S&P Global Market Intelligence's New Outlook Report Finds Enterprise Adoption of Generative Artificial Intelligence at an Inflection Point

Rhea-AI Summary

S&P Global Market Intelligence has released a report highlighting that generative artificial intelligence (GenAI) adoption is at an inflection point. According to their research, 18% of organizations have fully integrated GenAI, marking a 5-point increase in 6 months. The report identifies data quality and budget constraints as primary causes of AI project failures. Venture funding in GenAI has reached $20 billion in the first three quarters of 2024, with several startups achieving unicorn status before product launch.

Positive

• 18% of organizations have fully integrated GenAI, showing a 5-point increase in 6 months
• GenAI venture funding reached $20 billion in first three quarters of 2024

Negative

• Data quality and budget limitations identified as leading causes of AI project failures
• Infrastructure performance issues causing AI project abandonment

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NEW YORK, Nov. 19, 2024  /PRNewswire/ -- S&P Global Market Intelligence has released a report today which shows the emergence of generative artificial intelligence (GenAI) is at an inflection point that has refocused enterprise priorities and stands to reshape the role of technology. The newly published Generative AI Outlook: From Hype to Value report is part of S&P Global Market Intelligence's Big Picture 2025 Outlook Report Series.

In this new report, S&P Global Market Intelligence's GenAI analysts highlighted the changes to date are only the first phase of a larger set of shifts that are driving a rethinking of the approaches to generative AI engines (Large Language Models), architectures and the data that feeds them.

"While investments in AI companies are surging, enterprises are running into challenges delivering on AI's promises. Data quality and budget limitations are the leading causes of AI project failures. Greater infrastructure maturity is needed to achieve AI benefits," said Eric Hanselman, Chief Analyst for Industry and Company Data with S&P Global Market Intelligence.

Key highlights from the report include:

• According to 451 Research's recent Voice of the Enterprise: AI & Machine Learning, Infrastructure 2024 study, 18% of organizations currently report to have Generative AI fully integrated across their organization, a gain of 5 points in only 6 months.
• Results from the AI and Machine Learning (ML) study show that data quality ties with budget issues as the leading cause of AI project abandonment, followed by infrastructure performance. That's an indication of the importance of building data management skills, which is new to many organizations.
• Generative AI venture funding is also pacing at record highs, with startups securing $20 billion in capital in the first three quarters of 2024, according to data from S&P Capital IQ Pro. Hot new startups in the foundation model space led by AI pioneers have this year achieved unicorn status mere months after announcing their founding, before releasing any shippable products.

To request a copy of Generative AI Outlook: From Hype to Value, please contact press.mi@spglobal.com.

S&P Global Market Intelligence's opinions, quotes, and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact or recommendation to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security.

About S&P Global Market Intelligence

At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. Our team of experts delivers unrivaled insights and leading data and technology solutions, partnering with customers to expand their perspective, operate with confidence, and make decisions with conviction.

S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/marketintelligence.

Media Contact 

Spencer Umbeck
S&P Global Market Intelligence
(303) 874-0754
Spencer.umbeck@spglobal.com or press.mi@spglobal.com

 

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SOURCE S&P Global Market Intelligence

FAQ

What percentage of organizations have fully integrated GenAI according to S&P Global (SPGI) 2024 report?

According to S&P Global Market Intelligence's report, 18% of organizations currently have Generative AI fully integrated across their organization, showing a 5-point increase in just 6 months.

How much venture funding did GenAI startups secure in 2024 according to S&P Global (SPGI)?

According to S&P Capital IQ Pro data, GenAI startups secured $20 billion in venture funding during the first three quarters of 2024.

What are the main causes of AI project failures according to S&P Global's (SPGI) 2024 report?

According to the report, data quality and budget limitations are the leading causes of AI project failures, followed by infrastructure performance issues.