Artificial intelligence leverages algorithms and large datasets to identify underlying relationships and drive new or better business outcomes. While still at a nascent stage, AI technologies are being adopted across industries globally to innovate business models, drive operational efficiencies, and create strategic differentiation. The potential impacts of AI on people, organizations, and society are widespread. COVID-19 pandemic further accelerated the pace of digital transformation and AI adoption as organizations seek to explore new means of creating sustainable business models as well as drive customer value, effectively manage the employee lifecycle in a distributed environment, and optimize costs. Further, the AI ecosystem is evolving rapidly making it essential to understand the overarching trends that are impacting AI and its adoption. Some of these trends include:
  • Augmenting AI capabilities with enterprise applications
  • Advancements in cognitive capabilities to assess emotions and sentiments
  • Adoption of Edge AI
  • Public cloud service providers playing a pivotal role in the AI ecosystem
  • Focus on ethical AI

As artificial intelligence (AI) and machine learning (ML) will transform businesses, it will create a broad spectrum of new revenue opportunities for ICT vendors and service providers. The opportunities cut across advisory services, applications, and infrastructure. As the mega trends shape the AI landscape, it will have a ripple effect in terms of new revenue and growth opportunities for start-ups as well as large global information and communication technology (ICT) companies.

Further, as we expect democratizing of AI/ML, there will be a move slowly away from applications that only can be developed by data scientists for platforms, making it easier to develop and deploy solutions.