APAC businesses to almost triple spending on GenAI in 2024 to US$3.4 billion: Infosys Research
New Delhi: Asia Pacific Businesses are increasing investments in generative AI (GenAI) and is projected to nearly triple spends This technology will contribute US$3.4 billion in 2024 in Australia, New Zealand, China, Japan, India and Singapore. Infosys Research, While spending lags North America, apacIt said that its acceptability, effectiveness and growth is the highest globally.
“Companies in Asia-Pacific are rapidly increasing investments in generative AI and are entering a higher stage of maturity,” Infosys Knowledge Institute (IKI), the IT major’s research arm, said in the research.
While APAC companies currently lag their North American counterparts in GenAI spending, the research projects a larger increase than any other region, at 140 percent.
“This means US$3.4 billion will be invested in Australia, New Zealand, China, Japan, India and Singapore,” it said.
Infosys’ Generative AI Radar APAC report includes insights from interviews with business leaders and AI practitioners and a survey of 1,000 respondents from Australia, New Zealand, China, Japan, India and Singapore.
Enterprises in APAC are investing heavily in GenAI. China leads the region, with investment expected to grow more than 160 percent to US$2.1 billion, with growth in Australia and New Zealand close behind.
The research findings showed, “Investment in ANZ (Australia and New Zealand) is expected to increase by more than 150 percent, from US$60 million to US$151 million in 2024.”
The biggest barriers to APAC adoption are caution about responsible AI, concerns about reputational impact, and employee readiness.
Responsible AI (data privacy, data usability, ethics and bias) is a concern for APAC countries, although ANZ is less concerned about data usability.
“APAC is more cautious about the business impact of GenAI than North America and Europe; about 10 percent expect a negative impact on reputation, compared to less than 5 percent for North America and Europe.”
“Companies in Asia-Pacific are rapidly increasing investments in generative AI and are entering a higher stage of maturity,” Infosys Knowledge Institute (IKI), the IT major’s research arm, said in the research.
While APAC companies currently lag their North American counterparts in GenAI spending, the research projects a larger increase than any other region, at 140 percent.
“This means US$3.4 billion will be invested in Australia, New Zealand, China, Japan, India and Singapore,” it said.
Infosys’ Generative AI Radar APAC report includes insights from interviews with business leaders and AI practitioners and a survey of 1,000 respondents from Australia, New Zealand, China, Japan, India and Singapore.
Enterprises in APAC are investing heavily in GenAI. China leads the region, with investment expected to grow more than 160 percent to US$2.1 billion, with growth in Australia and New Zealand close behind.
The research findings showed, “Investment in ANZ (Australia and New Zealand) is expected to increase by more than 150 percent, from US$60 million to US$151 million in 2024.”
The biggest barriers to APAC adoption are caution about responsible AI, concerns about reputational impact, and employee readiness.
Responsible AI (data privacy, data usability, ethics and bias) is a concern for APAC countries, although ANZ is less concerned about data usability.
“APAC is more cautious about the business impact of GenAI than North America and Europe; about 10 percent expect a negative impact on reputation, compared to less than 5 percent for North America and Europe.”
