Companies rapidly scaling generative AI investments

Infosys research forecasts 67 per cent increase in GenAI investments, totalling $6 billion in US and Canada; enterprise leaders embrace pragmatic approach.

 

According to new research from the Infosys Knowledge Institute (IKI), the research arm of Infosys, companies are quickly ramping up investments in generative AI (GenAI) and realising rapid returns. The research forecasts that companies will increase GenAI investments by 67 per cent in the next year. This translates to a conservative estimate of $6 billion to be invested by US and Canadian companies in the next year. Enterprise leaders are taking a pragmatic view of GenAI, which may mitigate the reality check the broader GenAI market will likely face in the coming year.

According to the research, large enterprises are embracing GenAI at a faster pace, while C-suite executives are actively supporting GenAI investment. Moreover, the report emphasises that companies anticipate operational performance improvements from GenAI, rather than just content creation. However, challenges related to data privacy, security, and usability, as well as a shortage of skills, are identified as major obstacles to adoption.

Read more:

https://www.manufacturingtodayindia.com/sectors/companies-rapidly-scaling-generative-ai-investments

Companies rapidly scaling generative AI investments
SophoTree Inc, Alexander D. Kostopoulos October 28, 2023
Share this post
Archive
80% of companies forecasted to use GenAI by 2026