Artificial Intelligence (AI) and its subset, Machine Learning, are revolutionizing industries across the board, from automotive to pharmaceuticals, retail to education, and manufacturing to energy and healthcare to telecom. According to MarketsandMarkets, the AI development market is projected to grow from $86.9 billion in 2022 to a staggering $407 billion by 2027.
In today’s fast-paced technological landscape, companies must innovate to thrive amidst fierce competition and constant product launches. To stay competitive and cost-effective, efficient prototyping, designing, and development are essential. AI and machine learning have emerged as game-changers in accelerating and improving the new product development processes, enabling businesses to seize market opportunities with unprecedented speed.
AI development has significantly enhanced the process of creating market-ready products to meet real-world challenges and opportunities. By leveraging artificial intelligence services, companies can simulate and accelerate the development process, resulting in superior product designs and enhanced performance standards.
AI can be broadly categorized into General AI (GAI) and Applied AI (AAI). While General AI includes Machine Intelligence, Applied AI covers machine learning and predictive analytics. AI is now being integrated into every aspect of product development, making it not just a choice but also a necessity.
The development of a commercially valuable product from an idea typically takes several years. During the early phases, companies create potential product opportunities and allocate resources for them. However, there is always a risk of resource allocation leading to potential future failures. The inability to foresee such outcomes can be costly in terms of time spent. Time plays a vital role in the development of a new product as it directly impacts a company’s profits and competitive advantage. Thus, the ability to roll out new products quickly is crucial. This is where AI in product development strikes the cord.
A good AI development company offers agile and forward-thinking companies a significant competitive advantage in product development. By lowering business costs, enabling automated QA and testing, and enhancing user experience and design, artificial intelligence consulting services help to reshape the product development cycle. Forward-thinking businesses are turning to advanced artificial intelligence services and solutions, focusing not only on algorithms but also on underlying data models that drive an efficient development process.
AI in product development is transforming the entire process, and the best way to ensure a product’s success is to invest in a robust strategy phase. This part defines product features and the value proposition that can solve customers’ pain points.
Futurism, as a leading artificial intelligence development company, empowers businesses to speed up their market entry, reduce time-to-market, improve their competitive position, and reduce manual labor and guesswork in their product development journey. Explore Futurism’s AI-powered Digital Product Engineering Services to take your next step with AI and drive innovation in your industry.
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