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August 10, 2023
The U.S. is slightly below the global average, with 92% of companies planning to increase generative AI spending over the next 12 months, according to a study commissioned by search provider Lucidworks. The organization surveyed more than 6,000 employees responsible for AI technology decision-making.
All Chinese companies surveyed, and 98% of companies in India, plan to invest in the technology. Ninety-four percent of United Kingdom and 95% of French companies say they will.
Global business leaders are predominantly directing their investments in AI toward three key areas: improved customer experience, automation and efficiency, and overall business operations.
Lucidworks’ Mike Sinoway
Mike Sinoway, CEO, Lucidworks, said now is the time to understand the strategy and operational opportunities of generative AI.
“The fundamental shift that is occurring is rapid, global and highly impactful,” Sinoway said. “This study confirms the emergence of generative AI industry leaders and laggards, and those that move swiftly to orient their practices can move ahead quickly.”
Companies across industries that do not plan to increase investments in generative AI have quadrupled the number of concerns with the technology compared to those that do plan to invest, according to Lucidworks. The organizations that are hesitant to increase spending on AI are more cautious due to concerns around the security of company data, the accuracy of AI-generated outputs, transparency in understanding how AI-based decisions are made, job displacement and ensuring responsiveness in terms of timeliness and tone.
Despite the widespread enthusiasm to invest in generative AI, the average company has launched only 7.5 of the 80 identified best practices. The technology sector leads the way with an average of 10.7 best practices deployed.
However, professional services, government, hospitality and tourism sectors are lagging in their adoption of generative AI, each with fewer than six out of 80 best practices deployed.
The benchmark study also found that companies in the entertainment, technology and consumer products industries are frontrunners in plans to increase generative AI spending. Technology and entertainment/media companies are the most advanced practitioners of generative AI, with 21% lassified by Lucidworks as “AI Leaders,” double every other industry. This was followed closely by construction/real estate, financial services and transportation.
Roughly 96% of executives and managers involved in AI decision processes from technology or data science departments are actively prioritizing generative AI investments.
Claudia Adrien is a reporter for Channel Futures where she covers breaking news. Prior to Informa, she wrote about biosecurity and infectious disease for a national publication. She holds a degree in journalism from the University of Florida and resides in Tampa.
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