Generative AI Use Cases Surpass Expectations and Offer Early Monetization Potential, According to Survey
According to a recent survey conducted by Wedbush and GBK Collective, the use cases for generative AI are exceeding expectations and providing opportunities for early monetization. The results of the survey, which involved 672 companies, reveal that businesses are planning to implement generative AI as early as 2024. This technology, along with cybersecurity, is ranked among the highest priorities in IT budgets. In fact, generative AI is expected to account for 8-10% of IT budgets this year, a significant increase from less than 1% in 2023.
The survey also highlights the range of use cases for generative AI that companies are anticipating. More than 50% of the surveyed companies identified over 20 use cases for generative AI, while over 80% recognized 10 or more use cases to improve various aspects of their operations. These use cases include data analysis, marketing content creation, and document editing/summarization. The potential to create a more cost-effective capital structure is becoming increasingly clear as businesses explore the benefits of generative AI.
The CFOs of various companies have also shared their predictions regarding the impact of AI on their respective industries. They believe that AI will make processes more efficient and provide new opportunities for strategic thinking. Moreover, some experts believe that the workforce of the future will be characterized by creativity, as AI will enable individuals to work with the technology using language and creative thinking.
In terms of market competition, Microsoft is currently perceived as leading the AI arms race among big tech companies, according to discussions with companies conducted by Wedbush. However, Google is not far behind and is viewed by some CIOs as a major player in the generative AI space in the future. Wedbush expects that other technology companies, including Amazon, Meta, Nvidia, Apple, and smaller players in the industry, will collectively invest billions of dollars in the AI arms race in the coming years.
In conclusion, generative AI is proving to be a transformative technology with a wide range of use cases across industries. The early monetization potential has exceeded expectations, which is driving increased investment in this field. As businesses recognize the numerous benefits of generative AI, they are allocating a significant portion of their IT budgets to its implementation. The future workforce is also expected to evolve, with creativity playing a key role alongside AI technology. Additionally, market competition among tech giants is intensifying as companies race to establish dominance in the generative AI space.
