WASHINGTON, Sept. 12, 2022 (GLOBE NEWSWIRE) -- The growing demand for AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) and the growing number of innovative start-ups are some of the factors anticipated to drive the market. The Global Market revenue was valued at USD 5.9 Billion in 2021. The Global Artificial Intelligence as a Service Market size is forecast to reach USD 52.8 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 44.1% during the forecast period; states Vantage Market Research, in a report, titled "Artificial Intelligence as a Service Market Size, Share & Trends Analysis Report by Technology (Deep Learning, Machine Learning, Natural Language Processing), by Verticals (Government, Banking Financial Services & Insurance (BFSI), Healthcare, Manufacturing, Retail, Telecommunication), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)". The banking, financial services, and insurance sectors experience significant expansion during the forecast period. A significant amount of client data or transaction records are produced due to the growing digital revolution in banking and the increased use of the mobile payment, e-banking, real-time money transfers, and mobile banking applications.

Artificial intelligence (AI) is a cutting-edge computer science technology. It shares similarities with human intelligence in terms of language comprehension, reasoning, learning, problem solving. In the development and revision of technology, market manufacturers face enormous intellectual challenges during the forecast period. Furthermore, the expansion of the automotive industry is expected to drive the Automotive Artificial Intelligence Market during the forecast period. The automotive industry has recognized the potential of artificial intelligence and is one of the major industries that employs AI to augment and mimic human action which is the major factor driving the growth of Automotive Artificial Intelligence Market during the forecast period.