A recent study conducted by IBM revealed that 64% of CEOs are pushing for the adoption of GenAI at a faster pace than their employees can keep up with. The research, which surveyed 3,000 CEOs from over 30 countries and 26 industries, also found that 58% of CEOs are hiring for new GenAI roles that did not exist the previous year.
Rahul Kalia, the managing partner for IBM Consulting in the UK and Ireland, emphasized the importance of employee engagement and a culture of innovation for the success of GenAI adoption. He stated that the technology’s effectiveness relies more on these factors than on the technology itself.
The study also showed that 37% of CEOs are increasing their workforce due to GenAI, while 35% recognize the need for training and retraining of their employees in the coming years. Sachin Agrawal, the CEO of Zoho UK, highlighted the importance of AI safety and responsible data practices in the workplace. He stressed that employees play a crucial role in driving the success of AI implementation within organizations.
According to GlobalData, the AI market is expected to reach $909 billion by 2030, with a compound annual growth rate of 35% between 2022 and 2030. In the GenAI space specifically, revenue is projected to grow from $1.8 billion in 2022 to $33 billion in 2027, representing a CAGR of 80%.
In conclusion, the rapid adoption of GenAI by CEOs presents both opportunities and challenges for organizations. While the technology offers significant business benefits in various areas, it is essential for companies to prioritize employee training and skill development to ensure responsible AI practices. As the AI market continues to expand, it is crucial for CEOs to invest in their workforce to maximize the potential of GenAI while mitigating associated risks.
Article Source
https://finance.yahoo.com/news/two-thirds-ceos-implementing-genai-143612027.html
