A 2023 study cited by Harvard Business Review found that while nearly 90% of global companies had an AI-based digital transformation project underway, these efforts only captured 31% of their expected revenue lift and 25% of expected cost savings. In June, Gartner’s Hype Cycle for Artificial Intelligence, 2024 indicated a similar sentiment, notably stating that generative AI (GenAI) is entering the infamous “trough of disillusionment” phase where interest wanes as a breakthrough technology fails to deliver. On July 29, Gartner doubled down on that assertation, predicting that at least 30% of GenAI projects will be abandoned after proof of concept by the end of 2025
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