Artificial intelligence (AI) will create new revenue and growth opportunities for start-ups and global information and communication technology (ICT) companies, finds Frost & Sullivan’s analysis, Global Artificial Intelligence (AI) Market.
The adoption of AI technologies across industries unleashes innovative business models, drives operational efficiencies, and creates strategic differentiation.
Additionally, the pace of digital transformation and AI adoption has accelerated as organizations explore new means of creating sustainable business models and driving customer value.
“The move to large-scale AI adoption requires a holistic AI strategy coupled with an ethical and responsible framework to ensure sustainable and long-term adoption,” said an ICT Industry Analyst at Frost & Sullivan.
“Going forward, deploying AI technologies and operationalizing an ethical AI framework within an organization and throughout the AI development and management life cycle will require a well-defined approach and business as well as the alignment of all technology stakeholders.”
He added: “Data-driven business models and the digitization of functional applications created large volumes of data that need to be analyzed effectively to unlock their true potential.
“Due to this, over the next three years, organizations are expected to create data readiness for AI deployments and leverage disruptive AI technologies to strengthen competitiveness and build sustainable business models.”
Market participants seeking to take advantage of the expanding AI market and its growth opportunities should:
- Partner with consulting services companies to provide advisory capabilities to clients.
- Integrate AI capabilities into vertical/horizontal enterprise solutions or create industry-specific solutions.
- Develop infrastructure management platforms and tools to effectively deploy AI technologies and provide customers with easier management of edge data center facilities, networks, and security.
- Build domain capabilities around use cases or establish strategic partnerships with advisory service providers and industry participants that possess the necessary functional abilities.