The #AIEye: IBM (NYSE: $IBM) Announces Global Alliance with Infosys (NYSE: $INFY) and Sidetrade to Invest £30 Million in UK #AI by 2025 #ArtificialIntelligence
Global AIaaS to Grow by $15.14 Billion from 2020-2024
Point Roberts WA, Vancouver BC – March 3, 2020 – Investorideas.com (www.investorideas.com), a global investor news source covering Artificial Intelligence (AI) brings you today’s edition of The AI Eye- watching stock news, deal tracker and advancements in artificial intelligence.
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Today’s Column- The AI Eye- Watching stock news, deal tracker and advancements in artificial intelligence
Stocks discussed: (NYSE:IBM) (NYSE:INFY) (EPA:ALBFR)
IBM (NYSE:IBM) has announced a global alliance with digital services and consulting provider Infosys Limited (NYSE:INFY) to “help enterprises accelerate their digital transformation journey using the IBM public cloud.” This alliance will allow Infosys to “offer its clients services around IBM's cloud native and open technologies, such as AI, blockchain, analytics and more.” Ravi Kumar Singisetti, President, Infosys, commented:
"Enterprises cannot truly succeed at digital transformation without leveraging cloud - be it transforming processes, expanding into new markets, launching new products, automating operations or elevating customer experience, cloud is the true enabler to complete digital transformation. But enterprises, especially in highly regulated and data sensitive industries are worried about privacy, regulatory compliance, security and system downtime as they embark on this transformation journey. Our collaboration with IBM will help enterprises across industries address these concerns and accelerate their digital transformation journey on IBM public cloud."
At an event celebrating its UK expansion and the opening of a Tech Hub in Birmingham, AI firm Sidetrade SA (EPA:ALBFR) announced its intention to invest some £30 million ($38.48 million USD) in AI by 2025. The investment plan will focus on R&D, innovation and tech skills, and “builds on Sidetrade’s solid expertise in areas such as machine learning, natural language processing and automated business processes.” Julian David, techUK CEO, who attended the Tech Hub opening, commented:
“The UK is a global leader in Artificial Intelligence. It is home to start-ups and scale-ups developing innovative AI applications across many sectors from healthcare to finance. The UK is also leading the way in working to find solutions to the challenges of bias and transparency in algorithmic decision-making, as well as how we can use emerging technology to provide positive outcomes for our society and economy, and tackle major issues such as climate change. We are pleased to see Sidetrade will be joining us on this path. Its investment is a sure sign that the UK, and Birmingham in particular, is an attractive place for AI businesses who are ambitious to scale and make a difference to innovation, business, and jobs.”
Global AIaaS to Grow by $15.14 Billion from 2020-2024
A report from Technavio finds that the global Artificial Intelligence-as-a-Service (AIaaS) market is projected to grow by $15.14 billion with a compound annual growth rate of more than 48 percent from 2020 to 2024. An excerpt from the report snapshot outlines key drivers in the market:
The use of advanced infrastructure at a reduced cost will be one of the primary factors driving AIaaS market growth. The development of AI requires high investments in hardware like software and sensors, maintenance, and repair costs. The software also needs to be upgraded frequently to meet the changing environmental needs. To avoid these direct costs in the implementation and maintenance of AI, enterprises are preferring to outsource these tasks to AIaaS providers, thereby driving artificial intelligence-as-a-service market growth.
The use of AIaaS for human interaction with machines using natural language processing (NLP) is one of the key artificial intelligence-as-a-service market trends. This technology is growing rapidly, driven by the growing human-to-machine interactions and availability of powerful computing and big data. Its applications include customer service chatbots and virtual assistants. For these applications, enterprises can use AlaaS and pay only for the time NLP was used. This will lead to an increase in the adoption of AlaaS during the forecast period. As a result of these factors, the market will register a CAGR of over 48% during the forecast period.
Sam Mowers, Investorideas.com
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