Decreasing Enthusiasm for AI Projects: A Study

"The honeymoon phase of generative AI is over," the company said in its 2024 Generative AI Global Benchmark Study, released on Tuesday. "While leaders remain enthusiastic about its potential to transform businesses, the initial euphoria has given way to a more measured approach."

That's Lucidworks, in a recent study citing cost, data security, and safety reasons for businesses' growing skepticism about Generative AI. The study, "The State of Generative AI in Global Business: 2024 Benchmark Report", was released on Tuesday and indicates a shift from initial euphoria towards a more measured approach.

According to the results of the survey, 63 percent of global companies plan to increase spending on AI in the next twelve months, compared to 93 percent in 2023 when Lucidworks conducted its first investigation.

The financial benefits of implemented AI projects have been unsatisfactory, with 42% of companies seeing no significant benefit from their generative AI initiatives. So far, few companies have managed to exit the pilot testing phase in their initiatives.