Cognizant Study Predicts AI-Driven Consumer Spending to Reach $4.4 Trillion by 2030

Cognizant Study Shows Consumers Who Embrace AI Could Drive $4.4 Trillion in Spending Over Five Years

Joint study between Cognizant and Oxford Economics predicts AI will drive 46% of consumer transactions in the by 2030, underscoring the business need to leverage AI to reimagine customer experiences "As AI-influenced buying evolves, businesses must navigate mixed consumer attitudes towards AI," said Ravi Kumar S., CEO of Cognizant. "Enterprises are balancing the demand for convenience with the need for control and trust. Understanding these attitudes is crucial for developing AI solutions that not only enhance convenience but build confidence in the full potential of how AI can reimagine the customer experience and unlock tremendous value." To inform the study's findings, Cognizant and Oxford Economics examined historic patterns of consumer technology adoption across a range of demographics and grouped them into cohorts based on behavioral dynamics. It then aligned these cohorts with data from a survey of 8,400 respondents focusing on their openness to using AI in the buying experience. With 75% of all respondents noting they have frustration with the buying process today, the study found the transformative potential of AI will reshape the purchasing journey in three pivotal phases in the years to come: Learn (when consumers learn about new products), Buy (when consumers make a purchase), and Use (when consumers are in the process of using a product): Capitalizing on the AI-augmented opportunity This study underscores the work Cognizant is doing to help business leaders across industries adapt to AI-empowered consumers, particularly as AI agents begin to power more consumer purchasing experiences, orchestrating complex tasks across the buying journey. The estimated economic impact of this evolution is significant -- as AI adoption continues to grow, Cognizant and Oxford Economics' study predicts AI could inject into the economy by 2032. Cognizant is helping businesses adjust to new rules of engagement that integrate AI into familiar environments and supporting work to enhance convenience, ensure secure interoperability, and build trust through human involvement. To further support the acceleration of enterprise AI adoption, Cognizant launched Cognizant Moment™, the next evolution of the company's digital experience practice area, designed to help clients leverage the power of AI to reimagine customer experience and engineer innovative strategies aimed at driving growth. Now, as the ways consumers interact with technology are shifting, Cognizant aims to give clients the tools and insights they need to drive differentiation, cultivate customer loyalty and become future-ready. Also critical to helping the acceleration of AI adoption is Cognizant's Synapse program, a global upskilling initiative designed to revolutionize and rebalance the landscape of tech education and workforce development by redefining opportunities for more than one million individuals worldwide. To view the complete study and learn more, click here. Methodology: In mid-2024, Cognizant and Oxford Economics devised a multi-modal study to examine how AI will change consumer behaviors and, therefore, the customer purchase journey. The study included both a qualitative and a quantitative component: a survey of 8,400 adults across the , US, and , and 80 in-depth interviews with consumers in the same regions. For the full methodology, click here. About Cognizant Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes, and transform experiences to stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant. This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to the adoption of generative artificial intelligence, the effects of generative artificial intelligence on the consumer spending and the economy and the effectiveness and results of our new Synapse initiative. These statements are neither promises nor guarantees but are the findings of the studies discussed above and remain subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause outcomes to differ materially from those expressed or implied include general economic conditions, the impact of technological development and competition, the competitive and rapidly changing nature of the markets we compete in, the competitive marketplace for talent and its impact on employee recruitment and retention, and the other factors discussed in our most recent Annual Report on Form 10-K and other filings with the . Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law. View original content to download multimedia:https://www.prnewswire.com/news-releases/cognizant-study-shows-consumers-who-embrace-ai-could-drive-4-4-trillion-in-spending-over-five-years-302353789.html

Cognizant Study Shows Consumers Who Embrace AI Could Drive $4.4 Trillion in Spending Over Five Years By Investing.com

Joint study between Cognizant (NASDAQ:CTSH) and Oxford Economics predicts AI will drive 46% of consumer transactions in the by 2030, underscoring the business need to leverage AI to reimagine customer experiences "As AI-influenced buying evolves, businesses must navigate mixed consumer attitudes towards AI," said Ravi Kumar S., CEO of Cognizant. "Enterprises are balancing the demand for convenience with the need for control and trust. Understanding these attitudes is crucial for developing AI solutions that not only enhance convenience but build confidence in the full potential of how AI can reimagine the customer experience and unlock tremendous value." To inform the study's findings, Cognizant and Oxford Economics examined historic patterns of consumer technology adoption across a range of demographics and grouped them into cohorts based on behavioral dynamics. It then aligned these cohorts with data from a survey of 8,400 respondents focusing on their openness to using AI in the buying experience. With 75% of all respondents noting they have frustration with the buying process today, the study found the transformative potential of AI will reshape the purchasing journey in three pivotal phases in the years to come: Learn (when consumers learn about new products), Buy (when consumers make a purchase), and Use (when consumers are in the process of using a product): Capitalizing on the AI-augmented opportunity This study underscores the work Cognizant is doing to help business leaders across industries adapt to AI-empowered consumers, particularly as AI agents begin to power more consumer purchasing experiences, orchestrating complex tasks across the buying journey. The estimated economic impact of this evolution is significant -- as AI adoption continues to grow, Cognizant and Oxford Economics' New Work New World study predicts AI could inject into the economy by 2032. Cognizant is helping businesses adjust to new rules of engagement that integrate AI into familiar environments and supporting work to enhance convenience, ensure secure interoperability, and build trust through human involvement. To further support the acceleration of enterprise AI adoption, Cognizant launched Cognizant Moment™, the next evolution of the company's digital experience practice area, designed to help clients leverage the power of AI to reimagine customer experience and engineer innovative strategies aimed at driving growth. Now, as the ways consumers interact with technology are shifting, Cognizant aims to give clients the tools and insights they need to drive differentiation, cultivate customer loyalty and become future-ready. Also critical to helping the acceleration of AI adoption is Cognizant's Synapse program, a global upskilling initiative designed to revolutionize and rebalance the landscape of tech education and workforce development by redefining opportunities for more than one million individuals worldwide. To view the complete study and learn more, click here. Methodology: In mid-2024, Cognizant and Oxford Economics devised a multi-modal study to examine how AI will change consumer behaviors and, therefore, the customer purchase journey. The study included both a qualitative and a quantitative component: a survey of 8,400 adults across the , US, and , and 80 in-depth interviews with consumers in the same regions. For the full methodology, click here. About Cognizant Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes, and transform experiences to stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant. This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to the adoption of generative artificial intelligence, the effects of generative artificial intelligence on the consumer spending and the economy and the effectiveness and results of our new Synapse initiative. These statements are neither promises nor guarantees but are the findings of the studies discussed above and remain subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause outcomes to differ materially from those expressed or implied include general economic conditions, the impact of technological development and competition, the competitive and rapidly changing nature of the markets we compete in, the competitive marketplace for talent and its impact on employee recruitment and retention, and the other factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.