Everyone wants to know when their AI investments will pay off.
Most CEOs say they’re still waiting, according to PwC’s latest global CEO survey, released on Monday to coincide with the start of Davos.
The consulting giant asked 4,454 chief executives from 95 countries and territories about their strategic priorities and outlook for the year to November 2025.
More than half (56%) of CEOs surveyed said AI has not brought revenue or cost benefits to their business to date.
Some reported either revenue or cost benefits. About one-third said their revenue increased in the last year, and 26% said they saw cost savings from AI.
However, only 12% said they used AI to reduce costs and increase revenue in the past 12 months.
Recent Morgan Stanley data on S&P 500 companies shows that certain sectors are seeing higher, measurable AI-driven returns than others. Technology, communications services and finance topped the list, with energy companies also quickly rising to the top.
“While a small number of companies are already turning AI into tangible economic benefits, many others are still struggling to move beyond pilots,” PwC Global Chairman Mohamed Khande said in a press release.
“The gap is starting to show in confidence and competitiveness, and it will widen quickly for those who don’t act.”
The right AI strategy
Maximizing the benefits from AI requires a balance between business strategy, a strong underlying data architecture, and the right people strategy. No matter how excited CEOs are about AI, they need to get their employees on board to reap the benefits.
A recent EY study on the use of AI at work found that companies are missing out on 40% of the productivity gains from AI that could be achieved with the right strategy.
PwC found that 12% of CEOs who reported increases in both costs and revenues were two to three times more likely to have also built a strong AI foundation. This means they are broadly incorporating AI into their products and services, demand generation, and strategic decision-making.
Mohamed Khande, global chairman of PwC, said companies that take bold decisions are more likely to succeed. Quique Rincon/European Press via Getty Images
As they grapple with AI uncertainty and geopolitical volatility, CEOs told PwC that they are less confident than they were last year about their near-term growth prospects.
Just 30% of those surveyed said they were very or very confident about revenue growth over the next 12 months, down from 38% in last year’s report and a peak of 56% in 2022.
PwC has found that the most powerful approach to dealing with future uncertainty is to embrace reinvention, whether through closing deals or venturing into new areas.
The consulting giant found that “there is a strong association between a higher proportion of revenue from new areas, higher profit margins, and greater CEO confidence in the company’s growth prospects.”
“Companies that succeed will be those that make bold decisions and invest confidently in their most important capabilities,” Kande said.
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