The state of generative AI in the Nordics: key insights from our survey

Generative AI is making waves in the Nordics, with spending surpassing the global average. However, challenges like talent acquisition, tech infrastructure, regulatory hurdles, and adapting business models could slow down ambitious plans. Here’s a snapshot from our global survey.

To understand generative AI adoption, we surveyed 2,200 business leaders across 23 countries and 15 industries, including 110 from the Nordics. Here are the key trends that we discovered:

·       Investment trends: Nordic businesses are keeping pace with global generative AI investment; an average spending of $49.7 million per company this year, slightly above the global average of $47 million. 65% of businesses want to accelerate their generative AI strategies, while 62% express at least moderate worry about the existential impact on their operations.

• Future integration. 31% of Nordic businesses plan to integrate generative AI into their products and services in the next two years, compared to the global average of 26%. This suggests a pervasive belief that generative AI will become an integral part of the Nordic business landscape and citizens’ digital lives.

• Strong foundation. The flexible operating models and widespread AI tool usage in the Nordics provide a solid base for adoption. Nearly half the population is using AI tools in 2024. Data readiness and availability of computing power also play a significant role. However, 48% of businesses feel their data security isn’t robust enough for generative AI.

As for challenges ahead, we discovered:

·       Skills and tech gap. The lack of skilled talent could hinder the successful implementation of generative AI. Moreover, the survey highlights issues in data management, processing capabilities, and overall tech readiness as significant hurdles.

·       Data accessibility. While 52% believe their data is in good condition, only 22% rate their data accessibility as good or excellent.

·       Regulatory compliance. 45% of Nordic respondents anticipate their compliance with generative AI government regulations will be either nonexistent or inadequate, which is critical given the Nordic region’s strong focus on regulation and social welfare.

To fully capitalize on generative AI’s potential and overcome these challenges, dive into our full survey report. Visit Cognizant’s Generative AI webpage for more insights.