Cognizant said that consumers that embrace artificial intelligence are likely to drive $4.4 trillion in AI-influenced consumer spending in the US by 2030.
In a report from Cognizant and Oxford Economics, the services firm argued that US consumers who embrace AI could drive 46% of spending by 2030. In Australia, that percentage rises to 55% over the same period followed by Germany at 46% and UK at 39%.
Cognizant's report puts a customer experience spin on enterprise AI investments. Generative AI is typically seen as a way to improve efficiency, but enterprises are also looking toward agentic AI to drive revenue and experiences.
Ravi Kumar S., CEO of Cognizant, said enterprises need to examine the "full potential of how AI can reimagine the customer experience and unlock tremendous value."
According to the survey, which was based on 8,400 respondents, 75% noted that they were frustrated with the buying process. These consumers saw potential in AI when learning about products, buying them and post purchase. Cognizant grouped respondents based on their attitudes toward AI.
Cognizant argued that enterprises will have to prepare for how agentic AI will impact consumers.
The company said:
"Businesses will also have to understand and prepare for what comes next in the AI journey: the agentic internet, an interconnected ecosystem of AI-enabled tools and agents working on behalf of consumers to autonomously locate, evaluate, purchase and maintain the products and services they rely on. With the agentic internet, consumers will gain what amounts to a personal digital concierge that works with business AI agents to orchestrate complex tasks across the purchase journey."
Key items:
- Conversational AI was the most popular tool for consumers who embraced AI. Digital voice assistants and chatbots followed.
- Consumers are most comfortable with AI during the learning phase. The survey found 47% of respondents were comfortable using AI to help choose products and services.
- 75% of respondents are unlikely to allow AI to automatically reorder or pay for high-value items without direct authorization.
- Only 16% of consumers who are older than 55 years are comfortable with AI during the decision making phase with 33% aged 18 to 44 years old comfortable.
- 28% of consumers were comfortable using AI to reorder low priced items.
Here's a look at how Cognizant sees the AI adoption waves forming.
