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Industry Landscape
The AI and Data Consulting industry is experiencing rapid growth, driven by enterprises seeking to leverage AI for efficiency, innovation, and competitive advantage. Demand spans various sectors, with a strong focus on data readiness, custom AI application development, and specialized talent augmentation. Generative AI is a key emerging area, reshaping service offerings and client expectations.
Total Assets Under Management (AUM)
AI Market Size in United States
~Approximately $150 billion (2023 estimate)
(37.3% CAGR)
- Driven by increasing adoption across industries.
- Significant investment in GenAI and automation.
- Growing need for data infrastructure and expertise.
Total Addressable Market
Approximately $1.8 trillion
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI Specialization
Continued advancements in Large Language Models (LLMs) and other generative models will enable more sophisticated content creation, code generation, and automated decision-making processes.
AI Ethics and Governance Tools
New tools and frameworks will emerge to ensure fairness, transparency, and accountability in AI systems, addressing growing concerns about bias and responsible AI deployment.
Edge AI & Federated Learning
Processing AI models closer to the data source (edge) and collaborative model training without sharing raw data (federated learning) will enhance real-time capabilities, privacy, and efficiency.
Impactful Policy Frameworks
AI Bill of Rights (2022)
The White House Office of Science and Technology Policy released the 'Blueprint for an AI Bill of Rights' in October 2022, outlining five principles to guide the design, use, and deployment of automated systems.
This policy encourages businesses to develop and deploy AI systems that are safe, effective, and non-discriminatory, affecting development practices and requiring transparency.
NIST AI Risk Management Framework (AI RMF 1.0, 2023)
The National Institute of Standards and Technology (NIST) released its AI Risk Management Framework 1.0 in January 2023, providing voluntary guidance for managing risks associated with AI.
Companies like ThirdEye Data will need to incorporate risk management best practices into their AI development lifecycle, potentially increasing compliance efforts and operational costs.
American Data Privacy and Protection Act (ADPPA - Proposed 2022)
While not yet enacted, the American Data Privacy and Protection Act (ADPPA), proposed in 2022, aims to create a comprehensive federal privacy law establishing national standards for data privacy and security.
If passed, this act would standardize data handling, potentially simplifying compliance for businesses operating across states but requiring significant adjustments to data collection and processing practices.
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