TL;DR: The (asymptotically$^1$) AdS/CT correspondence is$^2$
$$\begin{align}
Z_{CT}[J] \quad\leftrightarrow&\quad Z_{AdS}[J],\cr
W^c_{CT}[J] \quad\leftrightarrow&\quad W^c_{AdS}[J],\cr
J(x) \quad\leftrightarrow&\quad
\lim_{\epsilon_{UV}\to 0}\frac{\Phi(x,\epsilon_{UV})}{\left(\frac{\epsilon_{UV}}{R}\right)^{\Delta_-}}, \cr
\langle {\cal O}(x)\rangle_J ~=~ -2\nu O(x)\quad\leftrightarrow&\quad
-2\nu\lim_{z\to 0}\frac{\langle\Phi(x,z) \rangle_J}{\left(\frac{z}{R}\right)^{\Delta_+}}
~=~ \frac{\delta W_{AdS}^c[J]}{\delta J(x)}, \cr
\langle {\cal O}(x_1)\ldots {\cal O}(x_n)\rangle_J^c \quad\leftrightarrow&\quad
(-2\nu)^n\lim_{z_1\to 0}\ldots\lim_{z_n\to 0}\frac{\langle\Phi(x_1,z_1) \ldots \Phi(x_n,z_n)\rangle_J^c}{\left(\frac{z_1}{R}\right)^{\Delta_+}\ldots \left(\frac{z_n}{R}\right)^{\Delta_+}}\cr
\|\qquad\qquad\qquad &\qquad\qquad\qquad \| \cr
-\hbar^{n-1} \frac{\delta^n W_{CT}^c[J]}{\delta J(x_1)\ldots\delta J(x_n)}
\quad\leftrightarrow&\quad
-\hbar^{n-1} \frac{\delta^n W_{AdS}^c[J]}{\delta J(x_1)\ldots\delta J(x_n)}
,\end{align}\tag{1}$$
cf. the Gubser-Klebanov-Polyakov-Witten (GKPW) dictionary.
The IR$^3$ volume divergence in AdS as $z\to 0$ corresponds in principle to a UV singularity in the conformal theory (CT), so both sides are renormalized.
When $g_s\to0$ and $\alpha^{\prime}\to 0$ the (rescaled effective) Plank constant $\hbar\to 0$ goes to zero, so that the semi-classical WKB expansion with an on-shell action applies to the string/gravity/$AdS$ side.
Now let us give more details.
I) The conformal theory (CT) has a $N\times N$ matrix-valued field $M(x)$. Let ${\cal O}(x)={\rm tr}f(M)$ denote a local single-trace operator with conformal dimension $\Delta_+$. The (Euclidean) CT partition function is
$$\begin{align} \exp\left[-\frac{1}{\hbar}W^c_{CT}[J]\right]~=~&Z_{CT}[J]\cr
~=~\int \!{\cal D}\frac{M}{\sqrt{\hbar}}~&\exp\left[-\frac{1}{\hbar}S_{CT}[M]
+\frac{1}{\hbar}\int\!d^dx~J(x){\cal O}(x) \right].\end{align}\tag{2}$$
II) On the (Euclidean) $AdS_{d+1}$ side, we will use Poincare coordinates $(x^{\mu},z)$
where the metric tensor components
$$\begin{align}
ds^2 ~=~& R^2\frac{dz^2 + dx_{\mu}dx^{\mu}}{z^2},\cr
g_{MN}~=~&\frac{R^2}{z^2}\delta_{MN},
\end{align}\tag{3}$$
do not depend explicitly on the $x^{\mu}$ coordinates. The conformal boundary corresponds to $z=0$ and $z=\infty$, cf. e.g. my Phys.SE answer here. Let us for simplicity only consider a single scalar field $(x,z)\mapsto\Phi(x,z)$, and that the (Euclidean) action does not depend explicitly on the $x^{\mu}$ coordinates. The (Euclidean) path integral is according to the Witten prescription
$$\begin{align}\exp\left[-\frac{1}{\hbar}W^c_{AdS}[J]\right]~=~& Z_{AdS}[J]~=~\langle {\rm finite} ,\infty \mid \left(\frac{\epsilon_{UV}}{R}\right)^{\Delta_-}J ,\epsilon_{UV} \rangle^{\rm ren}\cr~
\stackrel{\rm WKB}{\sim}~&\exp\left[-\frac{1}{\hbar}S_{\text{on-shell}}^{\rm ren}[{\rm finite} ,\infty ; \left(\frac{\epsilon_{UV}}{R}\right)^{\Delta_-}J ,\epsilon_{UV}]\right]\cr
&\quad{\rm for}\quad\hbar~\to~0,\end{align} \tag{4}$$
where the (renormalized) bra-ket is$^4$
$$\begin{align} \langle \phi_{IR} ,\epsilon_{IR} \mid \phi_{UV} ,\epsilon_{UV} \rangle^{\rm ren} ~:=~&
\int_{\Phi(\cdot,\epsilon_{UV})=\phi_{UV}}^{\Phi(\cdot,\epsilon_{IR})=\phi_{IR}}
\!{\cal D}\frac{\Phi}{\sqrt{\hbar}}~\exp\left[-\frac{1}{\hbar}S^{\rm ren}[\Phi;\epsilon_{UV},\epsilon_{IR}]\right]\cr
~\stackrel{\rm WKB}{\sim}~&\exp\left[-\frac{1}{\hbar}S_{\text{on-shell}}^{\rm ren}[\phi_{IR} ,\epsilon_{IR} ; \phi_{UV} ,\epsilon_{UV}]\right]\cr
&\quad{\rm for}\quad\hbar~\to~0,\cr
S^{\rm ren}[\Phi;\epsilon_{UV},\epsilon_{IR}]~=~&S[\Phi;\epsilon_{UV},\epsilon_{IR}]+S^{\rm ct}[\Phi(\cdot,\epsilon_{UV})],\cr
S[\Phi;\epsilon_{UV},\epsilon_{IR}]~=~&\int_{\epsilon_{UV}}^{\epsilon_{IR}}\!dz~ L[\Phi(\cdot,z)],\cr
0~<~&\epsilon_{UV} ~<~\epsilon_{IR}, \end{align}\tag{5}$$
and where the counterterm (ct) should be an $x$-local functional.
Let $(x,z)\mapsto\Phi_0(x,z)$ denote the solution to the (possibly non-linear) Euler-Lagrange (EL) equation with Dirichlet boundary conditions (DBC)
$$\begin{align} \Phi(x,\epsilon_{UV})~=~\phi_{UV}(x)\quad\text{and}&\quad\Phi(x,\epsilon_{IR})~=~\phi_{IR}(x)\cr \quad\text{where}&\quad 0~<~\epsilon_{UV} ~<~\epsilon_{IR}.\end{align}\tag{6}$$
Let $(x,z)\mapsto\Phi_{00}(x,z)$ denote the solution to the linearized EL equation, i.e. without interaction terms/coupling constants $g_i=0$ are zero.
By a possible field redefinition, we may assume that the linearized EL equation is homogeneous
$$\left( \frac{1}{\sqrt{|g|}}\partial_M \sqrt{|g|}g^{MN}\partial_N -m^2 \right)\Phi(x,z)~=~0.\tag{7}$$
We assume that the full solution $$\Phi_0(x,z)~=~\Phi_{00}(x,z)+g_i\underbrace{\Phi_{0i}(x,z)}_{={\cal O}(\Phi_{00})}+\ldots\tag{8}$$
is perturbative in the coupling constants $g_i$ and a solution $\Phi_{00}(x,z)$ to the linearized problem (7).
If a boundary profile $\phi$ is infinitesimal$^2$, then interaction terms with higher-order powers of $\Phi$ are suppressed, so that we expect that
$$ \Phi_0(x,z)~\approx~\Phi_{00}(x,z)
\quad\text{for}\quad
z~\approx~\epsilon,\tag{9}$$
i.e. that the full solution $\Phi_0(x,z)$ is given by the linearized solution $\Phi_{00}(x,z)$ near the boundary.
Since there are $x^{\mu}$-derivatives but no explicit $x^{\mu}$ coordinate dependence, it is convenient to partially Fourier transform $x^{\mu}\leftrightarrow k_{\mu}$. Then the linearized EL equation becomes a 2nd-order ODE in the $z$-coordinate,
$$\left( z^{1+d}\partial_z z^{1-d}\partial_z -z^2k^2 -m^2R^2\right)\widetilde{\Phi}(k,z)~=~0,\tag{10}$$
with 2 linearly independent solutions
$$\begin{align} \widetilde{\Phi}_{00}(k,z)~=~&\widetilde{J}(k)\widetilde{\Phi}_-(k,z)+\widetilde{O}(k)\widetilde{\Phi}_+(k,z),\cr
\widetilde{\Phi}_{00}(k,z)~=~&\widetilde{\phi}_{UV}(k)\frac{\widetilde{\Phi}_-(k,z)\widetilde{\Phi}_+(k,\epsilon_{IR})-\widetilde{\Phi}_+(k,z)\widetilde{\Phi}_-(k,\epsilon_{IR})}{\widetilde{\Phi}_-(k,\epsilon_{UV})\widetilde{\Phi}_+(k,\epsilon_{IR})-\widetilde{\Phi}_+(k,\epsilon_{UV})\widetilde{\Phi}_-(k,\epsilon_{IR})}\cr
~+~&\widetilde{\phi}_{IR}(k)\frac{\widetilde{\Phi}_-(k,\epsilon_{UV})\widetilde{\Phi}_+(k,z)-\widetilde{\Phi}_+(k,\epsilon_{UV})\widetilde{\Phi}_-(k,z)}{\widetilde{\Phi}_-(k,\epsilon_{UV})\widetilde{\Phi}_+(k,\epsilon_{IR})-\widetilde{\Phi}_+(k,\epsilon_{UV})\widetilde{\Phi}_-(k,\epsilon_{IR})},\cr
\Phi_-(x,z)~\sim~&\left(\frac{z}{R}\right)^{\Delta_-}\quad\text{for}\quad z~\ll ~R, \cr
\Phi_+(x,z)~\sim~&\left(\frac{z}{R}\right)^{\Delta_+}\quad\text{for}\quad z~\ll ~R.\cr
\Delta_{\pm} ~=~& \frac{d}{2}\pm\nu, \cr
\nu~:=~& \sqrt{\frac{d^2}{4}+(Rm)^2}~\geq~0,\cr
\Delta_-~<~&\frac{d}{2}~<~\Delta_+.
\end{align} \tag{11}$$
Here
$$ \begin{matrix} \text{irrelevant}\cr \text{marginal}\cr \text{relevant}\end{matrix}\quad
\Delta_+\begin{Bmatrix} >\cr =\cr <\end{Bmatrix}d
\quad\Leftrightarrow\quad
m^2\begin{Bmatrix} >\cr =\cr <\end{Bmatrix}0. \tag{12}$$
Note that
$$ |\Phi_-(x,z)| ~\gg~|\Phi_+(x,z)| \quad\text{for}\quad z~\ll ~R. \tag{13}$$
In other words, there is a bijective map $J\leftrightarrow \Phi_0$ between infinitesimal sources $J(x)$ and infinitesimal solutions $\Phi_0(x,z)$ near the boundary $z\ll R$.
III) For $\epsilon_{UV}\ll\epsilon_{IR}\ll R$, and an infinitesimal source, then interaction terms with higher-order powers of $\Phi$ are suppressed, so that we can replace the action $S$ with the free quadratic action
$$\begin{align} S_2[\Phi;\epsilon_{UV},\epsilon_{IR}]~=~&\int_{\epsilon_{UV}}^{\epsilon_{IR}}\!dz~ L_2[\Phi(\cdot,z)],\cr
2L_2[\Phi(\cdot,z)]
~=~&\int d^dx\sqrt{|g|}\left(\partial_M\Phi(x,z)g^{MN}\partial_N\Phi(x,z) +m^2\Phi(x,z)^2 \right) \cr
~=~&\left(\frac{R}{z}\right)^{d-1}\int\! d^dx \cr
&\{ (\partial_z\Phi(x,z))^2 +\partial_{\mu}\Phi(x,z)\partial^{\mu}\Phi(x,z)\cr
&+\left(\frac{Rm}{z}\right)^2\Phi(x,z)^2 \} \cr
~=~&\left(\frac{R}{z}\right)^{d-1}\int \frac{d^dk}{(2\pi)^d}\cr
&\{\partial_z\widetilde{\Phi}(k,z)\partial_z\widetilde{\Phi}(-k,z) \cr
&+\left(k^2+\frac{R^2m^2}{z^2}\right)\widetilde{\Phi}(k,z)\widetilde{\Phi}(-k,z)\},\cr
2S_{2,\text{on-shell}}&[\phi_{IR} ,\epsilon_{IR} ; \phi_{UV} ,\epsilon_{UV}]\cr
~=~&2S_2[\Phi_{00};\epsilon_{UV},\epsilon_{IR}]\cr
~\stackrel{\text{IPB}}{=}~&\int\!d^dx\int_{\epsilon_{UV}}^{\epsilon_{IR}}\!dz~ \partial_z\left[\Phi_{00}(x,z)\left(\frac{R}{z}\right)^{d-1}\partial_z\Phi_{00}(x,z)\right],\cr
~=~&\int\frac{d^dk}{(2\pi)^d}\int_{\epsilon_{UV}}^{\epsilon_{IR}}\!dz~ \partial_z\left[\widetilde{\Phi}_{00}(-k,z)\left(\frac{R}{z}\right)^{d-1}\partial_z\widetilde{\Phi}_{00}(k,z)\right],\cr
~\approx~&\int\frac{d^dk}{(2\pi)^d}\widetilde{\phi}_{UV}(-k)\left(\frac{R}{z}\right)^{d-1}\cr
&\left(\widetilde{\phi}_{UV}(k)\frac{\partial_z\widetilde{\Phi}_-(k,z)\widetilde{\Phi}_+(k,\epsilon_{IR})-\partial_z\widetilde{\Phi}_+(k,z)\widetilde{\Phi}_-(k,\epsilon_{IR})}{\widetilde{\Phi}_-(k,\epsilon_{UV})\widetilde{\Phi}_+(k,\epsilon_{IR})}\right. \cr
~+~&\left.\widetilde{\phi}_{IR}(k)\frac{\widetilde{\Phi}_-(k,\epsilon_{UV})\partial_z\widetilde{\Phi}_+(k,z)-\widetilde{\Phi}_+(k,\epsilon_{UV})\partial_z\widetilde{\Phi}_-(k,z)}{\widetilde{\Phi}_-(k,\epsilon_{UV})\widetilde{\Phi}_+(k,\epsilon_{IR})}\right)_{z=\epsilon_{UV}},\cr
~-~&\int\frac{d^dk}{(2\pi)^d}\widetilde{\phi}_{IR}(-k)\left(\frac{R}{z}\right)^{d-1}\cr
&\left(\widetilde{\phi}_{UV}(k)\frac{\partial_z\widetilde{\Phi}_-(k,z)\widetilde{\Phi}_+(k,\epsilon_{IR})-\partial_z\widetilde{\Phi}_+(k,z)\widetilde{\Phi}_-(k,\epsilon_{IR})}{\widetilde{\Phi}_-(k,\epsilon_{UV})\widetilde{\Phi}_+(k,\epsilon_{IR})}\right. \cr
~+~&\left.\widetilde{\phi}_{IR}(k)\frac{\widetilde{\Phi}_-(k,\epsilon_{UV})\partial_z\widetilde{\Phi}_+(k,z)-\widetilde{\Phi}_+(k,\epsilon_{UV})\partial_z\widetilde{\Phi}_-(k,z)}{\widetilde{\Phi}_-(k,\epsilon_{UV})\widetilde{\Phi}_+(k,\epsilon_{IR})}\right)_{z=\epsilon_{IR}}\cr
~\approx~&4\nu\int\frac{d^dk}{(2\pi)^d}\underbrace{\frac{\widetilde{\phi}_{UV}(k)}{\left(\frac{\epsilon_{UV}}{R}\right)^{\Delta_-}}}_{=\widetilde{J}(k)}
\underbrace{\frac{\widetilde{\phi}_{IR}(-k)}{\left(\frac{\epsilon_{IR}}{R}\right)^{\Delta_+}}}_{=\widetilde{O}(-k)} +{\cal O}(\phi_{UV}^2) +{\cal O}(\phi_{IR}^2),\cr
2S^{\rm ct}[\phi_{UV}]~=~&\left.\left(\frac{R}{z}\right)^{d-1}\int \frac{d^dk}{(2\pi)^d} \frac{\partial_z\widetilde{\Phi}_-(k,z)}{\widetilde{\Phi}_-(k,z)} \widetilde{\phi}_{UV}(k)\widetilde{\phi}_{UV}(-k) \right|_{z=\epsilon_{UV}},
\end{align}\tag{14}$$
References:
E. Witten, Anti De Sitter Space And Holography, arXiv:hep-th/9802150; p.23.
J. Kaplan, 2013 Lectures on AdS/CFT from the Bottom Up; section 12.1. (NB: Some eqs. in the PDF file are corrupted by some left parentheses.)
A. Zaffaroni, 2009 LACES lectures on AdS/CFT; sections 2.2 + 2.3.
A.V. Ramallo, Intro to the AdS/CFT correspondence, arXiv:1310.4319; chap. 8 + 9.
H. Liu, String Theory and Holographic Duality; MIT 2014 lectures 20 + 21.
D. Harlow & D. Stanford, Operator Dictionaries and Wave Functions in AdS/CFT and dS/CFT, arXiv:1104.2621; chapter 2.
--
$^1$ Let us for simplicity consider $AdS$ rather than asymptotically $AdS$. The conformal symmetry is broken away from fixed-points of the RG flow. Ref. 2 defines a conformal field theory (CFT) as a conformal theory (CT) with local SEM tensor.
$^2$ Sources $J$ are always assumed to be infinitesimal, i.e. much smaller than any characteristic scale of the problem.
$^3$ NB: Be aware that the words UV and IR will from now on align with the CT side (as opposed to the $AdS$ side), so that e.g. $z\to 0$ is from now on referred to as the UV.
$^4$A Wilsonian RG flow can be implemented via a (semi)group property
$$\langle \phi_3 ,\epsilon_3 | \phi_1 ,\epsilon_1 \rangle^{\rm ren} ~=~\int \! {\cal D}\frac{\phi_2}{\sqrt{\hbar}} \langle \phi_3 ,\epsilon_3 | \phi_2 ,\epsilon_2 \rangle\langle \phi_2 ,\epsilon_2 | \phi_1 ,\epsilon_1 \rangle^{\rm ren}, \tag{15}$$
where the (unrenormalized) bra-ket is
$$\begin{align} \langle \phi_2 ,\epsilon_2 \mid \phi_1 ,\epsilon_1 \rangle ~:=~&\int_{\Phi(\cdot,\epsilon_1)=\phi_1}^{\Phi(\cdot,\epsilon_2)=\phi_2}
\!{\cal D}\frac{\Phi}{\sqrt{\hbar}}~\exp\left[-\frac{1}{\hbar}\int_{\epsilon_1}^{\epsilon_2}\!dz~ L[\Phi(\cdot,z)]\right] ,\cr 0~<~&\epsilon_1 ~<~\epsilon_2. \end{align}\tag{16}$$