How AI is changing the face of SaaS Industry
AI has grown geometrically over the last decade, and SaaS industry is one of the fields where it can automate and improve a majority of business processes.
Over the years, there have been a variety of new advancements in business technology and process automation. However, none of these technological innovations have been nearly as disruptive or progressive as AI. In the SaaS industry, AI is quickly becoming a standard feature. Companies in a variety of sectors can now leverage autonomous innovations to enhance product, service, and content customization while also better understanding their target audience’s needs through data-driven analysis. As a result of the perfect balance of increased return on investment for reduced input, businesses can use AI to become more efficient and intelligent while spending less money.
SaaS Trends in 2022
The need to do more with less is driving the demand and improvements in AI technology. The growth of the AI market will continue to accelerate in the next few years. Experts predict that it will be worth more than $997.8B by 2028 as more industries adjust to the rapid changes in operations.
Machine Learning in SaaS
Machine Learning, a subset of AI, is utilized in SaaS to automate responsiveness in customer service reports and applications, such as AI- powered chat operations with live chatbots. It will also automate the onboarding process of SaaS. As ML is built on an autonomous operational model, new innovations will facilitate software and platforms that empower businesses to automate significant chunks of internal operations other than customer service or experience alone.
Machine learning is one of the fastest-growing segments of the software and, as such, it’s a hot SaaS 2022 topic. As ML becomes an integral part of the AI-based software-as-a-service model, an increasingnumber of platforms will emerge that will help businesses across sectors:
- Train their software to learn from every task or interaction, gaining a greater level of intelligence and efficiency in the process.
- Dig deeper into contextual data and insights - the kind that can help you gain a real edge on the competition.
- Improve internal collaboration and operations through more sophisticated communication models.
- Enhance consumer communications and service output by continually adjusting language, tone of voice, and practical functions in line with the ever-changing needs and demands of clients, partners, or customers.
ML is already empowering SaaS solutions to become more self improving, which leads to better operations efficiency and intelligence. As it becomes an essential part of AI-based SaaS, companies will begin to demand better control in training for the use of their software. As a result, developers are now offering Machine-Learning-as-a-Service (MLaaS). In 2020, the emerging technology was worth about $1.8 billion. By 2026, the MLaaS market is forecast to grow to $12.6B, which is a CAGR of 38% over the next few years.