About Generative AI Radar Reports
2023 was the year generative AI burst into the mainstream – and now 2024 is set to be the year when organizations get to grips with this transformative technology.
We wanted to know how companies are using generative AI, how much they’re spending on it, how it’s being rolled out in organizations large and small, and where it’s making an impact and delivering business value. We also wanted to understand the real-world challenges that real companies are dealing with.
We looked at 3,000 companies across three regions – North America, Europe and Asia-Pacific – and we have found that many companies are already spending significant sums of money and are set to spend more as they come to grips with generative AI.
But the pattern isn’t the same across the world. North American companies are forging ahead with both spending and creating business value, while those in Europe, where GDPR sets the framework for any work with data, are more cautious about the impacts – and yet more confident about their readiness to respond to challenges of generative AI. In APAC, meanwhile, despite a slower start, firms are spending their money more effectively.
To find out more, explore the Infosys Generative AI Radars and related assets.
While companies in Europe and North America have forged ahead with generative AI, those in Asia-Pacific are spending their money more effectively, and their spending growth is among the highest in the world. APAC firms spent $1.4 billion in 2023, and that is set to grow by more than 140% to $3.4 billion in 2024, with China out in front and set to boost their spending by about 160% to $2.1 billion this year.
However, APAC companies are more cautious about generative AI than the rest of the world, perhaps because their slower start meant they could watch what firms elsewhere were doing.
To find out more, explore the Infosys Generative AI Radar: APAC, and related assets.
APAC businesses expected to nearly triple spending on generative AI to US$3.4bn in 2024: Infosys ResearchRead now
Generative AI is unlike other previous technologies: It is genuinely transformative, and companies in Europe are already spending money on it and planning further investment. However, they are going more cautiously than their counterparts in North America and are still at the experimenting stage, with attention being paid to issues of ethics and bias. This is because of the Europe-wide data protection legal framework, the GDPR. The flip side of this coin, however, is that European companies are confident about their ability to manage generative AI and the underlying data - and they are looking to boost their investment by 115% next year, to $2.8 billion. To find out more, explore the Infosys Generative AI radar: Europe edition.
North America Edition
Generative AI is unlike previous new technologies: It is genuinely transformative, and North American companies are already spending money on it. Our research has found that firms in the US and Canada are planning to invest $5.6 billion over the next 12 months - up 69% from the $3.3 billion they spent this past year. And they are already rolling out tools and solutions that generate business value, thanks to C-suite support and investment. To find out more, explore the Infosys Generative AI Radar: North America, and related assets.
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