Goldman Sachs Report Highlights Slow AI Adoption by U.S. Companies
date
Dec 17, 2024
damn
language
en
status
Published
type
News
image
https://www.ai-damn.com/1734411418192-202311231137397139_4.jpg
slug
goldman-sachs-report-highlights-slow-ai-adoption-by-u-s-companies-1734411439459
tags
Artificial Intelligence
Goldman Sachs
AI Adoption
Semiconductors
Generative AI
summary
A recent Goldman Sachs report reveals that only 6.1% of U.S. companies are incorporating AI into their operations by the end of 2024, with slow adoption overall despite growth in certain sectors. The banking and insurance industries lead in AI integration, while the semiconductor sector anticipates significant growth in AI investments.
Goldman Sachs Report Reveals Slow AI Adoption Among U.S. Companies
According to a new report from Goldman Sachs, only 6.1% of U.S. companies are expected to integrate artificial intelligence (AI) into their operations by the fourth quarter of 2024. This represents a slight increase from the previous quarter's rate of 5.9%. Despite the transformative potential of AI technology, the rate of adoption across U.S. businesses remains sluggish.
mage Source Note: Image generated by AI, licensed from Midjourney
Sector-Specific AI Adoption
The Goldman Sachs report highlights varying rates of AI adoption across different industries. While sectors such as information technology, education, and manufacturing have experienced a decline in AI adoption rates, industries like banking and insurance have led the way in AI integration. Large enterprises, particularly those with over 250 employees, have seen a more pronounced uptake, with an AI adoption rate of 10%. Goldman Sachs projects this figure to grow further in the next six months.
Small and medium-sized enterprises (SMEs) have also increased their AI usage over the past year, though they face challenges in practical applications, particularly around cybersecurity and identifying effective use cases for the technology.
Generative AI Boosting Productivity
The report underscores the significant impact of generative AI on productivity. Research shows that the use of AI in academia has led to a 23% increase in research output. In certain fields, productivity improvements have reached as high as 30%, according to empirical data. These results suggest that AI can drive efficiency and innovation, though widespread adoption remains a slow process.
AI Investments in the Semiconductor Sector
In the semiconductor industry, AI investment is expected to see significant growth. Goldman Sachs analysts predict that by the end of 2025, the sector will experience a 37% increase in sales growth. Furthermore, the market for AI hardware is forecast to reach $139 billion, while the broader semiconductor market is expected to grow to $187 billion. Together, these markets are projected to account for approximately 1.2% of the U.S. GDP.
The release of AI tools such as ChatGPT has spurred increased expectations for revenue in this sector, signaling a growing reliance on AI technologies for innovation and business expansion.
Slow but Steady Growth
Goldman Sachs' report paints a picture of a U.S. business landscape where AI adoption is still in its infancy. While some sectors are more advanced in their use of AI, the overall pace of adoption remains slow. Despite this, the report's findings suggest that significant growth is anticipated in the coming years, particularly in sectors like banking, insurance, and semiconductors.
Key Points
- Only 6.1% of U.S. companies are adopting AI by Q4 2024, marking a slight increase from the previous quarter.
- Banking and insurance sectors are leading AI integration, with large enterprises seeing a 10% adoption rate.
- The semiconductor industry is poised for substantial AI-related growth, with sales expected to increase by 37% by 2025.