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McKinsey releases new AI report, reveals massive uptake in 2024

McKinsey releases new AI report, reveals massive uptake in 2024

A new McKinsey report shows that AI adoption has reached 70% globally, up 50% from last year. APAC (Asia-Pacific) led the surge.

Following this trend, organizations worldwide have also embraced AI. Over 72% of the surveyed companies have integrated AI in at least one section. In addition, the use of generative AI has doubled in the past year alone.

The study involved 1,363 participants, of which 65% of the companies regularly use generative AI. The AI model focuses on developing images and texts, and it is particularly famous in the product development and marketing sectors.

New research has revealed that the average company is using generative AI to enhance innovation and efficiency. The AI adoption rate is not only growing but also becoming more diverse across markets. 

Professional service sectors such as legal services and HR have witnessed the biggest rise in AI usage. That is why these industries are seeing new customer engagement and productivity levels.

Most companies are no longer settling for standard solutions. Instead, they’re personalizing modern technologies or even formulating custom AI models to meet their needs. This trend is prevalent in industries with high public interaction, such as media, energy, and technology.

The study found that these sectors will likely customize or tune available AI models to gain a competitive edge. However, the popularity surge has come with its own set of challenges. Companies are still facing inaccuracies and intellectual property rights infringement risks with AI.

Moreover, the manpower displacement has dipped as the focus turns to AI integration for revenue growth and efficiency. Even then, AI’s impact on improving operational efficiencies is evident. Its most notable contribution is seen in inventory and supply chain management.

As models and algorithms get smarter, AI will certainly overtake a major part of the global market.

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ToAI Team
Fueled by a shared fascination with Artificial Intelligence, the Times Of AI journalists team brings together various researchers, writers, and analysts. We aim to provide a comprehensive knowledge of AI for a broad audience of the Times Of AI. Through in-depth analysis of the latest advancements, investigation of ethical considerations around AI development, AI governance, machine learning, data science, automation, cybersecurity, and discussions about the future impact of AI across various sectors, we aim to empower readers with the details they need to navigate this rapidly evolving field.

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