7 in 10 CEOs globally planning to invest in genAI in 2024: Report

New Delhi, Jan 23

About seven out of 10 CEOs globally are planning to invest in generative artificial intelligence (genAI) this year, a new report said on Tuesday.

According to the global software-as-a-service (SaaS) company Netcore Cloud, genAI emerges as a top investment priority, with CEOs foreseeing a tangible payoff within the upcoming three to five years.

The report also suggested that consumer preferences are strongly inclined toward short-form video content, and convenient and instant transactions.

With 90 per cent of consumers convinced by videos in their product decisions, industry leaders are embracing influencer marketing, leveraging short videos to shine a spotlight on their product line, according to the report.

About 89 per cent of consumers revealed that viewing a video has tipped the scales when deciding on a product or service.

Moreover, the report noted that users actively explore brands and products on Instagram, making it the platform's second most engaging activity, captivating 62.2 per cent of its users.

Similarly, on TikTok, 65 per cent of users rely on online reviews and creator recommendations for informed online purchase decisions.

"As we step into a future dominated by AI and automation, understanding these trends is crucial for any marketer looking to make a substantial impact," said Mahesh Narayanan, Chief Marketing Growth Officer at Netcore Cloud.

Further, the report mentioned that as user preferences for different channels gain importance, companies embracing robust omnichannel engagement stand to earn up to a 9.5 per cent annual revenue surge.