- The U.S. is slightly below the global average with 92% of companies planning to increase generative AI spending
- 96% of technology and data science departments plan to invest more in generative AI, leading all nine departments that were surveyed
- Companies cite the security of company data and transparency in understanding how AI-based decisions are made as top concerns of generative AI
SAN FRANCISCO, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Lucidworks, the leading search solutions provider, today published results from the largest, global generative AI benchmark study that surveyed over 6,000 employees involved in AI technology decision-making. Read the full study here for the complete analysis of results and the 80 identified generative AI Best Practices.
The study shows that 93% of companies plan to increase their investments in AI within the next twelve months. 100% of Chinese companies and 98% of Indian companies are preparing to increase their generative AI investments, edging out the 92% of U.S. companies and 94% of United Kingdom and 95% of French companies that plan to invest. Despite the widespread enthusiasm to invest in generative AI, the average company has launched only 7.5 of the 80 identified best practices. The technology sector leads the way with an average of 10.7 best practices employed.
Companies across industries that do not plan to increase investments in generative AI have quadruple the number of concerns with the technology compared to those who do plan to invest. The companies that are hesitant to increase spending on AI are more cautious due to concerns around the security of company data, the accuracy of AI-generated outputs, transparency in understanding how AI-based decisions are made, job displacement, and ensuring responsiveness in terms of timeliness and tone.
“Now is the time to understand the strategy and operational opportunities of generative AI,” Mike Sinoway, CEO, Lucidworks. “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.”
The benchmark study also includes the following findings:
- Companies in the entertainment, technology and consumer products industries are frontrunners in plans to increase generative AI spending, followed closely by construction / real estate, financial services, and transportation.
- Roughly 96% of executives and managers involved in AI decision processes from technology or data science departments are actively prioritizing generative AI investments.
- Technology and entertainment / media companies are the most advanced practitioners of generative AI, with 21% being classified by Lucidworks as "AI Leaders," double every other industry.
- The professional services, government, hospitality and tourism sectors are lagging in their adoption of generative AI, each with fewer than 6 out of 80 best practices deployed.
- Global business leaders are predominantly directing their investments in AI toward three key areas: improved customer experience, automation and efficiency, and overall business operations.
Lucidworks' global benchmark study offers valuable insights for businesses planning to invest in generative AI. Through a comprehensive assessment of Implemented, Planned, and Desired Best Practices, the study enables companies to construct a tailored generative AI roadmap according to their industry. Lucidworks has plotted industries based on four distinct phases of progression along the investment and deployment journey—Trailblazer, Leader, Challenger, Rookie—to help companies gauge their level of maturity in generative AI adoption, identify potential challenges and opportunities, and strategize their efforts accordingly.
Download the full benchmark study here and learn more about Lucidworks at Lucidworks.com.
About Lucidworks
Lucidworks believes that the core to a great digital experience starts with searching and browsing. Lucidworks captures user behavior and utilizes machine learning to connect people with the products, content, and information they need. The world’s largest brands, including Crate & Barrel, Lenovo, Red Hat, and Cisco Systems rely on Lucidworks’ suite of products to power commerce, customer service, and workplace applications that delight customers and empower employees. Lucidworks makes search a superpower. Learn more at Lucidworks.com.
Press Contact: Escalate PR Lucidworks@escalatepr.com
