The adoption of advanced AI technologies has been rapidly increasing in diverse industrial sectors. However, as the cost associated with these tools and technologies is high, the emergence of AI as a service offering is a boon for the market. Over the years, market participants recognized that simply providing AI software or AI toolsets to their clients is no longer sufficient, thus driving the market for AI as a service.
Growth associated with artificial intelligence and cognitive computing and increased market for cloud computing paves the way for multiple opportunities in the coming years.
According to Allied Market Research, the global artificial intelligence as a service market is anticipated to grow at a significant CAGR from 2018 to 2025.
New Launches
Due to the growing market competition, it has become crucial for organizations to adopt target-based business strategies for improving market reach and targeting profitable customers.
The emergence of AI technologies and services has made it easy, and market players are investing in the continual up gradation of AI services. White Clay, a provider of a single source of truth (SSOT) for financial institutions, which helps to optimize revenue and offer value to shareholders and clients, recently introduced the latest artificial intelligence (AI) service as an add-on to its existing model.
White Clay has developed an artificial intelligence (AI) service that assists financial institutions to precisely measure and improves consumer priority.
This tool shows the bankers about the most profitable customers and assists them in directing other customer relationships toward their institution’s optimal state.
White Clay’s platform helps build a clean, organizational data environment, measure account, and client-level profitability, and further offers tools to bankers to strengthen client interactions, thus assisting the financial institutions to increase shareholder return.
Bankers gain quick access to referenceable data about each client, giving them the confidence and understanding they need to have more meaningful discussions with the clients they are responsible. The AI service will be publicly available in the market in spring 2022, with capabilities for both business and retail lines.
Partnerships will aid safe and secure digital transformation
The Healthcare industry is one of the major sectors to witness a speedy adoption of AI technologies for various applications. Secure data is a vital requirement to achieve the full potential of AI technology in healthcare, and data breaches are the most common problem faced by the healthcare industry.
Following the trend, market players are adopting strategic partnerships to protect healthcare data. HUB Security and Enlitic joined hands at the HIMSS Global Health Conference & Exhibition to safeguard health data in AI-driven apps throughout healthcare so practitioners may make faster and more accurate diagnoses.
HUB Security presents a novel security paradigm based on confidential computing to offer an isolated, secure environment. This safeguards the privacy and integrity of AI models and data while allowing all parties.
Enlitic links traditionally segregated data sets across health systems, thus allowing building AI applications such as medical imaging analysis and predictive analytics. Through its real-world common data model platform Curie, Enlitic’s extendable AI technology connects essential clinical data.
It also helps to protect PHI across all-important clinical information with its confidentiality and de-identification AI Models. Securing real-world healthcare prescriptions will finally be feasible by combining them with a safe and confidential computing environment.
Another couple of firms formed a collaboration to enhance their offerings and capabilities with data-driven decision-making. BT joined hands with Google and will employ Google Cloud’s technologies to accelerate its digital transformation, including building artificial intelligence (AI) and group-wide data platform and developing innovative client services.
The five-year deal with Google is part of a larger move at the UK’s largest telecommunications provider, which established a dedicated digital unit tasked with building new and data-driven platforms, products, and services, last year.
The partner companies intend to develop a culture of automated operations, continuous delivery, and reduced development time with this partnership. To power new products, cut costs, minimize risk, and generate new revenue sources, BT will employ a variety of Google Cloud services, including infrastructure, analytics, machine learning (ML), security, and API management.
BT will be able to make smarter, more data-driven decisions and provide tailored consumer experiences with Google’s AI and machine learning technology.
Covid-19 Impact
The demand for artificial intelligence improved due to the outbreak of covid-19, as it is a crucial technique for dealing with the virus’s crisis.
AI, a prime technology of the 4th industrial revolution, is a vital non-medical intervention for overcoming the current global pandemic, building next-generation pandemic preparedness, and recovering resilience.
AI as a service enables individuals and businesses to experiment with AI for a variety of applications without huge upfront investment and with a lower risk. The market is anticipated to witness improved demand for AI as a service in the post-pandemic era.
