Heavy Asset Industries Increase Spend On Third-Party Consultants For GenAI Projects

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Heavy Asset Industries Increase Spend On Third-Party Consultants For GenAI Projects

The 2024 Verdantix global corporate survey on industrial operations and maintenance services budgets, priorities and tech preferences reveals a clear appetite for spend on third-party service providers for AI analytics projects. In fact, GenAI was the most popular area of spend among 13 industrial technologies, with 43% of the 120 respondents in operations, maintenance and engineering roles planning double- or single-digit increases in spend on consultants for GenAI-related projects. A further 31% reported requesting new CAPEX budget for the same.

Sectors such as mining, manufacturing, and oil and gas are witnessing a significant surge in budgets for GenAI-based consulting project implementations, while industries such as utilities and infrastructure are requesting new CAPEX budget for employing consultants for their GenAI projects. This is because industrial firms are aware of the transformative potential of AI – and particularly GenAI – in optimizing industrial operations, improving efficiency and enhancing sustainability, but lack the internal resources and expertise for successful implementation. With their technical and domain expertise, third-party consultants such as Capgemini, Cognizant and TCS offer a variety of AI- and GenAI-related services to help industrial organizations achieve their business objectives.

As AI becomes an integral part of operations, industries are positioning themselves to harness its full potential, making strategic investments that will drive long-term innovation and competitiveness. For more information on industrial AI and GenAI, check out the following Verdantix reports: Market Insight: Practical High-Value Industrial Use Cases For Generative AI In 2024, Strategic Focus: Low-Code Industrial Analytics Enabled By Generative AI, Market Insight: Ten Applications Of Large Language Models For Industry.

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Lucas Sala

Analyst

Lucas Sala is an Analyst in the Industrial Transformation practice. His area of focus is analytical decision-making tools. Prior to joining Verdantix, Lucas worked at the Center for Global Development, in the Sustainable Finance Team, as a research assistant. Lucas holds a BA in History, Politics and Economics from University College London (UCL), and an advanced diploma in Economics from Cambridge University.