In the previous blog, we discussed AIaaS Overview. This blog covers the impact of AIaaS in tech sector and the significance of investing in AI for businesses.
AIaaS, growing popularity
The market for AIaaS is projected to expand because of the growing demand for ML services in the form of SDK and API and the increasing number of innovations. The sector is expected to increase by USD 15.14 billion between 2019 and 2023, growing at a CAGR of more than 48% during the projected period, according to a Technavio analysis.
Global AIaaS Market (Source: www.technavio.com)
The tech sector will change because of AIaaS, in the following ways:
- Restructure financial services: The Cambridge Centre for Alternative Finance (CCAF) predicts that over the next ten years, as tech experts in the industry shift from using AI solely to lower costs to using its potential as a revenue generator, there will be a 19% rise in the workforce in the financial services.
- Offering generously in the marketing sector: To get insights into their target audience and increase ROI, marketers are increasingly leaning on AI-enabled services, from predictive analytics to AI-enabled chatbots. AI is essential to bridging the gap between data research and execution.
- Assist in improving jobs: According to a Gartner report, by 2024, AI will power 67% of all traditional management activities. This shouldn’t cause concern; new market of jobs is anticipated as demand for AI increases. Businesses are becoming more adept at proactively maintaining the appropriate balance between people and machines.
Investing in AIaaS
Businesses may choose solutions to a never-ending list of diverse problems, thanks to AI and cloud services. The advantages of AIaaS have been emphasized as a means for businesses to address the challenges of using in-house AI.
AI adoption will become more widespread, and AIaaS will become even more attractive, as more providers start to provide AIaaS and more businesses from every sector can find solutions that work for their use cases. Although there are countless uses for AI, cooperation between industry and technology partners is necessary for success. The benefits that come with this technology outweighs the question of whether one should invest in AI.
To take full advantage of the AI revolution and stay ahead of the competition, businesses must invest in this cutting-edge disruptive technology.
Good one Anish!
Thank you Rakesh! Appreciate your time and feedback.