Spending in EMEA set to increase by 66% in 2024

Spending in EMEA set to increase by 66% in 2024

According to research presented by Lenovo, AI spending by businesses in the EMEA region is projected to grow by 61% in 2024, with 97% of organizations either investing in generative AI or planning to do so. The report, ‘CIO PlayBook 2024: It’s all About Smarter AI’, highlights that for 40% of respondents, AI is a “game changer” and all forms of AI are reaping the benefits. Equal amounts of investments are being directed towards generative AI, interpretative AI, and machine learning.

Most European businesses are incorporating generative AI projects into their strategies, processes, and offerings. Industries such as manufacturing, telecommunications, and banking are leading the way in AI adoption, with the majority of companies already investing in generative AI. Interest in AI varies across industries, with manufacturing being the most enthusiastic and telcos being the least enthusiastic due to prior significant investments in AI.

Italy has the lowest percentage of CIOs who consider AI a distraction, with a high rate of planned investments in generative AI. The biggest technological challenge cited by respondents for generative AI is model capacity limitations, followed by concerns about misuse of AI and data platform issues. Cultural and IT challenges at the organizational level also pose obstacles for the adoption of AI.

Giovanni Di Filippo, EMEA President of Lenovo Infrastructure Solutions Group, emphasizes the importance for CIOs to make the right technology investments and partnerships to maximize the value of AI for their companies. Overall, AI is becoming a reality for organizations in every sector, and CIOs are embracing the potential of both generative and interpretative AI technologies.

Leave a Reply