Bergur Thormundsson
Research expert covering technology in the Nordics, AI and smart cities
Generative artificial intelligence (AI) in business - statistics & facts
Since exploding into world news in 2022, generative AI has taken on an increasingly important role in organizations. A growing market size suggests that generative AI’s footprint will continue to grow from 2025 and onwards. This has shifted from simple image generation programs and chatbots reacting to simple questions to new developments such as AI agents for deeper research, and vastly more impressive AI co-pilots, programs intended to work alongside office workers and increase quality and efficiency.
Businesses can gain time and money
The benefits to business when adopting generative AI are considerable, and nowhere more so than in the two most important factors, time, and money. Time buys companies a whole host of benefits - more efficiency, streamlined productions, and an overall reduction on man-hours needed to accomplish a company’s goal. Money is money, the overarching goal of any enterprise, and generative AI can be expected to enhance revenue streams greatly through improved quality, better utilization of resources, and less need for work wasted on simpler tasks.Generative AI comes with risks
While the benefits are many, the risks of using generative AI programs are also considerable. All generative AI is still prone to errors and hallucinations, that is to say, they fabricate facts in answer to questions. This can lead to inexperienced users easily falling into the trap of using generated information without verification. These errors can then lead to serious real-world consequences, whether monetary or physically, opening enterprises up for liability suits. Further challenges are in the simple use of AI, needing to upskill or reskill workers to maintain a competitive workforce against a multitude of competitors attempting the same.The acorn doesn’t generate far from the AI tree
Generative AI will impact the business world much in the way that other AI programs will, by increasing efficiency, growing revenues, and reducing labor. This has already increased significantly between 2023 and 2024, and it is to be expected the trend will continue as generative AI continues to develop. The competition therefore will be to assess and implement those AI initiatives that most profit an individual business. Further to this, it will be the leaders, those who adapt faster and more consistently, that are likely to reap the majority of the benefits.Bergur Thormundsson
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Apr 30, 2025
Bergur Thormundsson
Research expert covering technology in the Nordics, AI and smart cities
