However, the difficulty of successfully implementing generative AI continues to hinder progress. Companies know that generative AI has the potential to transform their businesses and that failure to implement will leave them behind, but they face hurdles during implementation. That’s why two-thirds of business leaders are dissatisfied with their AI adoption progress. Additionally, in Q3 2023, 79% of companies said they planned to deploy generative AI projects in the next year, but in May 2024, fewer companies reported having use cases in production. It was only 5%.
Rowan Trollope, CEO of Redis, a maker of real-time data platforms and AI accelerators, said: “The cost and complexity of implementing these systems is not trivial.”
Estimates of the ultimate GDP impact of generative AI range from just under $1 trillion a year to a staggering $4.4 trillion a year, and its productivity impact is greater than that of the internet, robotic automation, and steam engines. is predicted to be comparable to However, while the promise of accelerated revenue growth and cost savings remains, the path to reaching these goals is complex and often costly. Companies need to find ways to efficiently build AI projects using well-understood components and deploy them at scale, Trollope said.
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