Ai Spending Chart 2

The Leading Industries Planning Generative AI Investment [Charts]

Generative AI spending plans are pointing toward major investments coming from some industries more than others, according to a Lucidworks survey. The study found that 96% of key decision-makers in entertainment and media, consumer products, and technology are planning to invest in generative AI projects and tools like ChatGPT in the next twelve months. And while the healthcare and hospitality sectors were at the bottom, 88% and 86% of executives and managers in those sectors said they would invest in generative AI, respectively. Across all of the 14 sectors surveyed, 93% of decision-makers said they would invest in the technology.

Executives in the front-running verticals see strong potential for generative AI to transform content production, strengthen customer engagement, and enhance offerings. The technology’s ability to generate novel text, images, audio, and video at scale makes it appealing for creative tasks, personalization, and automating rote work. Meanwhile, the hospitality and food and beverage sectors seem to be more skeptical about near-term benefits and use cases.

The same study found a similarly high rate of planned investment based on country. All Chinese decision-makers surveyed said they plan to invest in generative AI, followed by India and Australia at 98% and 96%. The United States is a bit lower at 92%, but none of the countries surveyed had many executives not planning to invest in the technology.

“Now is the time to understand the strategy and operational opportunities of generative AI,” Lucidworks CEO Mike Sinoway said in a statement. “The fundamental shift that is occurring is rapid, global, and highly impactful. This study confirms the emergence of generative AI industry leaders and laggards, and those that move swiftly to orient their practices can move ahead quickly.”