- 77% of
global companies surveyed want to grow revenues through AI
- Survey
reveals that companies' average AI investment planned this year is
nearly $50M
- Enterprises
are cautious about scaling AI, with only 26% having implemented
cross-enterprise use cases
TEANECK,
N.J., July 30, 2024 /PRNewswire/
-- Cognizant (NASDAQ: CTSH) has released a companion analysis
to its comprehensive 2023 study with Oxford Economics, and the new
report - titled "New Work, New World: Quantifying Global Gen
AI Momentum" - outlines cautious
optimism is driving current market adoption of generative AI across
various industries and geographies.
Key findings from the survey reveal that the greatest strategic
priority for generative AI adoption is enhancing productivity.
Additionally, an impressive 76% of businesses are looking to
leverage the technology to create new revenue streams, while 58%
are incorporating revenue increases into their business cases.
In terms of readiness and business cases, the companies surveyed
indicated that they plan to invest an average of $47.5 million in generative AI this financial
year. Most funding is expected to come from IT and technology
budgets, with contributions also from marketing and R&D.
Furthermore, the survey highlights a commitment to workforce
transformation, with 54% of companies planning to upskill workers
to address skills gaps and 44% seeking to transition displaced
workers to new roles.
Despite the enthusiasm for adopting generative AI, businesses
also recognize the challenges of scaling the technology. Only 26%
of companies have implemented cross-enterprise use cases, and there
is widespread concern that delays in adoption could give
competitors an advantage. Globally, 70% of companies say they are
not moving fast enough while 82% suggest that same delay in
execution could place them at a competitive disadvantage. The data
also points to the need for outside expertise to help with AI
adoption, with 43% of companies indicating they plan to work with
external consultants to develop a plan for generative AI.
Cognizant CEO Ravi Kumar S said, "With our prior study
predicting that generative AI tools could inject nearly
$1 trillion into the U.S. economy and
even more globally over ten years, it is not surprising that our
latest survey identified gen AI as a core source of potential
growth for most companies. Simultaneously we see a cautious
approach in adopting this technology, as executives around the
world are looking for experts to help them traverse the AI
productivity-to-growth journey."
The survey, conducted in June
2024, includes insights from 2,200 executives spanning 23
countries and 15 industries, offering a view of how leaders plan to
integrate generative AI into their businesses with the goal of
driving significant productivity gains and growth. The analysis
introduces a "momentum score," derived from analyzing factors that
could either inhibit or accelerate business adoption of generative
AI within each country, from the regulatory environment and local
infrastructure to the cost of capital and talent availability.
North America leads with a
momentum score 15% above the global baseline and indicating a
bullish outlook, while EMEA and APAC trail behind at -4% and -14
respectively, indicating a more cautious approach.
Cognizant's ""New Work, New World: Quantifying Global Gen
AI Momentum" survey serves as a
pivotal resource for understanding the current landscape and future
potential of generative AI, providing valuable insights for
businesses aiming to harness the power of this transformative
technology for productivity and growth. The initial 2023 "New Work,
New World" report predicted that generative AI could inject
$1 trillion into the U.S. economy
over the next decade. The newly released survey is the first look
at global geographies and the potential business impact of
generative AI.
Methodology of the survey: Cognizant partnered with Oxford
Economics to design and conduct a survey of 2,200 C-suite and
senior executives, including individuals at the C-suite and VP
levels, from large corporations around the world. The focus was on
those who play a significant role in shaping, contributing to or
making final decisions on their organization's generative AI
strategy. The survey was conducted in June
2024 via computer-assisted telephone interviewing
(CATI).
Countries: Australia,
Belgium, Canada, Denmark, Finland, France, Germany, Iceland, India, Ireland, Japan, Luxembourg, New
Zealand, Norway,
Saudi Arabia, Singapore, Spain, Sweden, Switzerland, The
Netherlands, United Arab
Emirates, United Kingdom,
United States
Industries: Banking and Financial Services, CMT, Energy
and Utilities, Healthcare, Insurance, Life Sciences, Manufacturing,
Public Sector, Resources (Mining & Oil), Retail, Transport and
Logistics
About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help
our clients modernize technology, reimagine processes and transform
experiences so they can stay ahead in our fast-changing world.
Together, we're improving everyday life. See how at
www.cognizant.com or @cognizant.
For more information, contact:
U.S
Name Gabby
Gugliocciello
Email
gabrielle.gugliocciello@cognizant.com
|
|
Europe /
APAC
Name Christina
Schneider
Email
christina.schneider@cognizant.com
|
|
India
Name Rashmi
Vasisht
Email
rashmi.vasisht@cognizant.com
|
Forward-Looking Statements
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
the accuracy of which are necessarily subject to risks,
uncertainties and assumptions as to future events that may not
prove to be accurate. These statements include, but are not limited
to, express or implied forward-looking statements relating to the
adoption of generative artificial intelligence (including
priorities, focus and spending related thereto) and the effects of
generative artificial intelligence on the workforce, businesses and
economy. These statements are neither promises nor guarantees but
are the findings of the study discussed above and remain subject to
a variety of risks and uncertainties, many of which are beyond our
control, which could cause actual results to differ materially from
those contemplated in these forward-looking statements. Existing
and prospective investors are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date hereof. Factors that could cause outcomes to differ materially
from those expressed or implied include general economic
conditions, the impact of technological development and
competition, the competitive and rapidly changing nature of the
markets we compete in, the competitive marketplace for talent and
its impact on employee recruitment and retention, and the other
factors discussed in our most recent Annual Report on Form 10-K and
other filings with the Securities and Exchange Commission.
Cognizant undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise, except as may be required under
applicable securities law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cognizant--oxford-economics-companion-study-to-their-new-work-new-world-report-shows-cautious-optimism-among-enterprises-adopting-ai-302209300.html
SOURCE Cognizant