Infrastructure as a Service (IaaS), Software as a service (SaaS), and Platform as a service (PaaS) are terms that are often heard today. Organizations are currently using one or other form of these ‘as a service’ offerings to focus on their tasks and spend less on another important service. Recently, another such offering is becoming popular – Artificial Intelligence as a Service (AIaaS).
To understand AIaaS, let’s first understand artificial intelligence or AI. AI is nothing but a fast-growing technology that helps to create machines or systems that manifest some form of human intelligence. This intelligence pertains to the learning of new concepts, reasoning, observing and comprehending a visual scene, natural language processing, and performing various other tasks that require human intelligence. Artificial intelligence as a service refers to the service which is provided by a third party as an outsourced service. It is extremely beneficial for users or companies as it enables them to leverage the power of AI without building or investing much in their own cloud at lower risk.
The AIaaS market is experiencing a boom in recent years. This growth is attributed to the increased market for cloud computing and the rising popularity and applications of artificial intelligence and computing. Furthermore, the growth in expenditure on adoption of AI and technological advancement for workflow optimization are increasing the demand for advanced analytical systems, leading to the growth of the market. As per the report by Allied Market Research, the Artificial Intelligence as a Service Market is expected to accrue a sum of $77,047.7 million in 2025, registering a CAGR of 56.7% from 2018 to 2025.
More companies across the globe world are increasingly adopting artificial intelligence as a service to cater to their business needs and strengthen their positions in the market. They are becoming aware of the benefits of AI and are leveraging it in their businesses. Recently, a data scientist from Credit Suisse exhibited the latest trends in the integration of AI and cloud computing related to AIaaS at Tabor Communication’s HPC on Wall Street conference.
2018 HPC on Wall Street
In September ’18, the 2018 HPC on Wall Street joined with Tabor Communications for a new, expanded conference. A data scientist and mathematician from Credit Suisse presented the most recent trends with regards to AIaaS. Tassos Sarbanes from Credit Suisse addressed the opportunities, restraints, and techniques for developing artificial intelligence for more advanced business services and solutions. He said that Bank of America’s Erica is a well-known virtual assistant powered by AI that makes use of predictive analytics and natural language processing to efficiently perform consumer banking transaction. For investors, banks such as Goldman Sachs, Morgan Stanley, and others offer robo-advisor platforms that advise clients on allocation management decisions, asset, and much more.
According to Sarbanes, robo-advisors are also provided by BlackRock, Vanguard, T. Rowe Price and Fidelity with its Cora virtual reality financial agent that is able to interact with vocal commands of a client. He said that upon proper implementation, AIaaS can be employed as an effective tool for companies to enhance their AI development capabilities with fewer hardware and resources. However, given the intimidating nature of the various AIaaS alternatives, research is needed to select the right cloud service provider and choose the right ML framework to build an app on. Moreover, security and compliance restrictions need to be considered.
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