Our friends over at Infosys Knowledge Institute released its Generative AI Radar report providing insight into over 1,000 U.S. and Canadian businesses on the current state of generative (gen) AI implementation and early indications of its ability to deliver value.
The study shows that organizations are serious about gen AI as reflected in their investments; however, many face a difficult year ahead with numerous obstacles on the horizon: the next stage of the AI-hype cycle, data & privacy challenges, and ethical concerns. The study found that companies with more than $10 billion in revenue are more likely to adopt gen AI. Despite heavy regulation, adoption levels are highest among healthcare, life sciences, and financial service industries.
Key findings include:
- US and Canadian firms will invest $5.6 billion in generative AI projects in the next 12 months, up 67% from $3.3B.
- 73% of companies with over $10 billion in revenue have implemented generative AI solutions, compared to less than 38% of smaller companies.
- Only 13% of companies identify content creation and creativity as generative AI’s most impactful area.
- 88% of companies expect revenue to be positively impacted by generative AI.
- 26% of companies cite data privacy and security as their primary challenge, while 23% list data usability as their main challenge.
See the full report here
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