Global Artificial Intelligence (AI) as Professional Services Market is forecasted to grow at a rate of 45.6% from USD 1.73 Billion in 2019 to USD 34.1 Billion in 2027, according to a new report by Reports and Data. AI as Professional Services (AIaaS) is an artificial intelligence outsourcing service that is provided by a third party to enables big organizations and SMEs to explore growth avenues without high investment for initial installation. Most smart vendors, be it consultants, software firms, or professional service firms, partner with or offer organizations that can offer a full suite of services to help support a large-scale Artificial Intelligence solution. Major tech giants, such as IBM, Microsoft, Google, and other leading players, have aggressively implemented Artificial Intelligence solutions and services as an important part of their technologies.
With the growing demand for advanced AI solutions, several industry players are rapidly integrating new sets of capabilities. For instance, Google announced the addition of new AI features to its cloud in July 2018. The move aided the company in attracting more customers. In the same year, Mindtree, a Larsen & Toubro group company, collaborated with Tookitaki, to offer AI solutions to the banks to help them detect crimes associated with financial activities. A rise in the number of advanced AI solutions offered by industry players to meet specific client requirements will bolster Artificial Intelligence (AI) as Professional Services Market growth over the forecast period. Moreover, expanding application scope and mounting demand for IoT will provide major growth avenues for the industry through 2027.
The global information and communications technology (ICT) market registered steady revenue growth in 2020, and market size is expected to increase further over the forecast period. Factors contributing to the global ICT market revenue growth are growing penetration of smart mobile devices such as smartphones, tablets, and smart watches, rapid adoption of state-of-the-art technologies such as AI, machine learning, Internet of Things (IoT), big data analytics, and cloud computing, and rapid digitalization across numerous industries including the banking & finance, education, healthcare, automotive, oil & gas, agriculture, buildings & construction, and power & energy industries. Increasing accessibility of the Internet across the globe, emergence of the 5G technology, growing need for faster Internet services for rapid data transfer & processing, introduction of advanced Wi-Fi systems, and rising data security and user safety concerns among consumers are some of the other factors expected to drive the ICT market revenue growth.
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Regional Markets Highlighted in the Global Artificial Intelligence (AI) as Professional Services Market Report:
Top Companies Profiled in the Report:
IBM, Microsoft, Amazon, Google, FICO, SAS Institute, IRIS AI, Salesforce, Mighty.AI, and Craft.AI.
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