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Global Artificial Intelligence-as-a-Service Market 2019-2023 | Growing Demand for Smart Homes and Development of Smart Cities to Boost Growth | Technavio

November 28, 2018

LONDON--(BUSINESS WIRE)--Nov 28, 2018--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 growth momentum of the market is expected to decelerate on a year-on-year basis during the forecast period.

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Technavio has released a new market research report on the global artificial intelligence-as-a-service (AIaaS) market for the period 2019-2023. (Photo: 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 Al, enterprises are expected to have long-term benefits in terms of efficiency, productivity, and reduced costs. Also, an Al database is designed to store data indefinitely. However, the development of Al requires high investments for hardware such as sensors and software as it is a complex machine. In addition to the set-up cost of Al, maintenance and repair costs also add to the burden to enterprises planning to implement this system in their businesses. Enterprises using Al 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 Al professionals to maintain Al. Such factors add to the cost of implementing and maintaining Al. Thus, to avoid direct costs associated with implementing and maintaining Al, 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.

This report is available at a USD 1,000 discount for a limited time only:

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 market:

Global artificial intelligence-as-a-service 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,” 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 market by end-user (retail, healthcare, BFSI, and telecommunication) and geographical regions (APAC, EMEA, and the Americas).

The Americas led the market in 2018 with a market share of 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.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

About Technavio

is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20181128005567/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: TECHNOLOGY HARDWARE INTERNET NETWORKS SOFTWARE OTHER TECHNOLOGY PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES

SOURCE: Technavio Research

Copyright Business Wire 2018.

PUB: 11/28/2018 11:50 AM/DISC: 11/28/2018 11:50 AM

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