Best Artificial Intelligence as a Service -
360Quadrants recognizes the below-listed companies as the best Artificial Intelligence as a Service -
4. BigML Inc
10. IBM Corporation
Artificial Intelligence as a Service Market Overview-
Organizations are nowadays flooded with large volumes of data. Increasing digitalization and growing internet penetration have led to an increase in data, which is in the form of documents, image files, texts, audios, etc. Furthermore, the increasing need for intelligent applications and the need to deliver enhanced experience are becoming crucial to stay ahead in the competition. The proper utilization of data, generated from various business processes, can help organizations provide business insights to formulate various growth strategies. The growing demand for AI-powered services in the form of API and SDK, coupled with the growing number of innovative startups, is driving the AI 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%. Various verticals, SMEs, and large organizations are focusing on reducing the cost involved in installing and supporting AI software and solutions. Therefore, these verticals are focusing on adopting AI-powered services, offered by different vendors. By adopting AI as a service, organizations can focus more on formulating growth strategies, rather than worrying about the integration cost, availability of skilled employees, and maintenance. Moreover, the availability of AI as a service through the cloud can offer businesses with real-time availability of data at any point of time.
Vendors who fall into this category receive high scores for most of the evaluation criteria. They have strong and established product portfolios and a very strong market presence. They provide mature and reputable data integration tools and have strong business strategies.
They are established vendors with very strong business strategies. However, they offer less products in the market. They focus on a specific type of technology related to the product.
Innovators are the vendors who have demonstrated substantial product innovations as compared to their competitors. They have very focused product portfolios. However, they do not have very strong growth strategies for their overall businesses.
The emerging players specialize in offering highly niche solutions and services. They do not have strong business strategies as compared to the established vendors. AI AS A SERVICE MARKET, BY TECHNOLOGY MACHINE LEARNING AND DEEP LEARNING The ML technology is a subset of AI that offers computers the ability to learn without being explicitly programmed. The technology makes use of different types of data to analyze the data patterns and predict the outcomes. Moreover, the ML technology is useful in finding hidden patterns in data as well as obtaining key insights from that data. The deep learning technology, on the other hand, is a part of ML that uses many layers of linear and non-linear information processing for supervised and unsupervised features of extraction and transformation for pattern analysis and data representation by enabling end-to-end optimization. NATURAL LANGUAGE PROCESSING The NLP technology is a part of the AI technology that enables computers to understand and interpret the human language that includes text, speech, and sentiment analysis. NLP tools play a significant role in understanding the human intent. NLP tools are primarily used by virtual assistants or chatbots. Chatbots carry out simple tasks and are built with the aim to interpret and respond to plain texts and voice questions. Moreover, the chatbots can be used to automate manual tasks and enhance customer experience. Various service providers are focusing on making AI capabilities available to different verticals. For instance, Chatfuel and Botsify offer platforms to help various industries build AI-powered chatbots.
Artificial Intelligence as a Service Market Segmentation -
The global AI as a service market segmented by technology includes ML and deep learning, and NLP –
ML and Deep Learning - The ML technology is a subset of AI that offers computers the ability to learn without being explicitly programmed. The technology makes use of different types of data to analyze the data patterns and predict the outcomes. Moreover, the ML technology is useful in finding hidden patterns in data as well as obtaining key insights from that data. The deep learning technology, on the other hand, is a part of ML that uses many layers of linear and non-linear information processing for supervised and unsupervised features of extraction and transformation for pattern analysis and data representation by enabling end-to-end optimization.
Natural Language Processing (NLP) - The NLP technology is a part of the AI technology that enables computers to understand and interpret the human language that includes text, speech, and sentiment analysis. NLP tools play a significant role in understanding human intent. NLP tools are primarily used by virtual assistants or chatbots.
Who uses Artificial Intelligence as a Service?
Banks and Financial Institutes - By deploying AI-based technologies, such as ML and NLP, as well as, advanced analytics services, the banking sector can analyze the customer data and get insights, which can further be used to formulate various business strategies. Moreover, Artificial Intelligence as a service offered via the cloud deployment model can help bank institutes reduce the overall costs.
Healthcare - The healthcare industry generates data in large volumes due to its recent digital transformation, and this has contributed to the extensive adoption of Electronic Health Records (EHRs). Moreover, the data related to patients’ history, clinical trials, reports, medical images, medical claims, patient behaviors, innovations, research, developments, and identification of new diseases are contributing to the growth in data sets. The analysis of that data has become crucial, as it is helping doctors in various processes, such as early disease identification and diagnosis of diseases. Therefore, cloud-based Artificial Intelligence as a service is playing a crucial role in getting real-time access to the data.
Retail – The retail sector is focused on deploying AI-powered cloud services to streamline business processes, offer enhanced shopping experience, and achieve higher sales and RoI. To achieve these benefits, it is important to analyze large volumes of customer data generated form IoT, web, and the internet. The data includes details such as customer purchase patterns, customer demographics, and age, which need to be analyzed to formulate various customer engagement strategies. With the help of ML algorithms (a part of AI), the retailer can predict the data to renew pricing decisions and match the interests of customers. Retailers can adjust their value chain adequately, which eventually permits them to deliver the right margins.
Telecommunications - Telecom operators are continuously focusing on enhancing their services. Digital transformation and the use of smartphones connected to the internet are growing. Moreover, the telecom operators must manage huge amounts of data generated from user networks and traffic data as well. With the help of real-time data collection and predictive analytics, large amounts of data generated from the telecommunication vertical can be leveraged. This data can be used to understand the customer churn rate by applying ML models to them. These ML models would consider various factors to deliver insights on the customer churn rate. Moreover, the telecom vertical is also focused on reducing infrastructure costs.
Government and Defence - The government and defense vertical is also focusing on leveraging the capabilities of Artificial Intelligence as a service to enhance its business operations. The government agencies are taking several approaches to adopt AI services. For this, they are investing majorly in AI technologies, which would ease-up the extremely complex task of building models for ML applications and provide real-time solutions. AI as a service is becoming crucial across various areas, such as cybersecurity and threat intelligence.
Trending Features of Top Artificial Intelligence as a Service?
Data Storage and Archiving - The ML algorithm is the most prominent technology used by various companies for various applications. This AI-powered algorithm takes data as an input to offer solutions for various problems. Moreover, it collects data from data storage and archiving software tools and creates mapping functions on the data to transform inputs to outputs. Furthermore, this algorithm is crucial to discover hidden patterns in data and data sets and generate outputs. Artificial Intelligence as a service is also offered in the form of deep learning algorithms. In deep learning algorithms, data storage and archiving software plays a vital role in predicting solutions for every complex problem. Since the deep learning algorithm deals with an artificial neural network composed of many layers, it needs large amounts of data sets to provide results. The deep learning algorithm uses the data storage and archiving software to target the complex functions in an artificial neural network.
Computing and Processing - The use of AI technologies has expanded into various fields, such as statistics, mathematics, computer science, and neuroscience, due to the ability to churn large volumes of data and generate insights. Many applications available today, such as speech recognition, fraud detection, and network optimization use a variety of AI techniques based on classification, regression, and estimation to process structured data sets. However, the complex process of formulating and developing these structured data sets require skilled technicians and data scientists, which can be a challenge for enterprises in effectively implementing AI-powered technologies and algorithms. Artificial Intelligence as a service effectively eliminates this challenge and provides a highly scalable platform for computation, which can enable and serve billions of predictions in real-time with extremely high throughput.
Cloud-based and Web-based API - AI technology requires large volumes of data to generate output. Some verticals, such as the BFSI, need a large amount of data to predict market behavior and formulate various growth strategies. Therefore, real-time accessibility to data for unlocking hidden data patterns becomes crucial. AI technology gets very little time to predict solutions after gathering data from the data storage and archiving software. To overcome such complexities, AI technologies such as the ML algorithm creates an interface between the cloud and application platforms. With the help of this interface platform, the algorithm can access a large amount of data or data sets via the cloud. Artificial Intelligence as a service offered as API through the cloud deployment model helps various businesses in speeding up their existing applications. The cloud and web-based API software can analyze the data and add several application features, such as customer sentiment analysis, spam detection, and recommendation systems to it.
Fraud and Risk Management - Organizations are deploying Artificial Intelligence as a service into their operations to manage risks and fight against fraudulent activities. Various banks and financial institutions are taking advantage of Artificial Intelligence as a service to achieve security in their organizations. Risk analytics solutions with the capabilities of AI can help organizations analyze potential risks and design various risk management strategies. Moreover, AI plays a significant role in various areas, such as customer authentication, underwriting loan, as well as, cyber frauds.
What are the driving forces for Artificial Intelligence as a Service?
- Growing demand for Artificial Intelligence as a service in the form of API and SDK.
- Growing number of innovative start-ups.
- An increasing need for intelligent business applications.
- Growing demand for Artificial Intelligence as a service integrator.
USE CASE 1:
Challenge: The organization wanted to add AI capabilities into its applications for enhancing its customer experience across various channels.
Solution: Microsoft Bot and Microsoft Cognitive Services
- The company can better guide its customers by understanding their preferences through bots.
- By deploying the bot into its operations, the company could automate the business processes.
Trends and Facts
- The ML technology is estimated to be gaining traction, owing to the growing need to analyze large volumes of data.
- The NLP technology is being applied in chatbots/digital assistants, as it is designed to understand human speech and text. This could be the reason why chatbots are becoming popular in AI as a service market.
- The growing digitalization and infrastructural advancements are contributing to the generation of large volumes of data, which is expected to drive the adoption of cloud-based Artificial Intelligence as a service among both SMEs and large enterprises
- The adoption of Artificial Intelligence as a service can help SMEs save costs by adopting the required services, instead of buying the entire AI product suite.
NAVIK AI is a game-changing service platform launched by ABSOLUTDATA that combines data and analytics through technology to customize Artificial Intelligence as a service for businesses and create a scalable impact. The product helps companies to study their unique environment and make AI-based decisions through machine learning. The platform empowers and automates three significant functions of sales, marketing, and research for any organization that are built on the NAVIK AI platform itself. The software focuses on an innovative solutions-based approach which is also decision-centric as per the environment.
Amazon is a multinational, multi-sector technology company.The company has over the years has proved its mettle in the field of cloud computing and artificial intelligence apart from e-commerce and digital streaming. The AI services from Amazon provide pre-made intelligence for the applications to streamline the workflow. The integration and approach from the company have been to address the issues that would improve security, safety by boosting customer engagement.
Baidu Inc company specialises in artificial intelligence, internet-related services and products. It is, in fact, one of the largest AI companies in the world. With the top talents from around the globe, the company focuses on developing fundamental research in the field of artificial intelligence. Its neural network approach has helped businesses to conduct quick job interview assessment and recruitment.
Cortex Certifai by Cognitivescale automates model data and risk management to remove trust as a barrier to AI. It takes the guesswork out of understanding risk and vulnerability in ML models, by automatically penetrating the model and testing edge cases. Based on 6 main parameters of trust: fairness/bias, robustness, explainability, accuracy, compliance, and auditability, the software creates a numeric score, i.e. the AI Trust Index that enables you to compare your model externally (to the industry) and internally for measurement and go-live criteria.
Fair Isaac Corporation, popularly known as FICO, is an analytic company that helps businesses to make welfare-oriented decisions to drive growth, customer satisfaction, and profit. The artificial intelligence of FICO is more like mimicking the way how human thinks. Its robust analytical algorithm has the potential to perform advanced activities. It follows 4-way analytics that considers exactly the way a person thinks.
Google is a company that specializes in Internet-related services and products. The AIaaS is designed in such a way that it is playing a fundamental role in remodelling the techniques of manufacturing, producing, and most importantly delivering the services. It is perfect enough to minimize the errors and at the same time, enhances the accuracy level with the highest degree of precision. The Google AIaaS is accurately sufficient to simplify the process of optimization, evaluation, and search.
Rainbird Technologies Ltd is equipped with human brilliance and technology to provide software solutions. The motive of the company is to offer smart moves to achieve business goals. We live in a world that is driven by technology. They have designed next-generation technology and are offering successful software solutions to customers across varied industries and segments. Real-time decisions can be efficiently executed with Rainbird Technology.
SAP SE is makes enterprise software to manage business operations and customer relations. Machine learning is already integrated into SAP products such as Concur and SAP S/4HANA. The users can connect and implement readily prepared services, and use their own models to create intelligent applications. It is turning the data produced by our devices, sensors, and IoT into actionable insights using AI. They believe that AI and machine learning can influence the future.
THREATMETRIX company works on cyber-security and risk management through data science innovation. The best thing about such kind of service is that the service provider and not you maintain the cloud equipment. AIaaS is regarded as one of the essential tools that help enterprises to put AI in proper usage without the massive expense of time, money, and staff. The application was introduced to provide a new edge in figuring out the type of fraudulence, theft or any synthetic identities.
UPTAKE is a company that helps other companies to transform themselves digitally. The world is getting smarter and smarter and so is the company. So, AIaaS is a third-party offering for Artificial Intelligence outsourcing. It helps companies to fulfil their hardware need for some specific AI tasks without investing a considerable amount from their budget. The hardware and software equipment you will get is all in the virtual format; hence, space issue is also eliminated from the equation. AIaaS shows the power of cloud computing in this era.
VITAL AI is a company that works to develop an Artificial Intelligence Development software tools and also provides consulting services to its clients. VITAL AI plays a fundamental role in creating a model, training as well as deploying it for usage. Considered to be the next wave in terms of driving the growth of the public cloud, companies can easily leverage the advantages without investing much money. However, the technology is perfect enough to automate the businesses intelligently for creating innovative communication for device, data, and people and at the same time generating greater efficiency.