Artificial Intelligence as a Service Market - Growing Demand for AI-powered Services Booming Growth

Artificial Intelligence as a Service (AIaaS) is the third party outsourcing of artificial intelligence offerings. With artificial intelligence as a service, companies can benefit from AI at minimal expenses and at a lower level of risk. Different artificial intelligence platform providers offer different forms of machine learning as well as AI.

There are cloud AI service providers as well who offer specialized hardware required for AI solutions. Artificial intelligence as a service (AIaaS) reduces the expenses of hardware and software and hence is an appealing solution for a lot of organizations. AIaaS minimizes the development time and helps use AI off the shelf as per need.

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Vendors in the market are offering bots, APIs, and machine learning frameworks and fully-managed AI solutions. There are large numbers of start-ups in the Artificial Intelligence as a Service (AIaaS) market. Established companies are acquiring smaller companies in the market to add the developed services to their portfolios. Artificial intelligence as an enabling technology, receives substantial investment from companies, which acts as a key driving factor for the Artificial Intelligence as a Service market. Growing demand for AI-powered services and growing number of startups in the market which are focused on innovation, drives the Artificial Intelligence as a Service market growth.

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Artificial Intelligence as a Service (AIaaS) offers various benefits such as cost saving, transparency, scalability, and usability. Companies such as Google offer Google Cloud Platform presenting a wide range of artificial intelligence capabilities such as predictive analytics, speech recognition, image content identification, and translation and also present its TensorFlow recommendation software library, similar to DSSTNE of Amazon.

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Artificial intelligence as a Service (AIaaS) faces challenges such as exposure to security treats. Artificial Intelligence depends on massive amounts of data, which is shared with third-party vendors. Data storage and access and data transit to servers needs to be secured to ensure the data security. Data governance in some countries or industries may limit how data is stored in a cloud, which may prohibit use of certain types of AIaaS offerings.

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