Asia-Pacific companies to triple investments in GenAI by 2024

Companies across Asia-Pacific region will nearly triple their investments in generative artificial intelligence (Gen AI) to $3.4 billion in 2024, according to a new research from the Infosys Knowledge Institute.

China leads the region, with investment expected to grow by more than 160% to $2.1 billion, shows the finding from the research arm of Infosys. The research is based on interviews with business leaders and AI practitioners and a survey of 1,000 respondents.

Spending in Australia and New Zealand will closely trail China. Investments in these two countries are expected to grow by over 150% to $151 million from $60 million in 2024.

“Australian companies are more likely to deliver business value from Gen AI investments than European and North American counterparts,” Infosys said in a release citing the research.

The $3.4-billion will be invested across Australia, New Zealand, China, Japan, India, and Singapore.

The biggest obstacles to adoption in the Asia-Pacific region are caution around responsible AI, concerns about impact on reputation, and employee readiness.

Another key finding from the research is that companies are more likely to focus on product development and content generation in the region, compared to other regions.

“Although company leaders across APAC (Asia-Pacific) have been more cautious than companies in the rest of the world, they are set to outpace firms in other regions,” said Andrew Groth, Executive Vice President, Asia Pacific, Infosys. Groth added that companies in this region are already delivering more value from their spending on gen AI. Moneycontrol