Australians tipped to invest $159 million on GenAI in 2024

Australian organisations are expected to invest $159 million in generative AI this year, according to a new report from Infosys. The report predicts that Australian investment in generative AI will grow by 150% from the previous year, the second-highest growth in the APAC region behind China.

Nearly a third of Australian companies surveyed for the report indicated that they have already or are in the process of implementing generative AI solutions. Australian companies were also found to be more likely to deliver business value from GenAI investments compared to their European and North American counterparts.

But at the same time, A/NZ has the lowest level of employee readiness for generative AI in the wider APAC region, with only 56% ready for the technology compared to 70% region-wide, the research found.

Regionally, the report found that the biggest obstacles to adoption of generative AI in APAC involve concerns around responsible use of the technology. APAC respondents are also more concerned about the technology’s potential to have a negative impact on reputation (10%) compared to their North American and European compatriots (5%).

Infosys EVP for Asia-Pacific Andrew Groth said the findings show the technology is set to have a big impact.

“Generative AI is clearly a transformative technology. Although company leaders across APAC have been more cautious than companies in the rest of the world, they are set to outpace firms in other regions,” he said. “Additionally, they are already delivering more value from their spending on generative AI.

“To continue to make the most of this technology and to become AI-first organisations, they should focus on talent development and making AI more accessible through a platform ecosystem.”

To read the full report, visit here.

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