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Artificial Intelligence-as-a-Service (AIaaS) Market to Grow by USD 79.8 Billion (2024-2028) Driven by R and D Investments, AI’s Market Impact- Technavio Report

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NEW YORK, Aug. 23, 2024 /PRNewswire/ — The global artificial intelligence-as-a-service (AIaaS) market  size is estimated to grow by USD 79.82 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 58.37%  during the forecast period.  Increasing investment in R and D is driving market growth, with a trend towards increasing integration of aiaas with blockchain. However, data privacy issues  poses a challenge. Key market players include Accenture Plc, Alphabet Inc., Amazon.com Inc., Baidu Inc., Capgemini Service SAS, Cognizant Technology Solutions Corp., Dell Technologies Inc., Fujitsu Ltd., Hitachi Ltd., Huawei Technologies Co. Ltd., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., NVIDIA Corp., Oracle Corp., SAP SE, Tata Consultancy Services Ltd., Tencent Holdings Ltd., and Wipro Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

End-user (Retail and healthcare, BFSI, Telecommunication, Government and defense, and Others), Type (Software and Services), and Geography (North America, APAC, Europe, Middle East and Africa, and South America)

Region Covered

North America, APAC, Europe, Middle East and Africa, and South America

Key companies profiled

Accenture Plc, Alphabet Inc., Amazon.com Inc., Baidu Inc., Capgemini Service SAS, Cognizant Technology Solutions Corp., Dell Technologies Inc., Fujitsu Ltd., Hitachi Ltd., Huawei Technologies Co. Ltd., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., NVIDIA Corp., Oracle Corp., SAP SE, Tata Consultancy Services Ltd., Tencent Holdings Ltd., and Wipro Ltd.

Key Market Trends Fueling Growth

Blockchain technology, a decentralized digital ledger, is integrated with Artificial Intelligence-as-a-Service (AIaaS) to enhance transparency and efficiency in business operations. This integration offers several advantages, including real-time tracking, increased security, reduced fraud, automated data flow, and paperwork reduction. It also provides transparency during the movement of products, scalability for quick and easy database access, and improved traceability. These benefits enable enterprises to collaborate with vendors, streamline processes, and reduce costs, driving the growth of the global AIaaS market. 

Artificial Intelligence-as-a-Service (AIaaS) is a trending business solution that offers accessible AI services on a subscription or pay-per-use basis. Virtual assistants and smart monitoring systems are popular applications. AIaaS enables businesses to leverage AI-based infrastructure development without upfront costs or the need for specialized expertise. With the rise of Digital India and the global cloud market, AI services are becoming essential for various industries, including healthcare, BFSI, and manufacturing. AIaaS offers Machine Learning models, Application Programming Interfaces (APIs), and Software Development Kits (SDKs) for developers. It also provides access to high-performance computing and cognitive computing capabilities. AIaaS can help prevent mistakes and pipeline failures by suggesting code improvements. Third-party offerings in AIaaS include customer service chatbots, cybersecurity solutions, and AI models for industries like BFSI. Cloud-based solutions and Blockchain technology are also integrated into AIaaS. Hybrid, public, and private cloud options cater to different business needs. In conclusion, AIaaS is a valuable business tool that offers accessible AI services, technical expertise, and quality data to businesses, enabling them to focus on their core competencies while leveraging the power of AI. 

Discover a Comprehensive 360° Market Analysis: Understand the Impact of AI. For detailed information- Request Sample!

Market Challenges

Artificial Intelligence-as-a-Service (AIaaS) enables businesses to leverage advanced AI solutions for data analysis and future planning. However, data privacy concerns are emerging due to AI’s ability to make autonomous decisions and actions. Companies use data anonymization techniques to prevent data breaches while using AI, but this sensitive data is crucial for AIaaS. Enterprises acquire and analyze customer data to comply with regulations and adapt to changing policies. Strict regulations like the European Union’s General Data Protection Regulation (GDPR) enforce standards for safe data processing, requiring companies to store confidential data in EU-based servers and prohibit automated decision-making without human intervention. These regulations increase data acquisition complexities, potentially limiting AI’s prediction capabilities and negatively impacting the global AIaaS market growth.Artificial Intelligence-as-a-Service (AIaaS) is revolutionizing businesses by providing easy access to AI-based solutions. However, implementing AIaaS comes with challenges. Data encryption is crucial for securing sensitive data in the cloud. Compliance frameworks ensure adherence to industry regulations. Choosing the right algorithms for specific use cases is essential. Pre-trained models offer quick solutions, but customizable models cater to unique business needs. Scalability and flexibility are key for large enterprises. Machine learning and deep learning require significant hardware and software resources. AI talent and cloud computing infrastructure are essential. Cloud providers like Microsoft Azure offer AI services, including predictive analytics, fraud detection, and personalized financial recommendations. Retail, telecommunications, government and defense, manufacturing, energy, and other industries face niche challenges. Disruptive solutions like cloud-based machine learning, multi-cloud functioning, and cloud-based intelligence services address these challenges. Usability and automation capabilities are important for effective implementation. Multi-cloud management strategy ensures seamless functioning of AI solutions. Data security is paramount in this virtuous cycle of innovation, involving startups, cloud providers, and businesses.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This artificial intelligence-as-a-service (aiaas) market report extensively covers market segmentation by

End-user 1.1 Retail and healthcare1.2 BFSI1.3 Telecommunication1.4 Government and defense1.5 OthersType 2.1 Software2.2 ServicesGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Retail and healthcare-  Artificial Intelligence-as-a-Service (AIaaS) is a business solution that allows companies to access AI capabilities without the need for in-house expertise or infrastructure. This cloud-based model offers cost savings, flexibility, and scalability. AIaaS enables businesses to integrate advanced analytics, machine learning, and natural language processing into their operations, enhancing productivity and decision-making processes. It’s a valuable tool for organizations seeking to leverage AI technology without the complexities of building and maintaining their own systems.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

Artificial Intelligence-as-a-Service (AIaaS) is a cloud-based model that offers businesses access to AI technologies and capabilities without the need for in-house expertise or infrastructure. This includes Machine Learning algorithms, Application Programming Interfaces (APIs), and Software Development Kits (SDKs). High-Performance Computing and Blockchain are also integrated into AIaaS for enhanced processing power and security. AIaaS offers customer service chatbots, cybersecurity solutions, and cloud-based intelligence services. Data encryption and compliance frameworks ensure data security and privacy. Pre-trained models and customizable models cater to various business needs. Multi-cloud functioning and multi-cloud management strategies enable automation capabilities and usability. Virtual assistants and AI-based infrastructure development are other applications of AIaaS. In the context of Digital India, AIaaS can drive digital transformation and innovation across industries.

Market Research Overview

Artificial Intelligence-as-a-Service (AIaaS) is a cloud-based model that offers businesses access to AI technologies and capabilities on a subscription or pay-per-use basis. This includes Machine Learning algorithms, Pre-trained models, and Customizable models, delivered through Application Programming Interfaces (APIs) and Software Development Kits (SDKs). AIaaS leverages High-Performance Computing, Blockchain, and Cloud-based solutions for Cognitive computing applications in various industries such as BFSI, Retail, Telecommunications, Government and Defense, Manufacturing, Energy, and Healthcare. AIaaS solutions provide scalability and flexibility, addressing niche industry challenges with Disruptive solutions. Cloud providers like Google Cloud and Microsoft Azure offer AI services, including AI-based infrastructure development, Virtual assistants, and Predictive analytics. AI talent and computational power are essential for developing and deploying AI models, ensuring Data security and compliance with various frameworks. AIaaS also offers Cybersecurity, Natural Language Processing, and Optimization capabilities. The global cloud market continues to grow, with a virtuous cycle of innovation and adoption driving the demand for AI services.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userRetail And HealthcareBFSITelecommunicationGovernment And DefenseOthersTypeSoftwareServicesGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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AI-Powered Earbuds Transforming North American Smart Offices: Exclusive Insights from viaim CPO at CES 2025

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LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — At CES 2025 in Las Vegas, Liu Da, Chief Product Officer (CPO) of viaim, an AI technology hardware company deeply rooted in the smart office sector, gave an exclusive interview, sharing valuable insights into viaim’s exploration of the field of AI-powered earbuds, its innovative product concepts, and how the technology addresses common workplace challenges in North America. Mr. Liu also delved into the market potential of AI-powered earbuds and viaim’s strategic blueprint for shaping the future of smart offices, especially in the North American market.

North American business professionals have widely embraced remote and hybrid work models. The rise of multilingual communication has fostered a highly digitalized consumer landscape with diverse user needs, particularly for smart office solutions. In response, viaim is dedicated to developing practical AI solutions that alleviate repetitive and tiring office tasks. By addressing the evolving demands of North American professionals with its AI-driven innovations, viaim is advancing its global mission to transform work efficiency and productivity.

Unique advantages of AI-powered smart earbuds

In the interview, Mr. Liu said earbuds, being close to the user’s senses, are seamlessly integrated into daily life and serve as an ideal platform for AI technology. Unlike traditional office hardware, AI-powered earbuds are portable and versatile, fitting various scenarios such as remote meetings, commuting, and entertainment. He highlighted that viaim’s AI-powered smart office solutions position the Company to bridge the gap between people and devices, transforming earbuds from simple audio tools into smart office partners. 

viaim’s technology and design challenges during the R&D  phase

Mr. Liu detailed the challenges the Company faced during the R&D phase, including integrating AI computing power, storage, and sensors into earbuds with limited space while maintaining portability and battery life. He also highlighted the difficulty of balancing human auditory sensitivity with machine signal processing to ensure a natural user experience. To tackle these challenges, viaim employed multi-terminal collaboration, integrating earbuds, apps, and cloud services to ensure seamless voice processing and secure data management tailored to the needs of North American professionals.

Market potential, insights, and positioning in North America

A report from Upwork, the world’s largest work marketplace, projects 36.2 million Americans will work remotely in 2025, marking an 87% increase from pre-pandemic levels. AI-powered earbuds, with capabilities including meeting recording and follow-up task management, cater to the digitalized and multilingual North American market. As remote and hybrid work rises, AI earbuds are becoming vital for workplace efficiency and language learning. viaim stands out with a competitive strategy focused on technological innovation and market segmentation, offering unique value beyond traditional earbud brands.

Future strategy and product vision

Mr. Liu believes technology’s true value lies in solving real-world problems. “When users actively engage with our AI solutions, it demonstrates their true value,” he stated. AI earbuds remain the Company’s core focus, empowering professionals to shift their attention from routine tasks to meaningful creative endeavors. Looking ahead, viaim plans to expand its product lineup to include smart glasses and office accessories, creating a comprehensive AI office ecosystem. The Company aims to rapidly iterate based on user feedback, expanding AI earbuds from niche to mass markets and advancing industry development.

Media Contact: 

Qian Wang
+86-15321782927
wangqian@vision-intelligence.tech

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Steller Unveils Group Trip Planning

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KIRKLAND, Wash., Jan. 10, 2025 /PRNewswire/ — Steller, a video-based, travel planning platform that allows travelers to discover, connect and book based on experiences shared by creators, introduced its most requested feature yet: group trip collaboration. The feature transforms how travelers plan group trips by consolidating everything—discovery, communication, organized planning, and booking—into one platform. 

Steller launches group trip planning, streamlining discovery, communication, and booking into one collaborative platform.

Traditional Trip planning involves multiple surfaces and when traveling with others, multiple communication channels. It is difficult to stay organized when communication is spread across text messages, social DMs, email, etc.  

Steller’s new collaboration feature eliminates communication chaos and streamlines trip planning by offering a central group hub for organizing every piece of the process. Travelers can invite others to join their Trip itinerary, keeping communication, discovery, and booking in one place. With Steller’s library of more than 30 million pieces of user generated travel content, groups can share videos of activities, dining spots, attractions, add notes, and co-create custom itineraries. Flexible itinerary views—list, map, and video—give everyone a complete picture of the plan to share and edit with their travel companions.

“Collaborative trip planning has been a top request from our community.  When we launched Trips by Steller   last January, we knew it would resonate, but the response has far exceeded expectations. In a short time, over 50,000 users have planned and booked trips by incorporating their favorite user-generated travel videos into personalized itineraries. For our destination clients,  Trips by Steller has seamlessly connected travel influencer marketing to planning and commerce. Steller clients see more than 18% of viewers who engage with their influencer campaigns planning trips to their destination—a result that sets a high bar in the travel industry. Adding collaboration to the mix amplifies that impact, inspiring more people to explore, engage and transact together!” said Pete Bryant, CEO of Steller. 

How It Works  

Whether it’s a getaway for two or a large group adventure, collaboration makes organizing travel plans easy with an all-in-one solution. 

Build Your Itinerary Together: Group members can contribute by adding things to do, activities, and notes.Stay Organized: Add notes and structure by day, activity, or group to eliminate confusion.Flexible Views: View your itinerary as a detailed list, on a map, or through video for a fully customizable planning experience.Real-Time Updates: Keep track of changes, additions, and edits made by group members.On-the-Go Access: Everyone can access the itinerary on their phone.

Steller continues to lead the charge in innovative travel planning, ensuring that its platform evolves based on user feedback. Collaborative trip planning is the latest step in its mission to evolve travel. 

About Steller 

Steller, headquartered in Kirkland, Wash., is the market leading travel planning platform that guides travelers from inspiration to planning and booking through authentic experiences of their favorite creators. Steller’s patent pending platform distributes millions of pieces of bespoke, worldwide video content that can be found and booked on the Steller app. Learn more at www.steller.co  and  stellerforbusiness.com

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RAAPID Raises Series A from M12, Microsoft’s Venture Fund to Scale Next-Generation Healthcare Risk Adjustment

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Company reports 300% revenue growth in 2024 and advances partnerships with nation’s leading health systems

LOUISVILLE, Ky., Jan. 10, 2025 /PRNewswire/ — RAAPID, the industry-leading healthcare AI company, announced today a significant Series A investment from M12, Microsoft’s venture fund. This strategic funding positions RAAPID to expand its groundbreaking Neuro-symbolic AI platform that is reshaping healthcare risk adjustment.

RAAPID’s explosive growth – marked by a 300% revenue increase in 2024 – demonstrates the market’s strong validation of its advanced technology platform. The company has quickly established itself as a trusted partner for major health plans and provider., At the core of RAAPID’s success is its pioneering VisionAI technology, which tackles one of healthcare’s most pressing challenges: making sense of unstructured medical data. While over 70% of medical records exist as unstructured data when shared outside EHRs, RAAPID’s AI engine transforms this complex information into actionable insights, enabling unprecedented accuracy in risk capture and care gap identification.

“Our vision extends beyond traditional risk adjustment,” states Chetan Parikh, Founder and CEO of RAAPID. “We’re creating a future where AI augments healthcare professionals’ capabilities, leading to better patient outcomes and more accurate appropriate reimbursements. This investment from M12 accelerates our mission to transform healthcare through advanced AI.”

RAAPID’s purpose-built Risk Adjustment platform has achieved remarkable results:

Slashing chart review time by 60-80%Surpassing industry standards with 95%+ coding accuracyGenerating additional appropriate and compliant revenue per memberImproving risk capture accuracy by 25%

The HITRUST-certified platform stands out for its unique Neuro-symbolic AI approach, combining neural networks with an extensive medical knowledge graph containing over 4 million clinical entities and 50 million relationships. This sophisticated technology enables both retrospective analysis and prospective risk adjustment, helping organizations identify and address care gaps to positively impact patient health.

“Healthcare organizations are increasingly seeking innovative solutions to manage risk and improve care delivery in value-based arrangements,” said Todd Graham, Managing Partner at M12. “RAAPID’s AI-driven risk adjustment platform aligns perfectly with our investment strategy. Through M12, we are committed to providing our portfolio companies with access to Microsoft’s resources and expertise to drive significant impact in the healthcare sector.

Led by a team with over 25 years of healthcare technology expertise, RAAPID has collaborated with experts from the top 4 tech giants in developing its clinical AI solutions. RAAPID continues to push the safe boundaries of what’s possible in healthcare AI. The company’s selection as an M12 portfolio company validates its position as a leader in healthcare technology innovation.

As value-based care becomes increasingly important, RAAPID’s AI-powered solutions are becoming essential tools for healthcare organizations striving to improve timeliness and quality of care all patients expect. With this new funding, RAAPID is poised to further advance its technology and expand its positive impact on patients, providers and payers.

About RAAPID
RAAPID develops AI-powered solutions for healthcare payers, providers, and supporting organizations. The company’s cloud-based risk adjustment platform uses neuro-symbolic AI to identify chronic conditions, determine HCC codes, calculate risk scores, and analyze population health trends. RAAPID serves organizations that participate in Medicare Advantage, ACA, Medicare ACO, and Medicaid programs.

For more information about RAAPID’s AI-powered risk adjustment solutions, visit www.raapidinc.com

CONTACT:
Mayur Vyas
(502) 699-3044
388583@email4pr.com

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