Highlights:

  • The generative AI study states that approximately 93% of companies intend to boost their investments in artificial intelligence over the upcoming year.
  • According to the study, companies have implemented an average of 7.5 out of the 80 recognized best practices.

Lucidworks Inc., a prominent big data application search provider, has recently released findings from a generative AI study. The study validates a sentiment many have perceived: approximately 93% of companies intend to boost their investments in artificial intelligence over the upcoming year.

Derived from a survey encompassing more than 6,000 employees engaged in AI technology decision-making, the results highlighted a geographical discrepancy in companies aiming to augment their AI expenditures. The study revealed that all Chinese companies and 98% of Indian companies are gearing up to amplify their investments in generative AI. In contrast, the corresponding figures were 92% in the U.S. and 94% in the U.K.

While companies were observed to adopt AI, many have a long way to harness its potential fully. According to the study, companies have implemented only 7.5 out of the 80 recognized best practices. The technology sector demonstrates a slightly higher adoption rate, with an average of 10.7 best practices employed.

The study revealed that companies not intending to boost investments in generative AI exhibited four times the number of concerns about the technology compared to those with plans to invest. The study uncovered that companies reluctant to enhance AI expenditure are primarily cautious due to apprehensions regarding several factors. These concerns include the security of company data, the precision of AI-generated outputs, and transparency in comprehending AI-driven decisions, potential job displacement, and the assurance of timely and appropriate responses.

The report further revealed that companies within the entertainment, technology, and consumer products sectors are leading the way in terms of intentions to escalate generative AI expenditures. Industries such as construction and real estate, financial services, and transportation are closely behind. The dominance of the entertainment sector on the list is unsurprising; especially in light of reports indicating that companies like the Walt Disney Co. are actively exploring cost-cutting measures by integrating AI technologies.

Entertainment and media firms, along with tech enterprises, were identified as the foremost adopters of generative AI, with 21% labeled as “AI Leaders,” twice the count observed in other industries as classified by Lucidworks. On the flip side, the adoption of generative AI was trailed in sectors such as professional services, government, hospitality, and tourism industry.

Prior to the study’s release, Lucidworks’ CEO Mike Sinoway stated, “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. 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.”