Enterprises Adopt Generative AI Solutions Amid Growing Demand: Latest Report

The rapid adoption of generative AI among enterprises has surged significantly in 2023, as revealed by a comprehensive report from Omdia. This analysis utilized data from its Enterprise AI Contracts Database, which tracks around 100 contracts each quarter, encompassing more than 1,700 records that highlight key AI use cases categorized by contract details, industry sectors, and geographical regions.

The findings indicated a remarkable increase in contracts specifically involving generative AI, escalating from a mere 7% in the first half of 2023 to an impressive 38% in the latter half of the year. Furthermore, the year-over-year comparison unveils a staggering rise in generative AI-related contracts—from just one in 2022 to 96, making up 23% of all contracts in 2023. This significant presence of generative AI within contracts underscores the genuine commitment of enterprises to harness this transformative technology.

According to the report, the landscape of generative AI is evolving rapidly, with vendors actively launching new generative AI products and enterprises exploring diverse use cases. Neil Dunay, Omdia’s principal forecaster, stated, "This approach may suggest some enterprises are taking a broad approach to explore where generative AI can provide the most value. Conversely, it may indicate a misallocation of investment resources if organizations fail to align generative AI use cases with their specific needs."

Omdia's insights further identified the sectors demonstrating the highest enthusiasm for generative AI adoption. The information technology sector led the charge, with over half of the contracts mentioning the technology. Other industries exhibiting strong interest included healthcare, financial services, business services, retail, and media and entertainment.

The predominant use case for generative AI has been virtual assistants, closely followed by intelligent process automation. Additional innovative applications discovered by Omdia across multiple contracts encompass sports video and statistics analytics designed to enhance fan engagement, automated report generation, and personalized marketing strategies.

As enterprises increasingly embrace generative AI, the potential for enhanced productivity, improved customer engagement, and innovative services continues to grow, positioning generative AI as a cornerstone in the digital transformation journey across various industries.