In the ever-evolving world of technology, AI consulting has become a crucial strategy for businesses looking to stay competitive, get a higher ROI, and access specialised expertise. As we step into a more hi-tech world, it’s essential to know the reasons for the growth in IT consulting services for business. With businesses looking to leverage the power of AI for a competitive edge, the role of AI consulting services has become much more crucial than ever before. As per the reports, the global AI consulting services market is anticipated to reach a market valuation of US$ 525.65 billion by the end of 2023, growing at a CAGR of 4.3%
In this blog post, we’ll delve into what AI consulting services are and what are the driving factors for the rise in these services.
What is AI Consulting Services?
AI consulting services are specialised advisory offerings helping businesses in harnessing the potential of Artificial Intelligence (AI) technologies. These services encompass a wide range of activities, including strategy development, AI implementation, data analysis, and model deployment.
AI consultants bring expertise in machine learning, data science, and AI ethics to help organisations leverage AI effectively. They also provide customised AI solutions addressing specific business challenges, enabling improved decision-making, automation, and the creation of AI-driven applications. AI consulting services are important for businesses looking to navigate the complex landscape of AI, ensuring they maximise the benefits of AI while addressing ethical and practical considerations.
Why there is Rise in Professional AI Consulting Services in 2023?
Increased IT Budget Allocation
In 2023, a significant number of businesses have prioritised AI outsourcing in their IT budgets. Approximately 63% of organisations plan to allocate a substantial portion of their IT budget to outsourcing AI or IT related projects. As per the latest industry reports, worldwide IT spending is expected to touch $4.6 trillion mark by the end of this year, marking an unprecedented surge in demand for professional AI consulting services.
The rapid growth in IT spending is due to the increasing adoption of emerging technologies like Artificial Intelligence, Machine Learning, Internet of Things, Cloud Computing, etc., which in turn increases the need of AI consulting services.
AI Growth
The AI industry continues to make significant advancements, and according to the experts, this trend will continue for the next several years. With an annual growth rate of 37.3% projected from the period between 2023 to 2030, the AI market will expand rapidly, transforming industries and revolutionising the way we live and work. With more businesses investing in AI technology and exploring new applications, we can expect to see a surge in the use of AI-powered systems in areas such as healthcare, finance, transportation, and manufacturing.
Moreover, the idea of deploying this technology into your business by experiencing the top AI consulting firms is quite helpful for developers to code software and healthcare industries to make pharmaceutical drugs while positively impacting business marketing.
Shortage of Associate IT Consultant
The scarcity of IT talent continues to be a pressing concern for organisations globally. The majority of businesses have faced challenges in finding and retaining suitable managers and associate IT consultants with the right set of skills. The talent shortage issue faced by many companies urged them to hire professionals who can deploy AI implementation strategy beneficial for their business.
Cloud Native Platforms
As of 2023, the percentage of corporate data saved in the cloud has continued to rise, with 60% of all data now being stored remotely. This shift towards cloud-based storage has resulted due to the advances in technology and increased awareness about the benefits of cloud computing, like improved scalability and flexibility, improved security, and reduced infrastructure costs.
Moreover, the development of cloud-native platforms is one of the most preferred solutions given by an AI consulting company. With more businesses going digital, the dependance on data analytics, cloud storage is also expected to increase, making cloud computing solutions an important component of any modern organisation’s IT strategy.
Conclusion
In a nutshell, those mentioned above are the leading factors that have resulted in a surge in the demand of top AI consulting firms. The demand for AI consulting startups will also grow in the future as well and choosing the best IT consultancy near me allows businesses to get the much needed expertise in artificial intelligence without worrying about having an in-house team of experts.
Choose Kodehash Technologies for IT Consulting for Business
Kodehash Technologies is a leading provider of IT consultancy near me to businesses across various industries. We are a team of highly qualified and experienced associate IT consultants offering AI solutions to all the clients as per their unique needs.
To know more about AI consulting, contact us now!