The immense buzz around OpenAI’s ChatGPT is prompting 45% of businesses to increase their investments in AI, according to Gartner.

In a survey of some 2,500 executive leaders, around 70% said their organization is exploring ways to adopt generative AI in the wake of ChatGPT and a further 19% are already piloting solutions.

“The generative AI frenzy shows no signs of abating,” said Frances Karamouzis, distinguished VP analyst at Gartner. “Organizations are scrambling to determine how much cash to pour into generative AI solutions, which products are worth the investment, when to get started and how to mitigate the risks that come with this emerging technology.”

Gartner’s poll found that 68% of executives believe the benefits of generative AI outweigh the risks, compared with just 5% that feel the risks outweigh the benefits.

Improving customer experience was the most common focus of generative AI investments, cited by 38% of executives. Revenue growth was the second-highest investment driver, with 26%. Despite ongoing economic uncertainty, just 17% of executives cited cost optimization as the primary focus for generative AI investments.

Image: Gartner

Since its release last November, ChatGPT has become the fastest-growing application on the internet and prompted the likes of Google, Microsoft and Amazon to embrace this emerging technology in their product offerings.