Generative AI Adoption Rises Six-Fold Amid Security Concerns

BOSTON, May 22, 2024 – Two-thirds of U.S. enterprises are now using generative AI, a six-fold increase since 2023, according to “Putting Generative AI to Work,” a new study from global strategy consulting firm Altman Solon. But AI adoption growth could be threatened by concerns over security, with nearly three-fourths of executives expressing security as a major risk.

The survey of global technology executives found that 65% of U.S.-based enterprises were using generative AI tools today, compared with only 11% in 2023. This adoption growth correlates with changing views on gen AI benefits, with the percentage of respondents seeing current value in gen AI jumping from 32% last year to 76% in 2024. Nearly all (94%) respondents expected measurable future benefits from gen AI.

“Last year's survey revealed significant interest in generative AI, but executives were skeptical about its value for their business operations,” said Altman Solon Partner Swope Fleming. “This year, executives are showing a much clearer understanding for the benefits associated with generative AI. Adoption barriers are now shifting to more practical concerns, like security.”

Security (72%) ranked as the greatest risk for gen AI adoption for 2024, replacing last year’s top risk, "unclear value,” which dropped from 68% in 2023 to 28% this year.

Other key findings of the report include:

• The leading reported reasons for gen AI adoption include expedited processes through automation (88%), lower costs (68%), and improved results through workflow optimization (58%).
• The top usage for gen AI tool is in software development at 78%, up from 23% in 2023.
• Current adoption of cross-functional, multimodal gen AI tools is low (13%), but 59% of respondents are "highly likely" to adopt a multimodal solution over the next three years.

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