A recent study has revealed that the use of generative AI has increased by 20% between 2023 and 2024.
The study sponsored by Microsoft and published on 12 November AI is gaining a lot of momentum across industries within just one year of its emergence as a key driver for business outcomes across industries.
From 55% usage to 75% in one year
The study reveals that the use of AI has increased from 55% to 75% within one year from 2023 to 2024. This is a 20% increase, which is quite significant considering that the adoption of AI only just recently started.
It is hardly surprising that the increase is so rapid, considering that the average return on investment for using AI is 3.7x, according to the study.
Industries with the highest return on investment so far are Financial Services, Media & Telco, Mobility, Retail & Consumer Packaged Goods, Energy, Manufacturing, Healthcare and Education, in that order.
Businesses are also going beyond pre-built AI solutions to more advanced AI solutions such as custom-built solutions tailored directly to industry needs and business processes, including custom copilots and AI agents.
Some AI adoptions
The study confirms a trend that is already obvious. Within the tech industry, there are several businesses that have adopted the use of AI to improve user experience and productivity.
For example, Google has been exploiting the technology massively, integrating it in several of its products. Within the last month, the tech giant has introduced AI in Google Doc and its search engine.
Microsoft itself has leaned more into AI recently, with the introduction of AI in Notepad for Windows 11, among other integrations. As AI continues to boost productivity and ROI, it is no wonder that a major boost in adoption is expected within the next 24 months.
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