Business Services Becoming More Reliant on Artificial Intelligence as AI Market Value Exceeds $130 Billion

Artificial Intelligence (AI) has become ubiquitous in the past several years. There is not a part of our businesses, cultures, governments and consumer markets. The continuous research and innovation directed by tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing, staffing and education. Technology has always been an essential element for these industries, but artificial intelligence has brought technology to the center of organizations.

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For instance, from self-driving vehicles to crucial life-saving medical gear, AI is being infused virtually into every apparatus and program. A report from Grand View Research projected that the global artificial intelligence market size was valued at USD 136.55 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030.  The report said: “Software solutions led the market and accounted for more than 36.7% of the global revenue in 2022. This high percentage can be attributed to prudent advances in information storage capacity, high computing power, and parallel processing capabilities to deliver high-end services. Furthermore, the ability to extract data, provide real-time insight, and aid decision-making, has positioned this segment to capture the most significant portion of the market. Artificial intelligence software solutions include libraries for designing and deploying artificial intelligence applications… The need for enterprises to understand and analyze visual content to gain meaningful insights is expected to spur the adoption of artificial intelligence software over the forecast period.   Active companies in the markets this week include ShiftPixy

Grand View Research continued: “Companies adopt AI services to reduce their overall operational costs, yielding more profit. Artificial Intelligence as a Service, or AIaaS, is being used by companies to obtain a competitive advantage over the cloud. Artificial intelligence services include installation, integration, maintenance, and support undertakings. The segment is projected to grow significantly over the forecast period. AI hardware includes chipsets such as GPU (Graphics Processing Unit), CPU, application-specific integrated circuits (ASIC), and field-programmable gate arrays (FPGAs). GPUs and CPUs currently dominate the artificial intelligence hardware market due to their high computing capabilities required for AI frameworks.  The growing deployment of cloud-based computing platforms and on-premises hardware equipment for the safe and secure restoration of large volumes of data has paved the way for the expansion of the analytics platform. Rising investments in research and development by leading players will also play a crucial role in increasing the uptake of artificial intelligence technologies.  Vendors in the market are focusing on increasing the customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies.”

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ShiftPixy (“ShiftPixy” or “the Company”), a Miami-based national staffing enterprise which designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced the successful beta implementation of its AI-powered recruitment system, leveraging ChatGPT’s open API, designed to address the growing gap in opportunity matching and recruitment efficiency.

For an overview of ShiftPixy’s AI recruiting engagement, please view this video.

Current statistics reveal a significant gap in the recruitment industry, with recruiters receiving an average of 250 resumes for each open position, but only 12% of applicants meeting job requirements. With over 27 million workers seeking opportunities in the US alone according to Harvard Business School, the need for a more efficient recruitment process is paramount.

ShiftPixy’s AI recruiting system tackles this challenge head-on by meeting workers where they are, capturing and aligning the best candidates for each opportunity, and actively guiding workers through the hiring process to start their gig. The platform’s sophisticated automation effectively streamlines capturing, qualifying, screening, and deployment in the recruitment process. By continuously tracking and analyzing activity and data, ShiftPixy’s AI-driven recruiting platform is constantly learning and adapting to improve its effectiveness, leading to a more dynamic and efficient recruitment process for both job seekers and employers.

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[To share your insights with us, please write to sghosh@martechseries.com]