Spending trails North America but adoption, effectiveness, and growth are among the highest globally
Melbourne, Australia – January 27, 2024
Companies across Asia-Pacific (APAC) are quickly ramping up investments in generative AI (GenAI) and entering a higher stage of maturity, according to new research from the Infosys Knowledge Institute (IKI), the research arm of Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting. While APAC companies currently lag behind their North American counterparts in GenAI spending, the research forecasts a bigger increase than in any other region – 140% in the next year. This translates to an estimated US$3.4 billion to be invested across Australia, New Zealand, China, Japan, India, and Singapore.
Infosys’s Generative AI Radar APAC report includes insights from interviews with business leaders and AI practitioners and a survey of 1,000 respondents from Australia, New Zealand, China, Japan, India, and Singapore. The report also highlights the following insights.
ANZ GenAI spending growth is among the highest in the APAC region and globally
Australian companies are more likely to deliver business value from GenAI investments than European and North American counterparts
Biggest obstacles to APAC adoption are caution around responsible AI, concerns about impact on reputation, and employee readiness
APAC companies are more likely than other regions to see product development and content generation areas of greater impact
Andrew Groth, Executive Vice President, Asia Pacific, Infosys, said: “Generative AI is clearly a transformative technology. Although company leaders across APAC have been more cautious than companies in the rest of the world, they are set to outpace firms in other regions. Additionally, they are already delivering more value from their spending on generative AI. To continue to make the most of this technology and to become AI-first organisations, they should focus on talent development and making AI more accessible through a platform ecosystem.”
To read the full report, please visit here.
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