Algorithm as a Service (AaaS) is an algorithm based on the cloud so users can develop, run and use algorithms on a platform without incurring the cost and hassle of buying and maintaining the underlying architecture. “AaaS sets out a foundation for distributing, operating and monetizing algorithms that can be used from third party applications.” – Medium.com
The two main drivers behind the explosion in the AaaS model includes, machine learning and artificial intelligence. If you visit an algorithm marketplace, like AlgoLib, you will find that 90% of its’ algorithms are all focused on AI and ML problems.
Software is generally more front-ended meaning SaaS is usually used to present cloud software, such as the companies cloud disk, cloud documents and other cloud forms. The main advantages to SaaS is the real-time storage and team sharing elements.
In comparison, algorithms are generally more back-ended meaning AaaS can solve huge problems in big projects. The main advantage to AaaS is that the platform can provide a more suitable operating environment and runs a lot faster.
Algorithms tend to be alien to the general public, with the majority of people not understanding the true understanding or logic of an algorithm. To make the best use out of effective algorithms you need entry level programming skills, which not everyone has. Therefore, algorithms and AaaS is focused more to businesses, developers, data scientists but even entry-level students with just a basic understanding of coding and algorithms.
If you are a developer yourself, you can understand that algorithms can take weeks and weeks to develop and take a lot of time and hassle, thus also being cost ineffective. There is not a place where you can find already ran, usable and good, pre-develop algorithms; this is where AlgoLib comes in.
Firstly, the market size is enormous; every single business in the world uses algorithms, or will be using them by 2020.
“Algorithmic business is pivotal to competitive advantage,” said Mr. Duncan. “By 2018, more than 50 percent of large organizations globally will compete using advanced analytics and proprietary algorithms, causing the disruption of entire industries.”
In the current climate, there is no platform to aggregate algorithms and to provide open and transparent evaluation; welcome to AlgoLib, UK’s first AaaS marketplace. With our platform, anyone can access our comprehensive algorithm library of with just one line of code, complied with the cutting-edge technologies whenever possible. You can search, use and share algorithms, efficiently and effectively, so even entry level students and developers can build even the most sophisticated algorithm instantaneously without having to rewrite and retest code ad infinitum. For example, you can combine an image recognition algorithm and an underwriting premium model to develop a real-time photo-to-claim InsurTeah solution - users can get compensated instantly by just taking a photo of the damaged car.
We offer a pay-as-you-go rate as well as the opportunity to upload your own developed algorithms for free, and in a matter of minutes. By simply integrating your codes with few functions call to our server, you will have the solution built for you with no up-front cost! You can immediately sell your solutions on our platform around the world with a ready-to-use program interface and scale on demand infrastructures.
At AlgoLib, we believe there is a better way to build smart solutions. Our Algorithm as a Service (AaaS) marketplace is now open for FREE sign up! Click the link and join AlgoLib family!
Author: Beccy Ballantine, Toto Bian.
Read more about our recent news and press releases at here.
AlgoLib is an Algorithm as a Service (AaaS) innovator with state-of-the-art cloud computing and community integrations. Powered by the world's most comprehensive algorithm marketplace, AlgoLib is for anyone who wants to leverage data and make smarter business decisions. For more information, visit www.algolib.com. You can also follow us on Twitter, Facebook and LinkedIn.