Artificial Intelligence as a Service Market Size

Artificial Intelligence as a Service Market size was valued at USD 9.52 billion in 2023 and is set to cross USD 776.94 billion by the end of 2036, expanding at more than 40.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of artificial intelligence as a service is estimated at USD 12.59 billion.

The growth of the market can be attributed to the growing investment in AI technology, along with the rising revenue generated by the AI industry. For instance, it was observed that AI industry generated a revenue of around USD 325 billion in 2021. Moreover, increasing number of enterprises and competition, has led to the surge in integration of artificial intelligence (AI) technology in applications and services. Furthermore, the need for reduce operational cost is another major factor estimated to boost the adoption of artificial intelligence amongst the end-users. Meanwhile, AI is also gradually penetrating into everyday lives of the common people, in the form of digital assistants, making AI a necessity for the population, which is bound to increase the demand for AI assistance amongst businesses and institutions. Additionally, the growing adoption of cloud computing, and multi-cloud functioning, is projected to boost the market growth. For instance, cloud computing generated more than USD 390 billion revenue in 2021.