Companies in the US and Canada plan to increase investments in generative artificial intelligence in the next year, according to a report by Infosys Knowledge Institute, the research arm of Infosys. The organization forecasts that companies will increase GenAI investments by 67% in 2024, translating to an estimated $6 billion.

“Generative AI is unlike any recent digital disruptors,” Satish H.C., executive VP and co-head of delivery at Infosys, said in a press statement. “Investment is flowing in fast, and our report establishes that these projects are generating value that is recognized at the C-suite. By embedding responsible AI techniques and developing an AI-first operating model, business leaders can realize the full potential of this new technology.”

The report found that 73% of large enterprises with over $10 billion in revenue have already implemented generative AI solutions, compared to less than 38% of smaller companies. In addition, more than 95% of senior executives support generative AI investment.

Companies expect generative AI to deliver operational performance, not only content creation, according to the report. While 42% expect generative AI to improve user experience and personalization, only 13% identify content creation and creativity as generative AI’s most impactful areas.

The report also found that heavily regulated industries have been quickest to adopt generative AI; financial services, healthcare and life sciences lead adoption of the technology. However, data challenges and lack of skills remain the biggest obstacles to adoption. More than half of respondents identify data privacy, security and usability as primary challenges, while nearly 20% see lack of skills, knowledge or resources as the largest adoption obstacles, the report found.

Infosys surveyed over 1,000 respondents from companies across the US and Canada for the report.