Recent data suggest that the overall investment into generative AI by North American businesses will significantly increase next year as the technology becomes more integrated into the workforce.
According to a report published by the Infosys Knowledge Institute, the total investment by North American-based companies is projected to experience a 67% increase in the coming year. This equates to an estimated $6 billion investment by U.S. and Canadian companies in 2024.
Generative AI is emerging as a transformative force in the global economy, breaking through traditional innovation barriers and extending its impact beyond content creation. The tech has been ushering in new ways of improving overall productivity.
The research suggests that large enterprises are now adopting generative AI solutions at a faster pace, with 73% of firms that boast over $10 billion in revenue reporting having already implemented generative AI solutions. This is in stark contrast to smaller companies, where less than 38% have embraced the technology.
The workforce stands at the cusp of a major transformation, as generative AI promises to enhance user experience and personalization, with 42% of respondents expecting improvements in these areas. However, this rapid adoption of generative AI is not without its challenges. Data privacy, security, and usability are identified as primary concerns, with nearly 20% of respondents citing a lack of skills, knowledge, or resources as significant obstacles to adoption.
Interestingly, industries that traditionally have been more regulated, such as financial services, healthcare, and life sciences, are reported to be leading the charge in adopting generative AI. This also suggests a broader acceptance of generative AI across more industries. The report also reveals that more than 95% of senior executives back the technology.
The increasing investment into artificial intelligence will reshape the future of work and create a more agile and efficient workforce. However, the true responsibility will be on industry leaders and policy makers to help the workforce navigate the challenges that lie ahead — particularly as it relates to ensuring data security and upskilling for employees — to fully harness the benefits of generative AI.