Accenture and IPSoft have launched a new practice called Accenture Amelia Practice (AAP), a new business unit aimed at helping clients adopt artificial intelligence in business.
Accenture claims that AAP will help organisations in improving their business outcomes and create new growth opportunities.
The company said that it will develop an array of go-to-market strategies, solutions and consulting service offerings for the deployment of virtual agent technology for clients across several industries.
In the initial stages, the business unit will cater to clients in banking, insurance and travel industries with its virtual agent technology.
Accenture chief technology officer, Paul Daugherty said: "Artificial intelligence is maturing rapidly and offers great potential to reshape the way that organisations conduct business and interact with their customers and employees.
"At the same time, executives are overwhelmed by the plethora of technologies and many products that are advertising AI or Cognitive capabilities.
"With our new Accenture Amelia practice, we are taking an important step forward in advancing the business potential of artificial intelligence by combining IPsoft’s world-class virtual agent platform with Accenture’s broad technology capabilities and industry experience to help clients transform their business and operations."
According to estimates by IDC, the market for artificial intelligence has been expanding rapidly, which could grow from $4.5bn in 2014 to $9.2bn by 2019.
Accenture, based on its Technology Vision 2016, found that more than 70% of corporate executives are now making significantly higher investments in artificial intelligence when compared to the past two years.
Out of those 70% of corporate executives investing in AI, 55% said that they have plans to use machine learning and embedded artificial intelligence in the coming future.
IPsoft president and CEO Chetan Dube said: "Accenture has embraced Amelia’s unique capabilities as a pillar of its technology suite for artificial intelligence, and we believe this will be transformative for clients in every industry.
"We are at a turning point in seeing CEOs take the decision to adopt true digital labor as their differentiation strategy.
"By equipping Amelia with Accenture’s deep industry knowledge, technology skills and ability to scale, we can together help enterprises realise the full potential of artificial intelligence technology as it reaches maturity."
