Artificial intelligence as a service: the potential of the market will grow

The global market for artificial intelligence services in 2022 will grow by more than 50% — from $8.24 billion in 2021 to $12.39 billion — this forecast is contained in a report published by Reportlinker. Analysts explain the growth by the fact that business, recovering from the COVID-19 pandemic, is adapting to the changed realities: social distancing, remote work, new formats of commerce. The market is expected to reach $58.93 billion in 2026 with an average annual growth rate of 47.7%.

 

Artificial Intelligence as a Service (AIaaS) allows companies and individuals to use AI outsourcing by paying for a license or subscription. At the same time, consumers of AI services solve their specific tasks without significant initial investments and with minimal risks. Companies in the AI market provide services for telecommunications, IT, finance, retail, defense and healthcare, public administration and others.

ARTIFICIAL INTELLIGENCE IS BECOMING MORE ACCESSIBLE

The main types of artificial intelligence services are machine learning, computer vision, natural language processing. AI is also used to optimize the storage and analysis of structured and unstructured data arrays, creating scenarios, forecasts. The set of AI services from the largest players in the AIaaS market is not limited to this. For example, Amazon has made its personal recommendation system, built on the basis of machine learning, available as a service for retail chains, video streaming platforms and the financial industry. Google’s AI-based services include natural language processing, handwriting recognition, subtitle creation, and real-time translation. And IBM’s Watson cognitive system is used to prevent financial crimes, and also analyzes data that helps doctors make treatment decisions.

The development of the AIaaS market has a number of favorable consequences:

The acquisition or development of complex software is an expensive undertaking. By purchasing a subscription to a service or a license for ready-made software, a business can distribute costs over time and gain access to modern technologies for reasonable funds.

The acquisition of artificial intelligence as a service allows companies to experiment with AI for various activities without a large initial investment. In addition, AIaaS suppliers are engaged in the maintenance of their infrastructure and processing, removing these tasks from the client.

AIaaS leaders have the opportunity to hire leading developers in this field, which allows them to create the best solutions. And thanks to the constant flow of customer payments, service providers direct substantial funds to the development and improvement of their products. As a result, customers get access to the most up-to-date software to solve their tasks.

AI LIGHTS UP NEW "STARS"

The past 2021 was rich in successful exits to the stock exchange of companies developing software based on artificial intelligence. Here are just some of them:

The integration of AI into business has accelerated significantly after the pandemic, and more and more companies developing solutions based on artificial intelligence are planning to enter an IPO in the next few years. Obviously, the range of AI applications will steadily expand, and the AIaaS industry expects active growth.