While AI can help businesses significantly, the industry still has to overcome sustainability and regulatory challenges. Credit: IM Imagery via Shutterstock.

Almost two years on from the launch of ChatGPT, which launched artificial intelligence (AI) into the public consciousness, the hype around AI in business appears to be dying down, a new survey has found.

GlobalData’s Tech Sentiment Polls Q2 2024 survey found that 45% of 353 respondents across the company’s network of B2B news sites believe that AI will live up to all of its promise while a further 39% believe it is hyped but can see a use for it.

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Tech Sentiment Polls Q2 2024 – Thematic Intelligence

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In the Q1 survey earlier this year, 55% of respondents believed that AI would live up to all of its promise.

Among the seven major technologies covered in the survey, robotics and cybersecurity came above AI in terms of level of expectation, with 69% and 62% of respondents, respectively, believing that the technologies will live up to all of their promises.

Despite the slightly tempered level of expectation for AI, businesses remain confident that it will be a disruptive technology in their sectors, with 55% of 356 respondents believing it will deliver significant disruption and a further 21% expecting slight disruption. Only 15% believe AI will not disrupt their industry at all, with 9% unsure.

Following the launch of ChatGPT, businesses rushed to integrate AI into their business models. The report hypothesises, that the drop in hype around AI could be due to more experience with the technology.

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It suggests that, now businesses have first-hand experience with AI in their own companies, they have become more aware of the intricacies and difficulties of working with large language learning models. While they can prove very productive, they also require large amounts of power and careful training of models.

GlobalData estimates that the AI market will be worth $1trn by 2030, having grown at a compound annual rate of 39.1% from $103bn in 2023.