MarketsandMarkets’ new study on artificial intelligence (AI) sheds light on AI’s rapid growth and evolution and its impact on business models. As per their prediction, approximately $87 billion worth of opportunities is expected to open up in the AI industry for B2B companies this year, and it is expected to reach $407 billion by the end of 2027.
The whitepaper, titled ‘Emergence of AI-based Business Models – Orchestrating the Next Big Shift in Enterprise AI Adoption,’ unveils critical insights into how AI is changing the landscape of B2B business models across different industries, from healthcare to finance and retail. It further examines case studies of companies that have successfully implemented AI in their business strategies and its impact on their operations, customer engagement, and revenue.
MarketsandMarkets™ brought together some of the esteemed stakeholders and industry leaders in the AI ecosystem to cover the market landscape of AI-based business models and various disruptions in this space. The discussions were organized in a traditional roundtable format in Houston, Boston, and London.
“AI-based business models will create successful and high-growth revenue streams in use cases that improve the human experience through multiple levers. These levers cover prediction/foresight/early-stage detection, capacity augmentation in supply-constrained areas (like healthcare provision), improving cost-to-serve, offering entirely new capability (soft sensors in chemical industries), reducing error rates, and personalized customer experience,” said Krishnan Chatterjee, Chief Operating Officer, MarketsandMarkets™.
Brief Summary of the Whitepaper
As technology continues to advance rapidly, businesses are looking for innovative solutions to optimize their processes and stay ahead of the competition. One of the most promising areas for businesses to explore is the use of AI and its potential for transforming traditional business models.
One of the key themes explored in this whitepaper is the potential for AI to drive significant cost savings for businesses. AI can automate routine tasks, allowing employees to focus on more strategic and creative work. Additionally, AI can analyze vast amounts of data, identifying patterns and insights that would be impossible for humans to uncover. Another essential theme discussed is the potential for AI to improve customer engagement. AI-powered chatbots, for example, can provide personalized support to customers 24/7, improving customer satisfaction and loyalty. AI can also be used to analyze customer data, providing businesses with insights into customer preferences and behavior that can inform product development and marketing strategies.
Further, this whitepaper includes –
- Country-wise outlook on current and future AI deployment
- Best practices to build enterprise maturity that can squeeze out the last drop of profitability from an AI business model
- Revenue increase of global organizations from adopting AI business models, with extensive data on ROI increase post-AI adoption
- Top industry verticals by the growth rate in AI adoption
- Top use cases of B2B AI-based business models, covering novel areas such as IT process automation, sensor data analysis, and conversational AI
- Excerpts from discussions with key opinion leaders in the AI industry, including Fortune 500 firms