PwC US to invest $1 billion in generative artificial intelligence

04 May 2023 2 min. read

PwC US last week announced plans to invest $1 billion over the next three years to scale its generative AI capabilities.

The Big Four accounting and consulting firm has partnered with Microsoft and OpenAI – the startup behind generative AI tool ChatGPT – to enhance its internal processes and help clients integrate AI into their businesses. The firm has also pledged to upskill its 65,000-person workforce in the use of AI technologies.

Spending in the global generative AI market is projected to reach $42.6 billion by year-end, and will see an estimated 32% CAGR to reach $98.1 billion by 2026, according to PitchBook.

The substantial investment aims to help PwC operate in a more efficient manner. Generative AI – once fully trained and tested – will be able to sift through huge amounts of data to prepare compliance reports, analyze business strategies, create marketing materials, and identify inefficiencies in operations.

PwC US to invest $1 billion in generative artificial intelligence

PwC will also use the money to recruit more AI-skilled workers, as well as target acquisitions in AI software and consulting.

Finally, the firm will use the money to enhance its AI services practice to help clients drive greater productivity and develop new products and services. PwC says its AI services practice has been a “first mover” in the space, and is already working on hundreds of engagements. In a recent client project, the consultancy helped an auto insurer apply AI to its estimation process to create 29% in efficiency savings.

The investment will also build out PwC’s AI compliance consulting capabilities, including in governance, risk and controls, and algorithmic confidence.

“When we combine know-how, experience and relationships with the right technology, we solve problems and unlock opportunities,” PwC said in a press release. “This investment – including the technology, collaboration with Microsoft and Azure OpenAI Service and our upskilled people – is another example of how we’re bringing our human-led, tech-powered strategy to life.”

Microsoft in January confirmed a $10-billion investment in OpenAI, extending a partnership that began in 2019. Microsoft Azure is the exclusive cloud provider for OpenAI, powering its workloads of research, products, and API services.

Over a thousand organizations are already using OpenAI tools in Microsoft Azure to tackle customer support, summarization, and writing assistance, according to Microsoft.