Businesses investing in technology are putting artificial intelligence (AI) top of their list, new research by EY shows.
Out of the nine technologies tracked in the study, 'Automation and AI' ranks first, followed by 'robotics and automation', and 'generative AI'.
43% of businesses surveyed globally are investing in generative AI, a type of technology that can produce various types of content, including text, images and audio.
According to the research, the top uses for generative AI include employee training and collaboration, and customer sales and service.
However, 38% of respondents said they would favour a measured, incremental approach to its adoption.
"One of the biggest trends emerging from this year's study is the momentum behind GenAI investment, as businesses continue to evaluate its overall impact on their organisation," said Enda Doyle, EY Ireland Consulting Partner and Technology, Media & Telecoms Lead.
"This technology is redefining the possibilities around enterprise transformation," he added.
Mr Doyle said there are a number of strategic and practical challenges raised by the adoption of the technology.
"Not least in relation to data governance and ensuring organisations have accurate and interoperable data that they can leverage to fully take advantage of the breakthrough potential of GenAI," he said.
"In this landscape, vendors that help businesses better understand and mitigate the data security, accountability and ethics challenges will win in the market," he added.
Today's research also shows that 5G and quantum computing are seeing rising investment activity year-on-year.
