AI-as-a-Service as One of the Most Transformative Tech Evolutions
The future may be unknown, but from year to year, the transformation of technology is one of staggering promise and opportunity as well as uncertainty. Digital advancement continues to reshape our world in ways that encourage people to form new habits, find different ways to work together and become better human beings. Likewise, AI (Artificial Intelligence) is all around us and we all are using it in our daily life knowingly or unknowingly. Facebook, Twitter, Pinterest, Youtube, etc., all of social media and eCommerce sites are using at least one of the AI technologies. According to Global Artificial Intelligence as a Service Market, the AI as a service market size was valued at USD 1.13 Billion in 2017 and is expected to be USD 10.88 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 48.2 percent during the forecast period.
Furthermore, Digital transformation technology and
AI/Machine Learning have emerged as the tremendous buzzwords in the realm of technology; as organizations adopting these technologies quite vigorously. As per a report from International Data Corporation (IDC), worldwide consumption of the technologies and services that enable the digital transformation is likely to reach $1.97 trillion in 2022. Similarly, Gartner’s CIO Survey found that in the last four years, AI implementation grew by a massive 270 percent.
However, organizations usually don’t understand that for both digital transformation and machine learning together can help in achieving the entire digital transformation when they go hand in hand. Machine learning can be remarkably beneficial for an organization seeking to bring about a digital transformation. A survey-based report by Indian IT giant Infosys titled Human Amplification in the Enterprise found that 98 percent of respondents who used AI-supported activities to power digital transformation reported that it had generated additional revenue for their organizations and have raised their bottom line by at least 15 percent. The report states that the biggest impact came from machine learning since it helped exceptionally and trim down the average time spent on executing day-to-day activities and has assisted in making more informed decisions with less room for errors. Because ML can help resolve complex data and make accurate decisions based on that data, it is a beneficial ally in the process of bringing about complete digital transformation.
More so, the potential AI exhibited through the years has been so phenomenal that it has now entered the boardroom of C-Suites of organizations around the globe regardless of sectors. Also, there are several batteries of studies organized in recent times that point to the fact that investment in AI, for the most part, comprises of industries outside the tech space. As organizations are progressively seeing the operational ability of artificial intelligence, for instance, AI-powered Kiva warehouse robots, they are rushing to jump on the bandwagon to elevate their business. Yet AI is in its inception when it comes to corporation settings, it's business implications are huge.