Professional services in AI

Professional services in AI Market by AI Domain (Machine Learning & Deep Learning, Machine Vision & Hearing, Natural Language Processing (NLP)), Application (Chatbots, Cyber Security, Human Resource Management), Organization Size, Vertical - Global Forecast 2024-2030

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[182 Pages Report] The Professional services in AI Market size was estimated at USD 7.16 billion in 2023 and expected to reach USD 8.63 billion in 2024, at a CAGR 22.21% to reach USD 29.18 billion by 2030.

Professional services in AI Market
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Professional services in AI is a specialized service offered by experts and firms with extensive knowledge and experience in artificial intelligence. These services aim to assist businesses, organizations, and individuals leverage AI technologies to achieve their objectives and address specific challenges. The growing need for customized AI solutions, the rapid transformation of digitalization, and increased demand for improved efficiency and enhanced decision-making fuel the market growth. However, the lack of skilled professionals and AI's complexity and rapid evolution has hindered market growth. Furthermore, the increasing advancment and funding in AI technology and the rapid expansion of end-use industries has offered a significant growth opportunity for the market.

Regional Insights

The Americas region has a thriving landscape of professional services in AI, with numerous companies and organizations offering AI expertise and solutions. The region is home to major tech hubs, including Silicon Valley in the United States and prominent AI research institutions. The Americas region boasts renowned research institutions and universities contributing significantly to AI advancements. Institutions such as Stanford University, Massachusetts Institute of Technology, and the University of California, have active AI research programs and collaborations with industry partners, driving the demand for professional services in the AI market. The EMEA region has a rapidly growing landscape of professional services in AI with an increased focus on digitalization and a flourishing startup ecosystem. Companies in the EMEA region provide industry-specific AI solutions and consulting services to sectors such as finance, healthcare, manufacturing, transportation, energy, and retail. These solutions range from customer analytics and personalized marketing to predictive maintenance, fraud detection, and autonomous systems. Governments and research institutions in the EMEA region collaborate with companies to foster AI innovation, develop AI strategies, and promote AI adoption, boosting the demand for professional services in the AI market. The APAC region has a dynamic and rapidly evolving landscape of professional services in AI, with governments across the APAC region launching new initiatives and policies to promote AI development and adoption. For instance, China's "New Generation Artificial Intelligence Development Plan" aims to place the country as an AI leader, while Singapore has launched the "AI Singapore" initiative to drive AI innovation and adoption. The APAC landscape of professional services in AI reflects the region's rapid technological growth, entrepreneurial spirit, and commitment to AI innovation. The presence of established research institutions, dynamic startup ecosystems, industry-specific solutions, and government support contribute to the market growth.

Market Dynamics

The market dynamics represent an ever-changing landscape of the Professional services in AI Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Increasing businesses focus to boost the operational productivity
    • Significant demand for ML services as a SDK and API
    • Broadening adoption of professional AI based services in BFSI and healthcare
  • Market Restraints
    • Technical complexities and upfront cost associated with professional AL services
  • Market Opportunities
    • Emerging startups landscape investing in AI services
    • Increasing advancements and investment for AI based services
  • Market Challenges
    • Limited infrastructure and lack of skilled professionals
Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Professional services in AI Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Professional services in AI Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Professional services in AI Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Professional services in AI Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Professional services in AI Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Professional services in AI Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Professional services in AI Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Professional services in AI Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Professional services in AI Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Professional services in AI Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Professional services in AI Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Professional services in AI Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Wipro Expands Google Cloud Partnership to Advance Enterprise Adoption of Generative AI

    Wipro announced an expanded partnership with Google Cloud to provide enterprise customers with access to generative AI capabilities. This partnership allows Wipro to offer its clients industry-leading AI solutions that support business growth and accelerate the development of digital transformation initiatives. By incorporating Google Cloud's advanced AI tools, Wipro can help companies unlock valuable insights from their data and automate processes in a secure manner. [Published On: 2023-05-23]

  • PwC Bets USD 1 Billion on AI for Business

    PwC pledged USD 1 billion to invest in artificial intelligence for businesses. By leveraging the power of AI, PwC can help clients identify new opportunities, improve operational efficiency, reduce costs, and ultimately create more value for them. [Published On: 2023-05-18]

  • ServiceNow and NVIDIA Announce Partnership to Build Generative AI Across Enterprise IT

    Nvidia and ServiceNow announced a partnership to bring generative AI capabilities to enterprise IT. This collaboration is expected to enable organizations of all sizes to leverage the power of Artificial Intelligence and benefit from predictive analytics that can drive actionable insights. By combining ServiceNow's cloud platform with Nvidia's GPU accelerated computing, companies can gain a competitive advantage and make their business operations more efficient. [Published On: 2023-05-17]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Professional services in AI Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Professional services in AI Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, AI Professional Services Limited, Booz Allen Hamilton Inc., Cerence Inc., Cognizant Technology Solutions Corporation, Columbus, Databricks, Inc., Deloitte, Diveplane Corporation, Ernst & Young Global Limited, EXPERT.AI, Hewlett Packard Enterprise Development LP, IDC CEMA s.r.o., Infosys Limited, International Business Machines Corporation, KPMG International Limited, Kyndryl Inc., Lately, Inc., LivePerson, Inc., McKinsey & Company, Microsoft Corporation, NGS Global, LLC, NVIDIA Corporation, Open Text Corporation, People.ai Inc., ReadWrite, INC., SAP SE, ServiceNow, Inc., Tech Mahindra Limited, Velosio, LLC, Wipro Limited, and XFO Financials Inc. dba. Vic.ai.

Professional services in AI Market - Global Forecast 2024-2030
To learn more about this report, request a free PDF copy
Market Segmentation & Coverage

This research report categorizes the Professional services in AI Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • AI Domain
    • Machine Learning & Deep Learning
    • Machine Vision & Hearing
    • Natural Language Processing (NLP)
    • Robotics & Expert Systems
  • Application
    • Chatbots
    • Cyber Security
    • Human Resource Management
    • Intelligent CRM
    • Project & Resource Planning
    • Real Time & Predictive Business Intelligence
    • Sales & Marketing Analytics
  • Organization Size
    • Large Enterprises
    • Small & Medium-Sized Enterprises
  • Vertical
    • Banking, Financial Services & Insurance
    • Energy & Utilities
    • Government
    • Healthcare & Life Sciences
    • IT & Telecommunication
    • Manufacturing
    • Retail & Consumer Goods

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Professional services in AI Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Professional services in AI Market, by AI Domain
  7. Professional services in AI Market, by Application
  8. Professional services in AI Market, by Organization Size
  9. Professional services in AI Market, by Vertical
  10. Americas Professional services in AI Market
  11. Asia-Pacific Professional services in AI Market
  12. Europe, Middle East & Africa Professional services in AI Market
  13. Competitive Landscape
  14. Competitive Portfolio
  15. List of Figures [Total: 24]
  16. List of Tables [Total: 392]
  17. List of Companies Mentioned [Total: 32]
The Rise of Professional AI-Based Services in BFSI and Healthcare
June 29, 2023
BLOG
The Rise of Professional AI-Based Services in BFSI and Healthcare
Artificial Intelligence (AI) has created a buzz in recent years, and many industries have taken advantage of it. While AI has found its way into many aspects of our lives, one sector that stands out is professional services. With the broadening adoption of professional AI-based services in BFSI (Banking, Financial Services, and Insurance) and healthcare, businesses are steadily transforming their operations to become more streamlined and efficient. In this blog post, we take a closer look at the scope of professional services in AI and its impact on BFSI and healthcare.

What are Professional Services in AI?

Professional services in AI refer to a set of services designed to help businesses to transform their operations, management tasks, and customer service delivery, among others. Such services integrate AI technologies such as machine learning, natural language processing, image and speech recognition, and robotics process automation, among others. They are customized to match the specific needs of businesses in different industries, with the aim of automating processes, enhancing customer experiences, and informing decision-making processes.

Broadening Adoption of AI-based Services in BFSI

BFSI is one of the leading sectors that are rapidly embracing AI-based services. BFSI companies are increasingly looking to leverage AI to streamline their operations in areas such as customer service, fraud detection, risk management, and regulatory compliance, among others. With AI, BFSI companies can automate manual tasks such as paperwork, conduct more accurate analysis of customer data, and enhance their decision-making processes.

Impact of AI on Healthcare

AI is also transforming healthcare, primarily through the development of predictive analytics and personalized treatments. Healthcare providers are increasingly using AI to analyze patient data, predict outbreaks of diseases, and develop personalized treatment plans. By implementing AI-based systems, healthcare providers can reduce errors in diagnosis, improve treatment planning, and optimize their resource utilization.

Opportunities and Challenges of Professional Services in AI

While professional services in AI offer immense benefits for businesses, they also present challenges. One of the key challenges is the need to build AI-based systems that meet the specific needs of businesses. Additionally, there is also a shortage of skilled AI professionals capable of designing and implementing AI systems. AI also presents ethical concerns such as data privacy and security concerns. Businesses must find a balance between the potential benefits and potential ethical concerns of implementing AI-based solutions.

Future of Professional Services in AI

The future of professional services in AI looks bright, with increasing demand for AI-based services across different industries. AI systems will become more sophisticated, with enhanced capabilities in areas such as natural language processing, robotics, and machine learning. There will also be a greater emphasis on creating ethical AI systems that prioritize privacy, security, and accountability. This will require businesses and governments to collaborate and closely monitor the development and deployment of AI-based services to ensure they meet ethical standards.

Professional services in AI are transforming the way businesses operate in different sectors. The rapid adoption of AI-based services in BFSI and healthcare is creating opportunities for businesses to enhance their performance and improve their services. While there are challenges associated with implementing AI-based services, such as ethical concerns and the need for skilled AI professionals, the benefits outweigh the challenges. Looking into the future, AI systems will become more sophisticated and ethical, transforming businesses for the better.

Frequently Asked Questions
  1. How big is the Professional services in AI Market?
    Ans. The Global Professional services in AI Market size was estimated at USD 7.16 billion in 2023 and expected to reach USD 8.63 billion in 2024.
  2. What is the Professional services in AI Market growth?
    Ans. The Global Professional services in AI Market to grow USD 29.18 billion by 2030, at a CAGR of 22.21%
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