For all the impressive revelations and technical feats unleashed by the sudden emergence of generative AI (gen AI), one of the most astounding aspects has been the accelerated pace of its adoption, particularly by businesses. Consider that large global enterprises spent around $15 billion on gen AI solutions in 2023, representing about 2 percent of the global enterprise software market. To put that level of growth in perspective, it took four years for enterprise spending on the industry’s last major transformation—software-as-a-service (SaaS)—to reach that same market share milestone (Exhibit 1).
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