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From financial services to healthcare, every sector has witnessed the exponential growth of AI to draw the best result by mitigating cost and labor. With this growing reliance on AI, the implementation of smart cities and smart homes has gained tremendous traction.
According to Statista, 87.4 percent of the total U.S. population will be shifted to cities, and this huge pressure of population will make law and order and the transport system vulnerable. To combat these problems related to transport, the deployment of connected transport system will have immense importance to build a strong defense against accidents and crimes. Today, the smart self-driving cars are no longer dreams, as companies like Tesla, Marcedes, and BMW have exhibited substantial growth in this field. Markets and Markets has predicted, the market estimation of the intelligent transport system will be $30.74 billion by 2023. A smart city encourages proper collection and analysis of large data sets in order to ensure the smooth running of regular activities, and the process of data processing has to be rendered securely; otherwise, cybercriminals may destroy the whole concept of safety. To analyze those colossal data sets safely, AI will be an essential factor.
Technological advancements have facilitated the implementation of a smart house, which demands the installation of smart sensors to render day-to-day activities without any complexity. Companies are trying hard to address this demand of the age leveraging AIaaS properly. As an instance, in CES 2019 D-Link stole the show offering audience the chance to have a view of a connected smart home through its WI-Fi water sensor which leverages Google Assistant to detect a water leak. A report from Technavio has pinpointed the global AIaaS market will have a CAGR of 47 percent by 2023, and the smart homes and smart cities will play a vital role in this growth.
Even in the other fields, AI-powered devices will enjoy exponential leap, as the demand for personalized and efficient service has been proliferated. The global market for AIaaS Artificial Intelligence-as-a-Service) will have a rapid evolution in the upcoming years, and it is high time for providers to address these changes in a suitable way.