Companies set to increase GenAI investments by 67%
NEW YORK, UNITED STATES — Major companies in North America are poised to increase investments in generative artificial intelligence (GenAI) technologies by 67% over the next year, according to a new report by the Infosys Knowledge Institute.
This accounts to nearly $6 billion towards advancements in GenAI.
The report came from a survey of over 1,000 respondents at companies across the U.S. and Canada. It highlighted the rapid growth in adoption of GenAI tools, which can generate new content, images, audio and more.
“Investment is flowing in fast, and our report establishes that these projects are generating value that is recognized at the C-suite,” said Satish H.C., executive VP and co-head of delivery at Infosys.
“By embedding responsible AI techniques and developing an AI-first operating model, business leaders can realize the full potential of this new technology.”
Large enterprises with over $10 billion in revenue are leading the charge, with 73% already using GenAI in their operations. Smaller companies have been slower to adopt, with less than 38% currently leveraging these technologies.
Heavily regulated sectors like financial services, healthcare and life sciences are at the forefront of adoption, though challenges remain around data privacy, security, usability and lack of skilled talent.
While generative AI is often associated with content creation, its applications are far broader. The report found that 42% of companies see improvements in user experience and personalization as the main benefit, while only 13% believe content creation is the primary impact.
