Investment into generative AI hit US$25.2bn in 2023, almost eight times higher than in 2022.16 In addition, the number of AI patents being granted each year has grown significantly since 2010, rising from under 5,000 in 2010 to over 60,000 in 2022.17 The AI explosion is well and truly underway.

Research has found that 79% of business leaders have used generative AI in some capacity, with 22% using it on a regular basis.18 Combined with our research, which found that a quarter (25%) of global business leaders plan to invest in new technologies such as AI this year, it is clear that AI is already vital to the operations of many businesses across the globe. With 60% of jobs in advanced economies exposed to AI19, the technology is set to have a transformative impact on societies across the globe. 
    

Friend?
Businesses have realised tangible benefits as a result of AI, with estimates suggesting that generative AI, once fully adopted across industries, could boost the global economy by over US$4 trillion.20 The technology can automate time-consuming admin tasks such as data processing, along with more high-level tasks such as content drafting. While large language models such as ChatGPT are still in their infancy, many business leaders are already evaluating the immense possibilities this technology presents for innovation in their business. Notably, business leaders in our research view AI as a popular means to improve their firm’s resilience, with a quarter (25%) planning to invest in new technologies this year.

Foe?
However, businesses should not underestimate the potential threats posed by AI-powered platforms. For example, when using AI to draft content, businesses risk becoming embroiled in disputes around intellectual property and copyright. Failing to consider the risks associated with the rise of AI-powered platforms can place a business at risk of serious repercussions.

As AI and machine learning become mainstream and quickly render existing technologies out of date, the tech obsolescence risk heightens, as does the cost of maintaining legacy systems. Businesses may also have to navigate complex integrations of new technologies with their existing systems, which in turn can create cyber risk.