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A recent study by MarketsandMarkets highlights the rapid growth and evolution of artificial intelligence (AI) and its profound impact on business models. The study predicts that B2B companies can expect approximately $87 billion worth of opportunities in the AI industry this year, with projections indicating a staggering $407 billion potential by the end of 2027.
In their whitepaper titled ‘Emergence of AI-based Business Models – Orchestrating the Next Big Shift in Enterprise AI Adoption,’ MarketsandMarkets delves into crucial insights concerning the transformation of B2B business models across diverse sectors, such as healthcare, finance, and retail. In addition, the report features compelling case studies of companies that have successfully implemented AI in their strategies, highlighting the effects on their operations, customer engagement, and revenue.
To compile this comprehensive market analysis, MarketsandMarkets™ convened distinguished stakeholders and industry leaders in AI, facilitating discussions in traditional roundtable formats held in Houston, Boston, and London.
Krishnan Chatterjee, Chief Operating Officer at MarketsandMarkets™, emphasized the potential of AI-based business models to generate successful revenue streams by enhancing the human experience through various means. These include prediction and foresight capabilities, early-stage detection, augmented capacity in supply-constrained sectors like healthcare, improved cost-to-serve, novel capabilities such as soft sensors in the chemical industry, reduced error rates, and personalized customer experiences.
As businesses seek innovative solutions to optimize their processes and gain a competitive edge, the whitepaper explores the transformative potential of AI within traditional business models. Notably, the study highlights the cost-saving potential of AI through task automation and data analysis, as well as its ability to enhance customer engagement through personalized support and data-driven insights for product development and marketing strategies.
In today’s rapidly advancing technological landscape, businesses seek innovative solutions to optimize their operations and gain a competitive edge. One area that holds immense promise is the integration of artificial intelligence into traditional business models, offering transformative potential.
A primary focus of the whitepaper is the remarkable cost-saving opportunities that artificial intelligence brings to businesses. By automating repetitive tasks, AI frees up employees’ time, enabling them to concentrate on strategic and creative endeavors. Furthermore, AI’s ability to analyze vast volumes of data uncovers patterns and insights that would otherwise remain hidden from human eyes.
Enhancing customer engagement is another crucial aspect explored in the whitepaper. AI-powered chatbots, for instance, deliver personalized support around the clock, fostering higher customer satisfaction and loyalty. Moreover, through customer data analysis, businesses can gain valuable insights into preferences and behaviors, empowering them to refine product development and optimize marketing strategies.
As businesses strive for continuous improvement and sustainable success, exploring the potential of AI within their operations becomes a strategic imperative. By embracing AI’s capabilities, companies can drive efficiency, uncover valuable insights, and deliver enhanced customer experiences, propelling themselves ahead in the competitive landscape.