European Firms Struggle to Generate Value from Generative AI, Yet Will Double Spending in 2024: Infosys Research

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_Ethics, Bias and Regulatory concerns slowing European adoption_

Europe is doubling down on generative AI (GenAI) investment but is on a more cautious path than North America, according to new research from the Infosys Knowledge Institute (IKI), the research arm of Infosys (NSE: INFY), (BSE: INFY), (NYSE: INFY). The research forecasts that European companies will increase GenAI investments by 115% in the next year, to $2.8 billion.

The pace of investment is slower than in North America where spend is expected to reach close to $6 billion. This more cautious spend is largely due to concerns around ethics and bias driven by the more regulated European market. However, European companies remain optimistic about generative AIs impact on their business and are much more confident in their ability to train and recruit talent, as well as manage and control generative AI systems.

For the GENERATIVE AI RADAR 2023 – EUROPE report, IKI surveyed 1,000 respondents from companies across 11 Western European countries (Belgium, Denmark, Finland, France, Germany, Iceland, Luxemburg, Netherlands, Norway, Sweden and United Kingdom). The research, which is also supported by interviews with business leaders and AI practitioners, highlights the following insights.

* FRANCE AND GERMANY LEAD SPENDING AND ADOPTION

* – France and Germany are expected to double spending on GenAI, to nearly $730 million in France and

For more information:
Dena Tahmasebi, Director of Communications EMEA, Infosys | Dena.tahmasebi@infosys.com
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