According to Frost & Sullivan’s recent study, Global Artificial Intelligence (AI) Market, AI will open up new revenue and growth prospects for start-ups & global information and communication technology (ICT) companies. Business model innovation, operational efficiency gains, and new opportunities for market differentiation are all made possible by the widespread use of AI technologies in all sectors. As businesses look for new ways to develop long-term strategies and increase consumer value, they are hastening their embrace of digital technologies and AI.
“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 ICT Industry Analyst at Sullivan & Frost. “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.”
Patel also said: “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.”
- To take advantage of the growing opportunities in the AI sector, market participants must:
- Team up with consultancies to boost your advice offerings to clients.
- Build industry-specific solutions or incorporate AI capabilities into existing enterprise vertical and horizontal solutions.
- Create tools and platforms for managing infrastructure in order to deploy AI technologies successfully and make it simpler for clients to oversee edge data center infrastructure, including their networks & security.
- Create use case-based domain competencies or form strategic alliances with advisoryservice providers & industry players who already have the required functional skills.
The Frost & Sullivan Leadership Council now has access to Global Artificial Intelligence Growth Prospects, the newest addition to Frost & Sullivan ICT analytics and research that help businesses prepare for an uncertain future by identifying a steady stream of growth opportunities.