The majority (51%) of consumers are aware of the latest trends in generative AI and have explored the tools. Adoption of first-wave generative artificial intelligence (AI) tools has been consistent across age groups and geographies, with over half of all generations, including Baby Boomers, having used the technology.
This is according to Capgemini Research Institute's latest report, 'Why consumers love generative AI', which explores how consumers globally are using generative AI applications and how it could be the key to accelerating societys digital future.
Consumers that use generative AI frequently are most satisfied with chatbots, gaming, and search use cases, however, generative AI platforms are also being used for personal, day-to-day activities, the researchers state.
Over half of the respondents (53%) trust generative AI to assist with financial planning. Globally, 67% of consumers indicated that they could benefit from receiving medical diagnoses and advice from generative AI, and 63% indicated that they are excited by the prospect of generative AI aiding with more accurate and efficient drug discovery.
Additionally, two-thirds (66%) of consumers would be willing to seek advice from generative AI for personal relationships or life and career plans, with Baby Boomers the most likely (70%) age group to use it for this purpose.
Consumer awareness around ethical concerns
Despite the potential for cyber attacks and deepfakes, consumer awareness of the risks is low. As a result, almost half (49%) of consumers remain unconcerned by the prospect of generative AI being used to create fake news stories, and just 34% of respondents are concerned about phishing attacks, the researchers state.
Consumer awareness around the ethical concerns of generative AI is also low, as just 33% are worried about copyright issues and even fewer (27%) are worried about the use of generative AI algorithms to copy competitors product designs or formulas.
Niraj Parihar, CEO of the Insights & Data Global Business Line and member of the Group Executive Committee at Capgemini, comments, "The awareness of generative AI amongst consumers globally is remarkable, and the rate of adoption has been massive, yet the understanding of how this technology works and the associated risks is still very low.
"Whilst regulation is critical, business and technology partners also have an important role to play in providing education and enforcing the safeguards that address concerns around the ethics and misuse of generative AI. For example, our role at Capgemini is to help clients cut through the hype and leverage the most relevant use cases for their specific business needs, within an ethical framework.
"Generative AI is not intelligent in itself; the intelligence stems from the human experts who these tools will assist and support. The key to success therefore, as with any AI, is the safeguards that humans build around them to guarantee the quality of its output."
Recommendations for new products and services
Almost half of consumers (43%) are keen for organisations to implement generative AI throughout customer interactions, and half of consumers are excited by the highly immersive and interactive experiences that this technology can enable.
There is good opportunity for businesses as generative AI tools are already a go-to for 70% of consumers when seeking recommendations for new products and services, and the majority (64%) of consumers are open to making purchases based on these recommendations, the researchers state.
There is no significant variation across age groups and 67% of consumers are positively anticipating generative AI's ability to offer customised fashion and home dcor recommendations specifically.
Capgemini's dedicated AI Futures Lab
Capgemini is working with clients on AI and generative AI to respond to their specific business needs, particularly in the areas of Life Sciences, Consumer Products & Retail and Financial Services.
Through its AI Futures Lab, Capgemini focuses on developing tailored solutions for clients, enabling them to leverage the potential of generative AI in a trusted, secure, and ethical framework to deliver concrete business impact.
The AI Futures Lab is a dedicated team of experts specialised in artificial intelligence from various Capgemini teams around the world, who are focused on following the evolutions of the technology, as well as researching and applying the most relevant use cases in generative AI for clients. The AI Futures Lab creates and delivers assets, education, and awareness.