77% of world corporations surveyed wish to develop revenues via AI. Survey reveals that corporations’ common AI funding deliberate this 12 months is almost $50M
Cognizant (NASDAQ: CTSH) has launched a companion evaluation to its complete 2023 study with Oxford Economics, and the brand new report – titled “New Work, New World: Quantifying Global Gen AI Momentum” – outlines cautious optimism is driving present market adoption of generative AI throughout numerous industries and geographies.
Key findings from the survey reveal that the best strategic precedence for generative AI adoption is enhancing productiveness. Moreover, a powerful 76% of companies need to leverage the know-how to create new income streams, whereas 58% are incorporating income will increase into their enterprise instances.
When it comes to readiness and enterprise instances, the businesses surveyed indicated that they plan to take a position a median of $47.5 million in generative AI this monetary 12 months. Most funding is predicted to return from IT and know-how budgets, with contributions additionally from advertising and R&D. Moreover, the survey highlights a dedication to workforce transformation, with 54% of corporations planning to upskill employees to handle expertise gaps and 44% searching for to transition displaced employees to new roles.
Regardless of the keenness for adopting generative AI, companies additionally acknowledge the challenges of scaling the know-how. Solely 26% of corporations have applied cross-enterprise use instances, and there’s widespread concern that delays in adoption may give rivals a bonus. Globally, 70% of corporations say they aren’t transferring quick sufficient whereas 82% counsel that very same delay in execution may place them at a aggressive drawback. The information additionally factors to the necessity for out of doors experience to assist with AI adoption, with 43% of corporations indicating they plan to work with exterior consultants to develop a plan for generative AI.
Cognizant CEO Ravi Kumar S stated, “With our prior examine predicting that generative AI instruments may inject practically $1 trillion into the U.S. economic system and much more globally over ten years, it’s not shocking that our newest survey recognized gen AI as a core supply of potential development for many corporations. Concurrently we see a cautious strategy in adopting this know-how, as executives all over the world are searching for consultants to assist them traverse the AI productivity-to-growth journey.”
The survey, carried out in June 2024, contains insights from 2,200 executives spanning 23 nations and 15 industries, providing a view of how leaders plan to combine generative AI into their companies with the purpose of driving important productiveness features and development. The evaluation introduces a “momentum rating,” derived from analyzing components that would both inhibit or speed up enterprise adoption of generative AI inside every nation, from the regulatory surroundings and native infrastructure to the price of capital and expertise availability. North America leads with a momentum rating 15% above the worldwide baseline and indicating a bullish outlook, whereas EMEA and APAC path behind at -4% and -14 respectively, indicating a extra cautious strategy.
Cognizant’s “New Work, New World: Quantifying Global Gen AI Momentum” survey serves as a pivotal useful resource for understanding the present panorama and future potential of generative AI, offering helpful insights for companies aiming to harness the facility of this transformative know-how for productiveness and development. The preliminary 2023 “New Work, New World” report predicted that generative AI may inject $1 trillion into the U.S. economic system over the subsequent decade. The newly launched survey is the primary have a look at international geographies and the potential enterprise influence of generative AI.
Methodology of the survey: Cognizant partnered with Oxford Economics to design and conduct a survey of two,200 C-suite and senior executives, together with people on the C-suite and VP ranges, from massive firms all over the world. The main target was on those that play a major function in shaping, contributing to or making last choices on their group’s generative AI technique. The survey was carried out in June 2024 through computer-assisted phone interviewing (CATI).
International locations: Australia, Belgium, Canada, Denmark, Finland, France, Germany, Iceland, India, Eire, Japan, Luxembourg, New Zealand, Norway, Saudi Arabia, Singapore, Spain, Sweden, Switzerland, The Netherlands, United Arab Emirates, United Kingdom, United States
Industries: Banking and Monetary Companies, CMT, Vitality and Utilities, Healthcare, Insurance coverage, Life Sciences, Manufacturing, Public Sector, Assets (Mining & Oil), Retail, Transport and Logistics
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