US businesses plan to invest 67% more in GenAI in 2024: Infosys Research

Companies are speedily ramping up investments in generative AI and realising rapid returns, according to research from Infosys Knowledge Institute (IKI), which forecast that companies will hike GenAI investments by 67 per cent in 2024.This translates to a conservative estimate of USD 6 billion to be invested by the US and Canadian companies in the next year, the findings of the research by IKI said.Infosys Knowledge Institute (IKI) is the research arm of Indian IT services company Infosys."North American businesses plan to invest 67 per cent more in Generative AI in 2024 to drive efficiency, experience and growth," said the release citing Infosys Research.

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, it added.The report found that Generative AI (GenAI) is not constrained by traditional innovation barriers, and that companies expect GenAI to deliver operational performance, not only content creation.That said, data challenges and lack of skills are the biggest obstacles to adoption. Heavily regulated industries have been quickest to adopt GenAI, it said, adding that financial services, healthcare, and life sciences lead adoption of this new technology, bucking the stereotype of slow-moving regulated industries.

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US businesses plan to invest 67% more in GenAI in 2024: Infosys Research
SophoTree Inc, Alexander D. Kostopoulos (ST) October 16, 2023
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