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 recent 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, the 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.”
Patel 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.”