Putting some numbers to the AI opportunity
In contrast to the slow growth of the overall legal industry, the growth of AI for business partners will average over 59% per year over the next 5 years and more than double for each of the next 2 years. This is according to an excellent new study published this week from Canalys, a technology channel partners forecaster.
https://www.canalys.com/insights/generative-ai-opportunity-for-the-channel-ecosystem
I’ve read the research and articles from one of the study’s authors, Jay McBain, for many years and he’s been able to see around corners to identify opportunities. What is the advice you should take away from the article? TLDR: Move forward fast!
Get started: “First-movers in the AI services space will have a distinct advantage. With Gen AI innovation and adoption happening at unparalleled speeds, AI services across the customer journey will continue to grow rapidly.”
Build Expertise and Partnerships: Developing skilled AI teams and establishing strategic partnerships with Gen AI technology vendors are crucial for success. “Being a first mover in a vendor’s AI partner program is an enormous opportunity to grow and innovate with the biggest and best AI technology players in the world. First movers also reap the benefits of exclusive resources and support, and the ability to position themselves as thought leaders for years to come.”
Invest and Develop: Commit to ongoing development, certifications, and deep AI competencies because the winners will be those that adapt, innovate and evolve with this fast moving opportunity.
Especially valuable, the authors provide a roadmap to monetize the AI opportunity over the next 18 months. Their advice is to focus on either AI Services or AI Software Development.
Ai4 is an AI Services company. We focus on helping companies and law firms adopt, implement, use and optimize AI in the practice of law. Canalsys specifically mentions “industy-specific professional services firms” as likely winners in this emerging space.
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