The global AI development service market size is expected to be USD 55.5 billion in 2021 and reach USD 375.06 billion in 2027, registering a CAGR of 37.50% during the forecast period, 2021-2027. AI development service can be defined as the outsourcing of artificial intelligence-enabled technology and solutions by a company. AI service offers several benefits to an organization over a traditional approach, such as it provides advanced infrastructure at minimal cost, transparency in business operations, and scalability.
Factors Affecting the AI Development Service Industry over the Forecast
The increasing demand for AI development services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and the rising number of innovative startups are some of the key factors that are projected to drive the AI development service market.
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The BFSI vertical is probably to widen the implementation of AI. It is already using the technology for chatbots, trading decisions, and credit scoring applications studying financial market impact analysis. Further, technology has extremely well-proven efficiency in detecting fraudulent activities. This is estimated to create a lucrative growth opportunity for the market. Data security issues and lack of technical expertise are some of the key factors restraining AI development services market growth during the forecast period.
Impact of COVID-19 on AI Development Service Market
The outbreak of the COVID-19 has boosted the AI development services in the healthcare sector to enhance accuracy and efficiency in treatment, diagnostics, and predictions. With a large amount of data available in electronic healthcare records, AI can predict patient outcomes. AI helps in driving and mining virus strain and utilizing it in enhancing and scaling the testing devices. Thus, the AI development services market is probably to witness significant growth.
Scope of the Report
The report outlines the global AI development service market study based on component, technology, and verticals.
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Based on the component, the AI development service market has been segmented into –
- Software Tool
Based on the technology, the AI development service market has been segmented into –
- Machine Learning and Deep Learning
- Natural Language Processing
Based on the verticals, the AI development service market has been segmented into –
- Government and Defense
- Life Sciences
AI Development Service Market Regional Outlook
The global AI development service market is regionally segmented into North America, Asia Pacific, Europe, South America, and the Middle East and Africa. North America is expected to dominate the global AI development service market over the forecast period due to government initiatives to encourage the adoption of AI in various verticals, boosting the region’s market growth. Moreover, Asia Pacific is anticipated to witness the fastest CAGR growth in the global market during the review period.
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Key Global AI Development Service Market Competitors Includes
The global AI development service market is highly fragmented, with the presence of a large number of small players across the globe. The vital AI development service manufacturers operating in the global market are –
- International Business Machine Corporation
- SAP SE
- Amazon Web Service, Inc.
- Fair Isaac Corporation
- Advanced Micro Devices
- Ayasdi AI LLC
- IBM Watson Health
- Zebra Medical Vision, Inc.
- Intel Corporation
- Enlitic, Inc.
- Baidu, Inc.
- Cyrcadia Health
- Atomwise, Inc.
The AI, development service market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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