Artificial Intelligence (AI) services refer to a broad range of offerings leveraging artificial intelligence technologies to solve various problems or enhance processes. These services typically involve the application of machine learning, natural language processing, computer vision and other AI techniques to analyze data, make predictions, automate tasks or improve decision-making.
The artificial intelligence services market consists of revenues earned by entities (organizations, sole traders and partnerships) by offering services where AI capabilities are provided to users or clients to address specific needs or solve particular problems.
The global artificial intelligence services market was valued $2,514.9 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 48.0%.
Increased Demand For Automation
The increased demand for automation in businesses propelled the growth of the artificial intelligence services market in the historic period. Businesses worldwide are increasingly recognizing the potential of AI to streamline operations, enhance efficiency and drive innovation. Automation offers the promise of reducing manual intervention, cutting costs and accelerating processes, thereby improving overall productivity. From manufacturing and logistics to finance and healthcare, organizations are leveraging AI-powered solutions to automate repetitive tasks, analyze vast datasets and gain actionable insights. This heightened demand for AI services. For instance, in May 2022, according to the International Business Machines (IBM) Corporation, a US-based technology company, 35% of global businesses incorporated artificial intelligence (AI) in 2022, marking a 4% rise from 2021. Therefore, the increased demand for automation in businesses drove the growth of the artificial intelligence services market.
Focus on Explainable AI For Transparency And Trust
Companies in the artificial intelligence services market are focusing on developing explainable AI models to enhance transparency, accountability and trust in AI-driven decision-making processes. This strategic emphasis on explainable AI aims to provide clear and understandable explanations for AI predictions, recommendations and actions, enabling stakeholders to validate model outcomes, identify biases and make informed decisions based on AI-generated insights.
For example, in May 2022, Global AI Innovations Laboratory Co., Ltd., a Japan-based technology company, introduced an XAI service that visually represents credit scores generated by its AI scoring service. This new service allows clients to easily understand the factors contributing to each customer's credit score and their impact, addressing the challenge of AI-driven score logic being less transparent. Clients can now utilize GAILABO's AI scoring service more effectively, with improved transparency and insight into credit scoring elements.
The global artificial intelligence services market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 61.78% of the total market in 2022.
Artificial Intelligence Services Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global artificial intelligence services market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for artificial intelligence services? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The artificial intelligence services market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider artificial intelligence services; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by technology, by services type, by software tools, by application type and by end-user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the artificial intelligence services market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by technology, by services type, by software tools, by application type and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations-This section includes recommendations for artificial intelligence services providers in terms of product/service offerings geographic expansion, marketing strategies and target groups next five years.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Technology: Machine Learning; Computer Vision; Natural Language Processing (NLP); Other Technologies
- 2) By Application Type: Fraud Detection; Data Analytics & Visualization; Customer Service Management; Risk Management; Compliance & Security
- 3) By End-User: Banking, Financial Services, And Insurance (BFSI); IT & Telecom; Retail; Manufacturing; Public Sector; Energy & Utility; Healthcare; Other End-Users
- 4) By Services Type: Managed Services; Professional Services
- 5) By Software Tools: Web-Based And Cloud Application Programming Interface; Processing And Modeler; Archiving And Data Storage
- Companies Mentioned: IBM; Microsoft Corporation; Amazon, Inc.; Accenture Plc; Oracle Corporation
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; artificial intelligence services indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.