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83% of businesses set to invest in AI – survey

More than eight out of ten business leaders say that they are ‘likely’ (44%) or ‘very likely’ (39%) to invest in tools and technologies linked to artificial intelligence (AI) in 2024, according to a survey by Mason Hayes & Curran (MHC).

The law firm polled more than 300 attendees at a recent webinar, which focused on the new AI laws, and what they mean for businesses both now and in the future.

The survey showed that nearly half of respondents had data-privacy and security concerns about adopting AI in their businesses.

Quality risks

Just over 40% identified regulatory and compliance issues as their greatest concern, a finding that MHC said highlighted the complexity of navigating AI's legal landscape.

Half of respondents said that quality and accuracy were the biggest risks with using generative AI. MHC expressed surprise at a finding that job displacement was at the bottom of the list of concerns.

Brian McElligott (partner and head of AI, MHC) said: "The data indicates a clear trend towards AI adoption among Irish businesses, coupled with a prudent awareness of the challenges and risks involved. It's a balancing act between embracing innovation and mitigating potential legal and operational challenges.”

AI laws

More than half of respondents (53%) said that understanding legal requirements was their biggest challenge in achieving compliance with AI laws, followed by a lack of expertise (28%).

An overwhelming majority of businesses expected new AI laws to have an impact on their day-to-day operations – 37% expected the impact to be ‘significant’, while 51% saw ‘moderate’ changes.

McElligott stated that new AI laws would have “practical, everyday implications” for Irish business leaders and their operations, adding that they should be proactive in ensuring compliance with the evolving legal framework.