligence (AI) software company and is the developer of NuGene, an AI cloud-based platform that adds intelligence to solve many industry-specific challenges.
1 Study Coverage
2 Executive Summary
3 Breakdown Data by Manufacturers
4 Breakdown Data by Type
5 Breakdown Data by Application
11 Company Profiles
12 Future Forecast
13 Market Opportunities, Challenges, Risks and Influences Factors Analysis
14 Value Chain and Sales Channels Analysis
15 Research Findings and Conclusion
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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