IT services companies' GenAI investments likely to soar this year

Information technology (IT) services companies are likely to intensify their investments in generative artificial intelligence (GenAI) this year as clients allocate budgets to explore the technology and are willing to conduct paid proof of concept (POC).

Clients in the Asia-Pacific (APAC) region are expected to treble their investments in GenAI, although they currently lag behind their North American counterparts.

According to the latest Infosys Knowledge Institute research, GenAI spending in APAC is likely to increase by 140 per cent in the next year, translating into an estimated $3.4 billion to be invested across Australia, New Zealand, China, Japan, India, and