KPMG analyzed insights from over 1,300 CEOs and found that 72.00% plan to spend more on generative artificial intelligence (AI).
Paul Knopp, Chairman of KPMG US, stressed that the recent revolution in AI, spearheaded by OpenAI, is not hype. On the contrary, GenAI is a disruption that CEOs are paying close attention to.
The AI boom quickly took over corporate America after OpenAI released ChatGPT on November 30 last year. ChatGPT (Chat Generative Pre-trained Transformer), a large language model (LLM), can engage in human-like conversations based on predetermined parameters.
Amazon led the pack in riding the generative AI wave with its $4.00 billion investment in AI startup Anthropic. Meta was not far behind with unveiling Llama 2 and Meta AI chatbot to select advertisers.
Microsoft made its Azure OpenAI Service generally available in January 2023, touting access to the world’s most advanced AI models. To compete with Microsoft, Zoom launched its Collaborative Document Editing (CDE) feature, which enabled AI-generated summaries from Zoom meetings.
Goldman Sachs predicts funding for generative AI technology will accelerate to $200.00 billion globally by 2025. Furthermore, the world’s second-largest investment bank estimates AI-related financing to peak at 4.00% of the US’s gross domestic product (GDP).
Moreover, the survey revealed that 57.00% of tech companies plan to buy existing AI technology over developing their own. Additionally, 62.00% believe it will take three to five years to get their return on investment (ROI).
KPMG Highlights Challenges for Generative AI
According to KPMG, 81.00% of business leaders consider the lack of regulation the biggest hurdle to advancing generative AI. With standards rapidly evolving, companies need to scrutinize their adoption methods to avoid future conflicts with governments and regulatory bodies.
Therefore, CEOs must scrutinize each AI program to ensure that it has a clear roadmap for its end-to-end life cycle. Organizations need proper governance and adequate policies and controls to scale their AI systems without worries of regulatory intervention.
At the same time, 85.00% of KPMG survey participants consider generative AI a double-edged sword in cybersecurity. The technology can help detect cyberattacks while presenting a new attack avenue for cybercriminals.
