AI consulting firms are ever-growing because AI is one of the most rapidly growing industries in the world. In the past few years, we have seen a surge in the number of AI startups. And it’s not just in the United States; AI startups are popping up all over the world.
In this blog we will discuss the growth of AI consulting firms, the reasons for their demand in USA, common areas/ sectors using AI, and why Xaigi can be a preferred choice for USA-based AI consulting firms.
Growth of AI consulting firms
There are a number of statistics that can be used to measure the growth rate of AI consulting firms. One such statistic is the number of new AI consulting firms that have been created in recent years. Another useful statistic is the revenue growth rate of AI consulting firms. Finally, the number of employees at AI consulting firms can also be used as a measure of growth.
AI consulting is a relatively new industry, and as such, there is no definitive data on the size or growth of the industry. However, according to a report by McKinsey & Company, the global AI services market is expected to grow from $8 billion in 2018 to $47 billion by 2025, at a compound annual growth rate (CAGR) of 40 percent1. This rapid growth is being driven by strong demand from both enterprises and startups for AI services.
Reasons for the demand for Indian AI consulting firms
There are various reasons for this.
- Affordable skilled labour cost– India has a large population of educated skilled English speakers, which makes it an attractive destination for outsourcing AI projects. This means that AI companies in the USA can be outsourcing their work to Indian AI consulting firms at a lower budget than that in the USA. The intellectual capability of the workforce is quite high, In India, there is a large pool of talented engineers and scientists who have expertise in artificial intelligence and machine learning. This means that US companies can get access to some of the best talents in the world by partnering with Indian AI consulting firms.
- Data to train AI models-Another reason is that India has a wealth of data that can be used to train AI models. With more and more Indians coming online every day, there is an ever-growing pool of data that can be used to teach algorithms
- Project Management acumen of Indians– Indian AI firms have a strong track record in delivering results. They have a proven track record in AI research and development. Due to this, they have the capability to offer a comprehensive suite of services. Indian AI consulting firms have a good reputation for being able to deliver high-quality results. This is due in part to the fact that many of these firms are staffed by experienced professionals who have a deep understanding of artificial intelligence and its applications.
- Business culture in India– US companies are also choosing Indian AI consulting firms because of their cultural fit. India has a rich culture of innovation and creativity. This makes it easier for US companies to partner with Indian AI consulting firms and collaborate on projects. In fact, the culture in India is more conducive to innovation and risk-taking than in the USA. This makes it easier for start-ups to experiment with new ideas and technologies. Owing to this, many Indian AI firms have proven themselves to be world-class providers of AI services. They have worked with some of the biggest names in the tech industry and have helped them achieve their goals.
- Initiatives by the Government of India– the Indian government is very supportive of the AI industry. It has set up a number of initiatives to promote growth, such as the National Mission on Artificial Intelligence.
- Strong Indian infrastructure-. India has a well-developed telecommunications and transportation infrastructure, which makes it easy for companies to do business there. Additionally, India has a large number of data centres, which is critical for companies that rely heavily on data storage and processing.
Why Xaigi can be a preferred choice for USA-based AI start-ups?
Xaigi.tech is the leading AI consulting firm. We have a team of experienced consultants who have helped hundreds of start-ups grow and scale their businesses. We understand the unique challenges that start-ups face and we know how to help them overcome those challenges.
We offer a wide range of services, including business strategy, marketing, sales, product development, data science, and more. We also offer a free consultation to all start-up founders so that they can learn more about our services and how we can help them grow their businesses.
If you’re looking for an AI consulting firm that can help you take your startup to the next level, contact us today.