THE RISE OF GENERATIVE ARTIFICIAL INTELLIGENCE: 70% OF THE WORLD'S BUSINESSES ARE ON BOARD!
A recent VentureBeat survey of global executives reveals that over half of companies worldwide (54.6%) are experimenting with generative AI, and 18.2% are already implementing it in their operations.
However, only a minority, around one-fifth, intend to invest more resources in implementing AI in the next year or two.
AI has been hailed as one of the most powerful technologies since the internet, and its potential impact on various industries is huge. Microsoft founder Bill Gates highlighted its transformational potential, comparing it to the advent of the microprocessor, personal computers, the internet and mobile phones.
Despite the promising prospects of AI, many organizations are approaching its deployment cautiously due to limited resources and insufficient support from management or stakeholders. The survey also highlights that 36.4% of organizations face challenges in implementing next-generation AI due to limited resources.
Survey participants revealed that the most common use case for generative AI is in natural language processing tasks such as chat and messaging (46%), followed by content creation (32%). However, a significant number (32%) reported using AI for other purposes or not at all. Respondents highly valued the versatility of AI and its potential to improve customer experience.
Companies seeking to implement AI tools face challenges due to limited budgets or lack of prioritization of budgets. AI technology providers also face the task of convincing potential customers to increase their spending or reallocate their budgets to adopt AI solutions.
The rapid development of AI is changing the landscape, making AI-based solutions more accessible even to organizations that have not previously considered them. New AI products and features continue to emerge that expand the capabilities and applications of generative AI.
The journey of generative AI is just beginning, with many companies still exploring ways to use AI to achieve their business goals. As the AI industry continues to evolve, future results will likely present a different picture, showing increasing adoption and exploration of AI technology.
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