Spending on AI set to increase by two-thirds in 2024 as IT leaders praise transformative technology – Intelligent CIO Middle East


Recent Lenovo Research and Investments in Artificial Intelligence (AI) Technology

Businesses across Europe are ramping up their investments in Artificial Intelligence (AI), with a projected 61% increase in spending expected in 2024, according to recent Lenovo research. The findings from the IDC eBook, sponsored by Lenovo, indicate a growing enthusiasm for AI as a ‘game changer’, with 40% of businesses acknowledging its potential.

The study reveals that investment in all forms of AI, including Generative AI, Interpretative AI, and Machine Learning, is on the rise. In fact, an equal proportion of investment is being directed towards these different AI technologies. Additionally, nearly all European companies are incorporating Generative AI into their strategies and processes, with a majority having already invested or planning to invest in the near future.

In terms of cloud strategy, organisations in EMEA are leaning towards hybrid and private cloud options due to data privacy regulations, especially in mainland Europe. Giovanni Di Filippo, EMEA President of Lenovo Infrastructure Solutions Group, emphasized the importance of making the right tech investments and partnerships to maximize AI value for organizations.

Furthermore, the research highlights varying levels of enthusiasm for AI across different industries and territories. While manufacturing companies are most excited about AI’s potential, telecommunications companies are more cautious. The study also points out the challenges of Generative AI adoption, including technological limitations and organizational cultural barriers.

Overall, the growing investment in AI in Europe reflects a shift towards leveraging AI technologies to boost efficiency and competitiveness across diverse sectors. As CIOs embrace the potential of AI, they will need to navigate challenges and make strategic investments to drive AI innovation in their organizations.

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