An updated forecast from International Data Corporation (IDC) shows that enterprises will invest more than $19.4 billion worldwide on GenAI solutions in 2023.

According to global research body Forrester, firms that actively harness generative AI (genAI) to enhance experiences, offerings, and productivity will realize outsized growth and will outpace their competition.

While enterprises are ramping up investments in GenAI, chatbots, and conversational AI tools, GenAI tools are specifically used for cost optimization, application development, and workload testing use cases