Building Quick AI Capabilities With AIaaS
AI as a Service (AIaaS) provides enterprises with a cost-effective and quick option to leverage AI. Organizations can Use AIaaS as a first step to building AI capabilities in their organization and later adopt a company-wide program.
Markets and Markets predict that the AIaaS global market is expected to rise to USD 10.88 Billion by 2023 at a CAGR of 48.2%. The idea of providing AI as a service is gaining momentum in the technology industry as it is all about making new technology accessible to every enterprise, irrespective of its size, in a budget-friendly way.
Why AI-as-a-Service?
The main concern for any enterprise usually will be how to generate actionable insights from their data with the help of technology. While a big enterprise may spend to build data capabilities, the same approach may not be adaptable to a smaller enterprise with limited resources or technical capabilities. Also, in the case of a startup, acquiring the best suitable AI provider platform, Cloud AI service providers, hardware required to perform certain AI-related tasks, etc can be too expensive in the beginning. This is where AIaaS will be an alternative to achieve an AI-powered business.
AIaaS minimizes the development time. Adopting AI through AIaaS will not only streamline the operations but also allow the business to focus on its core operations. Businesses today can see the true value that AI can bring for them and the disruption that it can bring around the world. To meet growing customer expectations, enterprises have to adopt AI technology. Therefore, the demand for AI and AIaaS is growing.
With AI being adopted across industries and verticals, the entire ecosystem of AI partners is growing. The integrations among different sectors of different industries like a tech company partnering with an analytics firm to deliver AI-powered services, etc are creating more space for such providers to offer AI as a service and provide solutions for businesses that would fit their specific business goals, thus making AIaaS even more popular.
Many businesses understand the need to move forward, adopt AI, and/or scale their AI capabilities as it offers the type of efficiencies that they are looking for. AIaaS helps small and mid-sized business enterprises by providing advanced infrastructure at a minimal cost so that they can compete with the other tech giants.
How to choose “the right AIaaS partner”?
With a steep growth in the “as a service” market, the number of service providers is also growing tremendously. Many companies are offering AI-powered services in diversified ways ranging from microservices (which are a collection of small, independently deployable AI services for specific business requirements), acquiring bots to automate operations, etc. Therefore, to choose the right AI service provider, the enterprise must first identify the most valuable problem that can be addressed with AI. It is equally important to have a clear idea of what outcome they want to achieve.
If an enterprise wants to gain a competitive edge in the AIaaS market, it should have answers to certain crucial questions like what capabilities do you need to either build or buy to effectively harness the data, the right balance between build and buy, the scenarios under which the service delivery models speed up the AI deployment, etc.
Are you looking for a company that can quickly help you build AI capabilities without the barriers of investment, time, and infrastructure? Contact us to discuss how we can work together.