Analysts at ResearchAndMarkets have predicted that the global artificial intelligence-as-a-service (AIaaS) market to increase at a CAGR of more than 47% between 2019-23. IBM, Amazon, Microsoft, SAP and Alphabet featured as the main contenders within the AIaaS market.
The adoption of advanced infrastructure at a reduced cost is said to be among the driving factors of the growth. Additionally, a ResearchAndMarkets analyst said: "One trend affecting this market is the growing application of AIaaS for human interaction with machines using national language processing (NLP)."
According to the report, the use of NLP and advanced infrastructure at a reduced cost will provide growth opportunities to AIaaS vendors. NLP can be leveraged for use cases such as reading text and measuring sentiments, the report added.
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Conversely, open-source solutions were highlighted as a threat to the commercial development of the AIaas market within the report.
"Open-source AI solutions can be run on all platforms and downloaded free of cost. As a result, they are becoming increasingly popular in developing economies," ResearchAndMarkets outlined.
In October, ReportBuyer predicted the Alaas market to reach $77bn by 2025, increasing at a CAGR rate of 56.7% over the forecasted period of 2018–25.
