Cos to spend $150 bn on GenAl

Despite challenges, enterprise adoption of generative AI is set to grow in the next three years, says Moody's

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Global enterprise spending on generative artificial intelligence (AI) is likely to cross $150 billion by 2027, financial services firm Moody's said in an outlook that will potentially brighten business prospects for India's software exporters.

In a note to investors on Monday, Moody's said that despite challenges that include availability of quality data and cyber security, enterprise adoption of generative AI will grow, as the fundamental technologies develop. Global spending on AI is estimated to cross $500 billion in the next three years, of which generative AI is slated to account for nearly 30%.

The US-based rating agency projected generative AI spending and implementation to increase through the next three years, starting this year itself.