Cognizant research shows consumers embracing artificial intelligence
Posted: Sun Jan 19, 2025 3:43 am
TEANECK, N.J. , Jan. 17, 2025 /PRNewswire/ -- Today Cognizant (NASDAQ: CTSH ) partners with Oxford Economics to reveal how artificial intelligence (AI) will transform the world in 2030 It revolutionized the consumer buying process years ago and has had a significant economic impact. The study, titled "New Minds, New Markets," shows that as the income and purchasing power of artificial intelligence enthusiasts aged 18 to 44 increase, this group will dominate the U.S. by 2030. Approximately $4.4 trillion in consumer spending is affected by artificial intelligence. This spending forecast is estimated at $690 billion in the UK, $669 billion in Australia and $539 billion in Germany.
The study also predicts that U.S. consumers embracing artificial intelligence may drive nearly half (46%) of spending by 2030. In Australia, this forecast will rise to 55% over the same period. In Germany it is estimated to be 46%, while in the UK it is 39%.
Ravi Kumar S. , CEO of Cognizant , said: “As purchasing behavior influenced by artificial intelligence continues to evolve, companies must understand consumers’ love-hate attitudes towards artificial intelligence. Companies are purchase bc data mexico user data balancing the need for convenience with the desire for control and trust. needs. Understanding these attitudes is critical to developing AI solutions that not only improve convenience but also build confidence in how AI can reimagine customer experiences and unlock the full potential of tremendous value.”
To provide the findings, Cognizant and Oxford Economics looked at historical patterns of technology adoption among consumers across different demographic categories and divided them into groups based on behavioral dynamics. These groups were then compared to a survey of 8,400 respondents, focusing on their openness to using artificial intelligence in the buying experience. The study found that 75% of respondents said they were frustrated with the current buying process, showing the transformative potential of AI to reshape three key stages of the buying process in the coming years: Learning (when consumers learn about a new product when), purchase (when the consumer makes a purchase) and use (when the consumer uses the product):
The study also predicts that U.S. consumers embracing artificial intelligence may drive nearly half (46%) of spending by 2030. In Australia, this forecast will rise to 55% over the same period. In Germany it is estimated to be 46%, while in the UK it is 39%.
Ravi Kumar S. , CEO of Cognizant , said: “As purchasing behavior influenced by artificial intelligence continues to evolve, companies must understand consumers’ love-hate attitudes towards artificial intelligence. Companies are purchase bc data mexico user data balancing the need for convenience with the desire for control and trust. needs. Understanding these attitudes is critical to developing AI solutions that not only improve convenience but also build confidence in how AI can reimagine customer experiences and unlock the full potential of tremendous value.”
To provide the findings, Cognizant and Oxford Economics looked at historical patterns of technology adoption among consumers across different demographic categories and divided them into groups based on behavioral dynamics. These groups were then compared to a survey of 8,400 respondents, focusing on their openness to using artificial intelligence in the buying experience. The study found that 75% of respondents said they were frustrated with the current buying process, showing the transformative potential of AI to reshape three key stages of the buying process in the coming years: Learning (when consumers learn about a new product when), purchase (when the consumer makes a purchase) and use (when the consumer uses the product):