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61 % Middle East executives anticipate productivity gains from AI in 2024
GenAI burst into the public consciousness in 2023 , promising to revolutionise business operations . The Middle East exhibits a distinct approach to AI and GenAI adoption , differing notably from broader global trends . According to the Boston Consulting Group , BCG survey , while 66 % of global leaders report dissatisfaction or ambivalence regarding their AI and GenAI progress , the scenario in the Middle East is different .
61 % of executives anticipate over 10 % productivity gains from AI and GenAI in 2024 . 54 % of Middle Eastern Executives indicate that their AI , GenAI capabilities are currently focused on practical application , going beyond limited experimentation to encompass more comprehensive and scaled initiatives .
The Middle East is making significant progress in the field of GenAI by developing essential AI capabilities and recognising the importance of data as a key asset for immediate and strategic value . The region ' s focus on leveraging data for AI and GenAI solutions to various business challenges , combined with a digital-first , data-driven mindset , sets the region apart in GenAI and enables substantial productivity gains and innovation .
The BCG AI Radar : From Potential to Profit with GenAI report is based on a survey of 1,406 C-level executives in 50 markets and 14 industries . Seventy-one percent of executives surveyed say they plan to increase tech investments in 2024 , an 11-point jump from 2023 , and even more , 85 % plan to increase their spending on AI and GenAI .
In workforce development , the Middle East is leading in upskilling efforts related to GenAI . However , despite this progress , there is room for improvement , as currently , only 11 % of Middle East executives report that more than a quarter of their workers have received training in GenAI tools .
This indicates a focused yet ongoing effort in the region to equip the workforce with the necessary skills for the AI landscape . Although a small percentage of companies are already reaping the rewards of AI and GenAI , others are either playing catch up or standing on the sidelines .
28 INTELLIGENTCIO MIDDLE EAST www . intelligentcio . com