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All You Need to Know about Artificial Intelligence as a Service (AIaaS)

All You Need to Know about Artificial Intelligence as a Service (AIaaS)

In the past decade or so, Artificial Intelligence (AI) has improved exponentially, solving many issues along the way. This has encouraged multiple organizations, financiers, and governments to invest billions of dollars in AI.

AI is undoubtedly the most emerging, disruptive technology that offers promising opportunities to people relying on technology. It has become more advanced than innovations in various fields. It’s certainly become an integral part of our lives and continues to permeate.

According to a Gartner survey, 70 percent of respondents wanted AI to perform all tasks, such as research work, calculations, simplifying procedures, correcting mistakes, and solving problems. Additionally, more than 57 percent of people desire AI to perform one or two tasks, while 18 percent of survey respondents want the AI to perform more than five tasks.

A separate analysis by Research and Markets estimated that the global market for Artificial Intelligence as a service is expected to grow around USD 11.6 billion by 2024.

Before diving into the article, let’s understand Artificial Intelligence as a service (AIaaS), AIaaS types, and AIaaS merits and demerits.

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Artificial Intelligence Introduction

Artificial Intelligence Introduction

The term AI is not a new technology for researchers. It was first created as the “first artificial intelligence program” known as “Logic Theorist.” John McCarthy planted the seeds of Artificial Intelligence in 1955. In 2011, IBM’s Watson conducted a quiz show that showcased AI solving riddles and complex problems effectively and quickly.

In 2012, Google introduced an Android app feature called “Google Now,” which provides information to the user as a prediction. Machine Learning, data science, deep learning, the Internet of Things, and big data are trending technologies in the IT field.

What is AIaaS?

Artificial Intelligence enables a computer brain to think or perform tasks like the human brain. It performs tasks like translating languages, robotic control, playing chess, pattern recognition, and so much more with the affordability and flexibility of a third-party service solution. Computers can perform specific tasks that only intelligent humans can perform. The term Artificial Intelligence changes its meaning constantly as it recedes.

Artificial Intelligence as a service, also known as AIaaS, is the concept of everything as a tool that offers advanced AI functionalities to an organization with minimal cost. In the last few years, IT industry-leading companies such as IBM (Developer Cloud), Microsoft (Azure), Amazon (Web Service), and Google (Cloud Platform) have started offering AIaaS.


Useful Link: AWS Vs Azure Vs GCP – Choose Your Cloud Platform!


In most cases, companies don’t need to hire a large team of experts to integrate AI, and they don’t require developing AI software in-house. In addition, with an AIaaS model, you can pay for the services you require and upgrade to higher plans when your data and business scale.

AI encompasses disparate technologies, including Natural Language Processing (NPL), computer vision, machine learning, and robotics. Although you may be aware of concepts such as infrastructure as a service (IaaS), platform as a service (PaaS), function as a service (FaaS), and software as a service (SaaS), AIaas also offers ‘as a service’ solutions hosted by a third-party vendor.

AIaaS Types

AIaaS Types

Multiple AIOps services are currently available in the market, and enterprises must pick the correct AIaaS tool type. Doing so lets you know about the multiple types of services in artificial technology. Broadly, there are three best types of AIaas solutions, and they are

  • Bots
  • APIs (Application Programming Interface)
  • Machine Learning

Bots

In the current era, regardless of whether you search the web for anything from educational websites to shopping stores, you come across bots known as chatbots. Chatbots are text- or voice-based interfaces that simulate a natural human conversation.

Chatbots typically interpret and process the user’s text and provide an instant pre-set answer. They combine machine learning capabilities and natural language processing (NPL) algorithms to understand human conversations and provide relevant information.

Text-based chatbots are deployed online on social media platforms and websites, while voice-based chatbots are used for sorting customer service and call deflection. They are increasingly used nowadays, and one can witness them when you contact a company’s customer care. The chatbot gleans off the required preliminary information and makes it easier for the customer and help desk personnel to understand an issue better.

APIs

An Application Programming Interface (API) is a software intermediary that allows two applications to communicate. APIs permit developers to add a new service to their application without writing the code. We can use APIs for multiple tasks, such as extracting entries from text, Natural Language Processing, emotion detection, computer vision, Conversational AI, and others.

Machine Learning

ML is a member of the Artificial Intelligence family and is evolving fast. Using various programming techniques, enterprises use it to analyze and find patterns in a large amount of data, streamline processes, and make predictions. AlaaS makes it simple to adopt machine learning technology for business.

Merits of using AIaaS platform

Merits of using AIaaS platform

  • Flexibility – It’s flexible. AIaaS offers customization options, and users can implement AI services to their business needs.
  • Easy to set up – It’s simple, and no complicated installation is required. Users can access the required AI features directly.
  • Fee transparency – It’s transparent. You are only liable for paying for the AI tools that you use.
  • Scalability – It’s scalable. Companies can check whether AIaaS successfully completes tasks with profits by starting small projects. If they are satisfied, they can scale up or down as per their requirements.
  • Cost – AIaas is a cost-effective solution. Cost-saving is the main point of the emergence of AIaaS in the IT industry. Organizations don’t have to invest a substantial upfront cost; they only need to pay for the usage.

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Demerits of using AIaaS platform

  • Security concerns – Artificial Intelligence depends on data, so your organization must share information with a third-party vendor. Privacy-enhancing technologies like data masking should protect the organization’s data.
  • Price – The long-term cost is one of the disadvantages of the AIaaS tool. The ongoing costs can quickly pile up as companies add multiple AI features to their business. If you want to continue accessing the resources from the AIaaS service, you have to pay a heavy initial price. Opting for rental agreements will find better profitability.
  • Transparency – In the AIaaS solution, users are entitled to use the services the provider offers but don’t have access to its inner workings. Understanding the underlying process of AIaaS algorithms is complex, which leads to confusion regarding the system’s input and output.
  • Reliance – Since you rely on multiple third-party vendors, you must provide data AI software that the industry needs according to its requirements. This can pose a threat to data privacy and security.

Useful Link: 10 Ways Artificial intelligence (AI) is Transforming DevOps


Conclusion for Artificial Intelligence as a service

Artificial Intelligence

AI is a rapidly growing technology and will discover multiple niches in the coming years.  Artificial Intelligence as a tool allows organizations to exploit ML, AI, and other solutions without investing heavily in maintenance overheads, skilled personnel, or infrastructure.

Although AI is rapidly used in major IT firms, its execution is still expensive and challenging. As an alternative, industries can avail themselves of artificial intelligence (AIaaS) as a service to fulfill their requirements. AIaaS is the best solution for different purposes with minimum risk and low initial investment. According to industry experts, AIaaS is expected to grow at a tremendous annual rate of 34.9 percent, with the market expected to reach over USD100 billion by 2025.

AIaaS is always ready to encourage new services and innovations. With this catchword article, the Veritis team is looking forward to further discussions with clients about using the AIaaS tool in their organization.

Veritis team can help you drive smart evolution for your business and technology with Artificial Intelligence as a service (AIaaS) tools. Our team of experts will guide you through implementing the right AIaaS tool in your company to increase your business growth at an affordable cost.

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