European businesses are investing at the quickest pace ever seen in generative artificial intelligence (AI) technology in order to swiftly catch up to their US rivals.

European companies having difficulty finding qualified candidates while increasing their investments in generative artificial intelligence (AI) technology.

According to a global poll of 2,300 senior executives released by Accenture, generative AI prevailed in European businesses IT budgets, with 91% dedicating a major share to it this year, versus 87% in the US.

According to the report, European nations trail behind the United States in terms of their ability to "scale-up" their usage of generative AI, having 17% able to undertake this, compared to 30% in US.

While developing effective data strategies and establishing a digital core are the most difficulties faced by companies in both Europe and the United States, access to talent is a greater challenge in Europe, with 42% naming the shortage of suitable skilled labor as their primary obstacle, compared to 34% in the United States. Nevertheless, while developing generative AI market and close the gap compared to US, the quantity of AI patents submitted in Europe jumped by 53% between 2016 and 2021.

Based to the study's conclusions, European companies have increased their investment in training employees to use generative AI tools in their daily tasks, with 66% bringing generative AI-specific training in 2023 and almost half offering hands-on instructions for employees to apply of the advances of this technology.

Companies in Europe want to boost their investment in generative AI considerably over the course of the next two years, with almost double planning to devote a considerable or sizeable amount of their technological budgets to it.