Global AI Consulting Services Market Forecasted to Reach $64.3 Billion by 2028: BCC Research

BCC Research Projected Compound Annual Growth Rate (CAGR) of 34.2% from 2023 through 2028 Indicates Accelerated Market Expansion

BOSTON, March 20, 2024 /PRNewswire/ -- Global AI Consulting Services Market refers to the worldwide business of companies that provide advice, support, and assistance to other businesses in using artificial intelligence (AI) technology. These consulting services help companies understand how to use AI effectively in their operations, such as improving processes, developing new products, or enhancing customer experiences.

"According to the latest research study, the demand for Global AI Consulting Services Market expected to grow from $64.3 billion in 2028 at a compound annual growth rate (CAGR) of 34.2% during the forecast period 2023 to 2028."

This report looks at the global market for AI consulting services, which helps businesses use artificial intelligence technology. It's split into sections based on the types of services offered, the technology used, who uses it, and where it's used around the world. The report gives an overview of this market and looks at the trends happening in it. Using data from 2022, it predicts how the market will grow from 2023 to 2028. The predictions are broken down by the type of service, technology, who uses it, and where it's used. The report also talks about the challenges and trends in the market, and who the main companies are that provide these services. It estimates how big the global market was in 2022 and guesses how big it will get by 2028. The study covers different kinds of AI consulting services and the technology that helps provide them.

By 2030, jobs in artificial intelligence (AI) are expected to increase by 31.4%, according to the Bureau of Labor Statistics. Many industries like healthcare, retail, logistics, cybersecurity, banking and finance, customer service, marketing, and transportation rely on AI skills. In 2021, 38% of companies started using AI for training and development, as per the 'State of AI in the Enterprise' report. Big companies like IBM, Unilever, and Nestle use AI-powered learning platforms to tailor skill development for their employees, leading to a significant increase in employee satisfaction. Additionally, a Stanford University report from 2023 revealed that the U.S. is the top investor in AI globally, with $47.4 billion invested in 2022, significantly more than any other country, including China, which received $13.4 billion.

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Key Market Drivers of Global AI Consulting Services Market:

1. Increasing Adoption of AI Solutions Across Verticals means that more businesses in different industries are starting to use artificial intelligence (AI) technology. Instead of just being limited to certain areas, like tech companies, AI is now being used in various sectors such as healthcare, retail, finance, manufacturing, and more. This adoption trend suggests that businesses are recognizing the benefits of AI, like automating tasks, improving decision-making, and enhancing customer experiences. Overall, it shows that AI is becoming a common tool across diverse types of businesses to help them work smarter and more efficiently.
2. Growing Investment in AI Technologies means that more money is being put into developing and using artificial intelligence (AI) technology. Companies, governments, and investors are spending more on research, development, and implementation of AI in various areas such as healthcare, education, finance, and transportation. This increased investment suggests that people see the potential of AI to solve problems, make processes more efficient, and create new opportunities. Essentially, it shows that AI is seen as a valuable area for investment because of its potential to improve many aspects of our lives and businesses.
3. Growing Concern for Increasing Data-Driven Decision Making means that more people and businesses are becoming worried about the trend of making decisions based on data. It suggests that decisions are being increasingly influenced by information and statistics rather than intuition or past experiences. This concern may arise because relying solely on data might overlook important human factors or values, or because people worry about the accuracy or biases in the data being used. Overall, it indicates a shift towards using data as the primary factor in decision-making, which brings both opportunities and challenges.

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Report Synopsis

Global AI Consulting Services Market, by Service Type:

The global AI consulting services market by type consists of analytics consulting, digital strategy and transformation, application development, cognitive integration, and AI customization. This section describes the current market scenario and future growth prospects for various service catering to the AI consulting services market.

• Digital Strategy and Transformation: means creating a plan to use new technology and changing the way a business operates to become more modern, efficient, and adaptable in the digital age.
• Application Development: is the process of creating software or programs for computers, smartphones, or other devices to perform specific tasks or provide services.
• Analytics Consulting: involves experts helping businesses understand and use data to make better decisions and improve their operations.
• Cognitive Integration: refers to the process of incorporating artificial intelligence (AI) technologies that mimic human thought processes into various aspects of business operations or software systems.
• AI Customization: means tailoring artificial intelligence (AI) technology to fit specific needs or preferences, making it work better for a particular situation or user.

Global AI Consulting Services Market, by Technology:

The global AI consulting services market is segmented based on technology, including predictive analytics, big data analytics, BI implementation, computer vision, and others.

• Big Data Analytics: means making artificial intelligence (AI) technology fit perfectly for a particular task or user by adjusting its settings or features to meet specific needs.
• Predictive Analytics: uses data to predict what might happen in the future, helping businesses plan ahead and make better decisions.
• BI Implementation: involves setting up and using tools and systems to gather, analyze, and present data, helping businesses make better decisions based on insights gained from the data.
• Computer Vision: is a technology that enables computers to understand and interpret visual information from images or videos, similar to how humans see and comprehend the world around them.
• Others: Other types of technology include speech recognition, decision management, and virtual agents.

Global AI Consulting Services Market, by End User:

The global AI consulting services market by end user includes healthcare, retail, manufacturing, IT/telecom, BFSI, and others. The retail industry accounts for the largest market share as today's businesses track their activities to support corporate goals, produce better outcomes, and interact with customers online. The BFSI sector holds the second-largest market share as AI also allows banks to manage massive amounts of data at breakneck speed to gather important insights and acquire a deeper understanding of their customers and their behavior. The healthcare industry is anticipated to grow at a significant CAGR during the forecast period as the implementation of AI reduces health expenses and boosts data-driven support to medical practitioners.

This report on the global AI consulting services market provides comprehensive insights and analysis, addressing the following key questions:

1. What is the projected market size and growth rate of the market?
   
   The market is projected to grow from $11.3 billion in 2022 to $643.0 billion in 2028, at a compound annual growth rate (CAGR) of 34.2% during the forecast period.
   
   
2. What are the key factors driving the growth of the market?
   
   The key factors driving the growth of the AI consulting services market include increasing adoption of AI solutions across verticals and growing investment in AI technologies.
   
   
3. What segments are covered in the market?
   
   The AI consulting services market is segmented based on service type, technology type, end user and region.
   
   
4. By Service Type, which segment will dominate the market by the end of 2028?
   
   By Service type, digital strategy and transformation segment is anticipated to dominate the market by the end of 2028.
   
   
5. Which region has the highest market share in the market?
   
   North America holds the highest market share in the market in terms of region.
   
   
6. Who are the key companies/players in the market?
   
   Key companies in the market include IBM Corp., Google LLC, and Accenture.

Some of the Key Market Players Are:

• ACCENTURE PLC
• ADASTRA CORP.
• ADDO
• CENTRIC CONSULTING
• CHATBOTS.STUDIO
• IBM
• DELOITTE CONSULTING LLP
• ELUCIDATE
• GOOGLE LLC.
• KYNDRYL INC

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