The latest research has illuminated that three-quarters of business authorities deem generative AI as one of the top three emerging technologies that will gain prominence over the forthcoming 12-18 months.

The just-released study by KPMG hones in on the novel tendencies in the application of generative AI within commercial sectors, encapsulating both the potential advantages and risks perceived by executives that generative AI has engendered. This report emanates from a digital survey involving 300 international business executives spanning various industries, roles, company features, and markets. Its purpose is to delve into the perspectives and progression related to generative AI.

Principal points from the report

Generative AI is viewed as a top-tier emerging technology by three-quarters of business leaders, anticipated to garner importance in the subsequent 12-18 months.

A staggering 97% of participants foresee a considerable impact on their organization due to generative AI within the upcoming 12 to 18 months, with 80% harboring the conviction that this technology will upheave their entire industry.

A significant 77% of the survey takers express that regulatory uncertainties have a profound effect on their investments in generative AI. Despite this, 35% remain undeterred and are not willing to halt their adoption even in the face of such instability.

An impressive 93% of those surveyed posit that generative AI will enhance their business value, and 83% anticipate that their financial commitment to this technology will more than double in the year to come.

The IT/Tech, operations, and marketing and sales domains are expected to be the functional areas that will bear the brunt of the generative AI impact.

The dearth of adequately skilled workforce continues to be a primary obstacle in the implementation of generative AI from March to June 2023.

The number of businesses adopting risk management measures against the manipulation of public opinion via generative AI has seen an uptick. In March, 29% of business leaders ranked this as a high priority which increased to 56% by June.

Between March and June, there has been a decrease in worries related to the opportunities for professional growth and advancement (41% to 26%), and reduced creativity and innovation (30% to 16%).