Key stat: In 2027, enterprise spending on generative AI solutions worldwide will reach $151.1 billion, growing nearly eightfold from its total in 2023, according to the International Data Corporation.
Beyond the chart:
Almost three-quarters of CEOs agree that generative AI is a “top investing priority,” per a KPMG survey as reported by CNBC.
The same survey found that more than half of CEOs spent more money on new technology than on training current employees.
Although generative AI holds the potential for businesses to increase efficiency and improve the customer journey, 71% of US enterprise executives believe companies should establish ethical standards and regulations for AI and machine learning use, according to a March 2023 Deloitte survey.