A new study by EY reveals growing corporate investment in generative AI (GenAI) technology, though concerns persist around ethics and potential job losses.
The survey of 1,405 companies found 43% are investing in GenAI, making it the third most adopted emerging technology after automation and AI. Of those investing, 80% are piloting GenAI applications while 20% have live pilots.
However, 38% favor gradual GenAI adoption, indicating unease around accountability issues. Over two-thirds pointed to knowledge gaps around concepts, use cases and risks. Half cited worries about job displacement.
To address such challenges, top priorities include improving data governance and accuracy. The most common applications are employee training and customer service tools.
“GenAI is redefining enterprise transformation possibilities,” said EY’s Tom Loozen. “But adoption faces strategic and practical hurdles, not least regarding data governance. Vendors that help mitigate risks around security, accountability and ethics will succeed.”
The study also found rising investment in 5G technology, up 6 percentage points to 79% year-over-year. While 82% of Americas companies are on board, European and Asian firms are catching up fast.
Yet cyber and data risks are still seen as the biggest 5G challenge. And 60% believe technology vendors fail to adequately articulate 5G and AI integration.
“Integrating emerging technologies is now a priority,” said Adrian Baschnonga of EY. “But vendors fall short of expectations and need to better showcase value.”
