Technavio has been monitoring the artificial intelligence-as-a-service (AIaaS) market and it is poised to grow by US$15 billion during 2019-2023, progressing at a compound annual growth rate of over 48% during the forecast period.
The research group says the market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Apple, Alphabet, Amazon, Intel, IBM, Microsoft, Oracle, Salesforce.com, SAP SE, and SAS Institute Inc. are some of the major market participants.
Technavio says the need to reduce AI cost will offer immense growth opportunities. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments, adds the research group.