A new report from ReportBuyer has forecast the global artificial intelligence as a service (AlaaS) market will reach $77bn by 2025, increasing at a CAGR rate of 56.7% between the projected period of 2018–25.
According to the report, the industry will experience expediential growth from $2.4bn in 2017. Major factors driving the sector's growth will be the increased "penetration of cloud-based solutions and growth associated with the artificial intelligence (AI) and cognitive computing market".
"However, limited availability of trained professionals is expected to impede market growth," ReportBuyer outlined.
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In 2017, in terms of revenue, machine learning dominated the technology segment in comparison to other areas such as computer vision and natural language processing, with ReportBuyer stating that the machine learning sector is "expected to maintain this trend in the coming years, owing to increase in demand" for AI industry services.
ReportBuyer stated that in 2017 North America contributed the highest market share in the AlaaS market and predicted that the region would secure the leading position during the forecast period "owing to the presence of key market players and huge investment".
Some of the leading players of the global AlaaS market include Google, IBM, Intel, Microsoft, and Apple.