Unlocking artificial intelligence for strategic market development and business growth: innovations, opportunities, and future directions

Fahim Hossain (), G. M Selim Ahmed (), Shree Pritom Paul Shuvo (), Abeda Najmin Kona (), Mostarifa Umme Hani Raina () and Fisan Shikder ()

Edelweiss Applied Science and Technology, 2024, vol. 8, issue 6, 5825-5846

Abstract: This study explores the role of Artificial Intelligence (AI) in strategic market development and business growth. It aims to examine how AI innovations create new opportunities, enhance operational efficiencies, and drive competitive advantages for businesses across various sectors. This study relies significantly on previously published literature and secondary data sourced from esteemed academic databases, including Web of Science, SCOPUS, Google Scholar, and Research gate. Initially, we collected a dataset of 300 papers spanning the period from January 2020 to 2024. After a rigorous screening process, we narrowed it down to 65 papers to derive the desired insights and produce robust results. AI is revolutionizing market strategies by enabling personalized marketing, optimizing supply chains, and improving decision-making through predictive analytics. Companies are leveraging AI for automating customer service, enhancing product development, and discovering new business models. The study also highlights AI’s potential in facilitating global market expansion and localized product offerings. The findings suggest that AI is central to enhancing business efficiency, innovation, and customer satisfaction. However, ethical concerns such as data privacy, algorithmic bias, and regulatory challenges remain significant barriers to AI adoption. Companies must balance innovation with responsible AI use to ensure long-term success and sustainability. Businesses adopting AI technologies can gain a competitive edge by improving operational efficiency and creating more tailored customer experiences. However, they must invest in AI transparency, employee reskilling, and regulatory compliance to mitigate risks associated with AI deployment. Further research is needed to explore the ethical and societal impacts of AI, including its role in job displacement and its potential for environmental sustainability. The integration of AI with emerging technologies like blockchain and IoT also offers exciting opportunities for future growth. Organizations should invest in AI solutions aligned with business objectives, ensuring ethical practices and continuous innovation to maintain a competitive edge in the evolving market landscape.

Keywords: AI-driven decision making; Artificial intelligence; Business growth and acceleration; Customer personalization; Market development; Predictive analytics; Strategic innovation. (search for similar items in EconPapers)
Date: 2024
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