The survey's key findings indicate that the primary strategic focus for adopting generative AI is boosting productivity. Furthermore, an impressive 76% of businesses aim to use the technology to generate new revenue streams, with 58% integrating revenue growth into their business strategies.

In terms of preparedness and business cases, surveyed companies plan to invest an average of $47.5 million in generative AI during this financial year. The majority of this funding is anticipated to come from IT and technology budgets, with additional contributions from marketing and R&D departments. The survey also underscores a commitment to workforce transformation: 54% of companies plan to upskill employees to address skills gaps, while 44% intend to reassign displaced workers to new roles.

Despite the enthusiasm for generative AI, businesses recognise the challenges of scaling the technology. Only 26% of companies have implemented cross-enterprise use cases, and there is widespread concern that delays in adoption could benefit competitors. Globally, 70% of companies believe they are not advancing quickly enough, and 82% fear that these delays could place them at a competitive disadvantage. The data also reveals a reliance on external expertise, with 43% of companies planning to collaborate with external consultants to devise a generative AI strategy.

Cognizant CEO Ravi Kumar S said, “With our prior study predicting that generative AI tools could inject nearly $1 trillion into the US economy and even more globally over ten years, it is not surprising that our latest survey identified gen AI as a core source of potential growth for most companies. Simultaneously we see a cautious approach in adopting this technology, as executives around the world are looking for experts to help them traverse the AI productivity-to-growth journey.”

The survey, conducted in June 2024, includes insights from 2,200 executives spanning 23 countries and 15 industries, offering a view of how leaders plan to integrate generative AI into their businesses with the goal of driving significant productivity gains and growth. The analysis introduces a "momentum score," derived from analysing factors that could either inhibit or accelerate business adoption of generative AI within each country, from the regulatory environment and local infrastructure to the cost of capital and talent availability. North America leads with a momentum score 15% above the global baseline and indicating a bullish outlook, while EMEA and APAC trail behind at -4% and -14 respectively, indicating a more cautious approach.

Cognizant's ""New Work, New World: Quantifying Global Gen AI Momentum" survey serves as a pivotal resource for understanding the current landscape and future potential of generative AI, providing valuable insights for businesses aiming to harness the power of this transformative technology for productivity and growth. The initial 2023 “New Work, New World” report predicted that generative AI could inject $1 trillion into the US economy over the next decade. The newly released survey is the first look at global geographies and the potential business impact of generative AI.