Exploring the Main AI Consulting Trends of 2024
Everyone is talking about AI technologies in 2024. AI is altering business at a fundamental level, making AI consulting services perfect for organizations that want to start exploring this intelligent innovation. The new patterns in AI consultations are happening daily, showing the differences between what AI can offer and how organizations can leverage it to overcome competition.
In perspective, the prospects of the AI consulting are quite liberal, and it has fairly unique prospects for evolution in different spheres of the business world including Fintech, Aviation, Real Estate, Logistics, Media, iGaming, and others. Whether it is the incorporation of AI to address the issues associated with the hurdles of the workflow process, the use of AI to enter other markets, or the enhancement of the working facilities of people across different sectors, AI consulting trends will remain consistent and gain popularity over time. To sum it up, for the business entities really interested in occupying the first position on the market, it is necessary to be aware of those AI consulting trends that are listed above.
Today, many specialists are dealing with artificial intelligence consulting, and our experienced Idealogic team of professionals with tens of successful cases will reveal the fundamentals of the subject to you. For a business leader aiming at improving the business processes with AI or a consultant eager to be on the same page with the modern technologies, our experience is very useful.
So, welcome to the world of predictions for the AI consulting in 2024, where the only thing that remains unchangeable is the change!
1. AI Consulting Trends: the Rise of AI Solutions
The tendency of AI consulting services is growing progressively in the whole world in 2024. Companies are realizing that AI is very useful when used in the way that addresses relevant issues.
Take healthcare, for example. It is now possible for AI to diagnose issues that a patient may have before they degenerate into critical conditions, so that it would be possible to save lives and expand access to healthcare services. The Statista report shows that the digital healthcare market is emerging.
AI applied in the financial world becomes the real game-changer. It leads to high rates of client satisfaction, increases the flow of the inner process, and helps the financial companies to plan the resources’ usage adequately. The global deposits in digital banks purchased by the customers tripped between 2017 and 2023 and were estimated to be 16 trillion U.S. dollars in 2023. According to Statista's Financial Market Insights, deposits’ value is expected to increase to a greater extent in the subsequent years. The customer deposits value by the end of the year 2028 is expected to reach 30 trillion U. S. dollars.
And let's not forget about Logistics and Supply Chains. Here, it is positioned as the smartest logistics coordinator ever, which considers consumers’ demand, appropriate stocks and delivery routes. Currently, organizations such as Amazon are at the forefront delivering package quicker and in the same process, minimizing the emission of carbon. In summary, the AI consulting services are not only about business improvement, but also about their sustainability and efficiency. AI consulting are not only about business improvement, but also about their sustainability and efficiency.
2. AI Consulting Trends: Ethical AI Consulting
Different trends in AI consulting are growing incredibly fast but, at the same time, society needs a better recognition of privacy and willingness to provide clarity of technology and avoid being opaque. Since there are various massive instances of AI bigotry and breach of privacy that have caused lots of difficulties, organizations all across the globe should realize the valuable ethical difficulties of AI technologies.
To begin with, the AI systems are trained on a range of data and if such data has prejudicial information or historical discriminations, such outcomes are bound to be magnified by the AI. This issue is more so seen in aspects such as employment, police services, and credit scoring where bigoted AI can bring prejudice to the surface in terms of race or gender among other factors.
Secondly, there are problems of privacy where AI technologies are invasive and capable of greatly harming people’s privacy. For instance, facial detection is capable of monitoring people against their will and big data predictive analysis is capable of revealing info. One ethical issue is to ensure AI does not violate the user’s privacy and complies with data protection legislation.
Furthermore, most AI systems especially the deep learning models are said to be ‘black boxes’ because their working is not explicable. This lack of explainability can be a nightmare in sensitive applications for clients, especially when decisions are being made for and/or with them like in certain medical diagnosis decisions or some criminal justice decisions.
Here, it is possible to observe that the ethical issue itself is an issue of AI technologies. For example, a study by Capgemini has shown that organisations using AI in an ethical manner shall be a beneficiary of it. In the same recent survey 62% of the customers that were surveyed said that they will trust a company more if they feel the Artificial Intelligence that interact with the companies is ethical, 61% of the customers said that they will willingly share their good experiences with others acquaintances, 59% of the customers said that they are faithful to the companies that have ethical AI interactions, 55% of the customers said that they will buy more products from companies having good score on social media.
By contrast, when consumers’ AI interactions result in ethical issues, it threatens both reputation and the bottom line is that in case an AI interaction produces ethical concerns, 41% stated that they would report the occurrence, 36% said they would request an explanation from the company, and 34% affirmed they would cease to engage in further interactions with the organization.
Besides this, government regulatory institutions are grabbing the situation and making attempts to set international standards for the creation and application of AI. For instance, the proposed regulation of Artificial Intelligence in the European Union to establish international guidelines in AI ethics.
Hence, intensive demand toward the AI consulting services, aimed at helping a company streamline the usage of these legal frameworks, is showing up in the marketplace.
3. AI Consulting Trends: Explainable AI (XAI)
Explainable AI, or XAI, is one of the newest AI consulting trends that is gaining much attention for one simple reason: as AI has more impact on critical decision-making in sectors such as healthcare, finance, logistics, and legal systems, there has been a considerable necessity for trust and understanding on how AI decision-making is done. In its essence, XAI aims at explaining the decision-making processes of Artificial Intelligence to its users / stakeholders.
The need for explainability of AI is partly due to the improvement in the level of sophistication of the AI models especially those based on deep learning that are virtually impossible to explain. For instance, a deep learning may effectively diagnosis a disease through medical images, however, if that model cannot effectively explain how it came to that conclusion, then doctors and patients won’t dare to rely on such model. These trust issues are far-reaching, affecting not only individual decisions but the extent of further AI technologies’ adoption in the sensitive sphere.
As mentioned earlier there is a rapid growth in the market of XAI. Another research done by MarketsandMarkets also estimated that the XAI market would increase annually. Thus, in 2023, the XAI market was estimated to be worth $6 billion. Furthermore, there is increasing focus on making the machine learning algorithms more interpretable right from their design like decision tree or linear regressions. Such models also give useful information about the type of their decision making.
Causal use cases of XAI are further AI consulting services presented in the financial industry which employs AI and learning technologies in credit scoring. It can be said traditional models can deny loan applications without explaining why they do so, thus depriving applicants of necessary information. XAI models, however, can give indication of which factors were used for the decision, such as income, its ratio to the debt, or credit history. These practices make it possible for customers to have an understanding of how the institutions work as well as assist institutions in minimizing bias and increasing efficiency of the models on methods that are transparent.
When it comes to the future of AI consulting trends, therefore, it is quite apparent that the role of XAI is only going to become even more significant. AI consultants are now expected also to guarantee that AI solutions are developed and introduced in such a manner that they can be easily explained for the society. This explainability trend is part of a general awareness of the need to gain trust in AI processes because this aspect is crucial for the further development and expansion of AI solutions for various business industries.
4. AI Consulting Trends: AI for Small Businesses and Startups
The audiences usually consists of small businesses or startups which have constraints such as lack of a large pool of capital and or large funding, in addition to the need to constantly adapt and innovate due to high competitive pressure. This is where the importance of the AI consulting service providers is underlined. They are needed to provide the necessary solution for the organizations in the most effective, efficient way, as well as scalable.
Looking at one of the most significant sectors in the economy that is retail sector, one would be able to see the change that AI has brought to small businesses. This paper reviewed different technologies where small retailers are employing artificial intelligence in customizing customers’ experience, market trends and stock control. For instance, an AI tool shows tendencies in social media and customers’ interactions to decide on which product are going to be more popular in the next season and what products should be ordered by the retailers.
Another example that we can get is in the case of customer service where startups are adopting the use of AI chat to deal with customers all day and night. Such usage of chatbots allows an organisation to dedicate more time to elaborate matters like having an efficiently equipped team without the need to constantly respond to different sorts of questions, more frequently seen in simple product inquiries and support issues.
5. AI Consulting Trends: AIaaS Platforms
Another factor that has boosted the demand of AI consulting services among the SMBs and startups is the trending of AI as a service (AIaaS). AI as a Service (AaaS) refers to a cloud service for AI-outsourced services. It enables people and firms explore different solutions for various purposes with little capital and entails risk. AI bots also assist in budgeting, the identification of fraudulent activities and cyber crimes, ways to enhance administrative procedures and creating a customized service.
These platforms can provide AI tools and features that are available as services, meaning clients do not have to procure significant IT installation in AI and staff. Some of the current leading AI services from companies such as Google Cloud AI, IBM Watson and Microsoft Azure AI include natural language processing, image recognition and more which are all based on the cloud. This model has reduced the threshold of applying AI to a business to an extent which even small sized businesses can embrace it in activities like assembling customers’ complains, market research, and organizing work plans.
Incorporating estimates, the global AI as a Service (AlaaS) market size was valued at $8 billion in the year 2022 while the Global AlaaS market is expected to grow at a fast pace. Global market size will reach $39 billion by 2032, as indicated in the report by Spherical Insights & Consulting. This growth shows that more and more industries and even many small businesses and startups are turning to AI services.
6. AI Consulting Trends: AI Security
Contemporary tendencies in the sphere of AI consulting are very significant at the present time. Consultants are always confident that the AI technologies applied in the business processes are safeguarded from the external and internal threats. Information security practices comprise those technological measures, for instance, strong encryption or effectual AI algorithms together with accredited organizational procedures which include constant surveillance and the processional practices towards the formation of ethical Artificial Intelligence systems.
In cybersecurity for instance, AI models can process large amounts of information within a short time and seem to distinguish between appropriate and abnormal activities that would suggest a cyber threat. This capability means that any time a threat is identified, the right counter measures are initiated, to the detriment of the cyber attackers. For instance, by inspecting the less significant indications in emails pointing towards ill-intentioned intents, security systems with AI have helped in identifying complex phishing attempts that more conventional security programs might overlook.
A trailblazer of AI application in cybersecurity is Darktrace which employs advanced artificial intelligence in order to threat and defend against cyberattacks in real-time. Its attributes are based on the immune system of the human body, where the system learns the ‘pattern of life’ of all users and devices on the network belonging to an organization and looks for anything that is anomalous or threatening. This approach adopting the use of Artificial intelligence has always been able to prevent a lot of attacks.
In terms of trends, one can assert that investing in AI in the field of cybersecurity is still growing statistically. Of the various segments examined by MarketsandMarkets, the report specifies the increase in the management of artificial intelligence in real-time threat detection in security operations as a factor influencing demands in the cybersecurity market. This growth shows the growing awareness of the capabilities of AI to strengthen defense processes as well as the necessity to protect AI from various attacks.
7. AI Consulting Trends: Autonomous Systems
The autonomous AI consulting trends are about creating systems that can operate independently, make decisions, and perform tasks without human intervention. They can help process information, make decisions, and execute actions in real-time. Autonomous systems are deployed in a variety of contexts, including transportation, logistics, healthcare, agriculture, etc., each with its own unique challenges and opportunities.
Self-driving cars are one of the most recognizable examples of autonomy in the transportation industry. Many companies such as Waymo and Tesla are working on this technology and are increasingly enhancing their AI algorithms to operate within the real world environment. Apart from supplying individual transport systems, autonomy is transforming the Logistics. For instance, the delivery drones in amazon’s Prime Air venture seek to deliver packages 30 minutes or less, flying the packages straight to the customer’s doorsteps.
Moreover, if you aim to improve your business considerably in the logistics domain, Idealogic proper software development company to turn to. For any issues related to supply chain, automation of your warehouse, management of your delivery route, even inventory tracking, our experienced team can help you with supply chain management, warehouse automation, route optimization, inventory tracking, and much more. Do not hesitate to contact us anytime, and let’s build the business of your dreams together with idealogic!
Autonomous drones and robots in agriculture: some of the applications include crop watching, planting and spraying, watering and picking crops. These systems can help to properly use the resources, increase productivity of the crop, and decrease the amount of work done by hand. For example, the start-up company Blue River Technology has developed a robot which uses AI to distinguish between crop and weeds, and only applies herbicide to areas of the field with weeds.
The healthcare industry is another field in which autonomous systems are making a rather large influence. Laparoscopic surgeries that are conducted through robotic systems that are directed by artificial intelligence experience faster rate of healing and minimal chances of developing a related issue. These systems can also implement remote surgery where the best surgeons can work on patients who are far away say in another country.
In conclusion, the market of self-contained systems is steadily growing. Another source stating the current and future status of the market is the Allied Market Research, report, which can serve as a benchmark to compare the actual growth with the previously projected one. According to the MarketsandMarkets, the size of smart packaging solutions market was valued at $1 billion and it is expected to reach $6 billion by 2025.
8. AI Consulting Trends: Sustainable AI
Recently, application of artificial intelligent systems has been prominent within the multiple domains, and their influences on the environment, including the energy intensity and the CO2 emissions have received significant attention. As a result, sustainable AI aims at practicing approaches that would ensure that the innovation created do not harm the environment, but equally offer the society enormous benefits.
Among the major ideas of sustainable AI consulting tendencies, one can name the direction called "Green AI." It implies the development of AI models that are efficient but also do not require much energy consumption. For instance, scientists also continue to create the means to implement new effective algorithms that can be trained and deployed with reduced computations, thus minimize the energy used by data centers that account for a large portion of the world’s energy consumption. Some of the big application, which have been implemented by Google's DeepMind with collaboration from the company’s data centers include the AI management systems whose cooling energy usage has been cut by a third, or 40%, showing that AI is capable of reaching sustainability on its own.
In addition to environmental aspects, sustainable AI consulting trends also refer to the economic and social aspects. This entails developing AI systems that will be useful in creating employment, integrating technology for various purposes and creating general skills needed in the economy that is being shaped by AI. For instance, the AI technologies are employed in efficient generation renewable energy and its distribution to the populace rendering the sources affordable and reliable.
In conclusion, it is possible to state that AI consultants influence sustainable AI consulting trends, as they help businesses introduce AI technologies taking into account the latter’s impact on the environment. They assist institutions in reviewing the effects that specific systems offer and use for organizations to address, and in the determination of the optimal utilization of the systems in an endeavor to minimize emissions. In addition, consultants need to help businesses enhance their sustainability by using AI in addressing issues in their operations and supply chains.
9. AI Consulting Trends: IoT and AIoT Integration
AI in synergy with the Internet of Things (IoT) shows one of the greatest views among the levels of AI consulting within the field. Now, let’s define the role of AI and IoT for different branches of business proving that they have great potential to revolutionize such spheres as urban planning, manufacturing with the help of multitude of data generated by IoT devices controlling business processes.
As a result, the integration of AI with IoT is termed as AIoT which can be defined as the combination of AI with the IoT. This integration helps in deploying the colossal data produced by IoT devices, using AI methods to analyze and manage it. This results in the creation of highly self-sufficient smart systems capable of learning, evolving and even self-governing.
The expansion path of the market for AIoT is uncertain, but it is quickly increasing. AIoT market is supposed to grow, in accordance to the report conducted by MarketsandMarkets. It will reach $2 billion by 2024 at the CAGR of 26%. This growth is explained by the availability of the new technologies such as AI and IoT and by the need for intelligent systems connected and able to operate with self-controlled environments.
Yes, AI consultants are valuable for the implementation of AI and IoT, as they guide the companies through the web of technologies and their uses. They are primarily involved in analyzing where AIoT needs to be applied and defining how data from such applications should be collected and processed and guarantee AIoT solutions’ security and compliance with goals.
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AI is already, or at least, will be soon a crucial part of the future of business, as well as of humanity in general.
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