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The AI Boom, by the Numbers: Investment Trends and Organizational Impacts in 2024
Organizations are planning substantial increases in AI spending this year. The average projected investment per respondent in 2024 is $2.5 million — more than double the amount spent in 2023.
The planned surge in spend aligns with the perceived benefits of using AI. Percentage of companies that report gains generated by AI.
- 2024: 86%
- 2023: 74%
Looking at it from another perspective, nearly 9 out of 10 survey respondents report seeing tangible benefits from using AI.
Companies are experiencing the greatest benefits from AI in the following areas:
- Innovation: 49%
- Sales: 48%
- Risk Management: 47%
Survey respondents indicate that the following AI applications are gaining the most traction within their organizations:
- 61% Document processing
- 56% Fraud detection and cybersecurity
- 54% Customer engagement
- 62% Intelligent search
Despite the widespread adoption of AI, organizations continue to face challenges in two key areas:
- Security: 38%
- The talent gap: 38%
Respondents believe that the talent gap is resulting in missed opportunities for their organizations.
- 42% “We are struggling to manage our data.”
- 38% “We need the ability to process data more quickly.”
Looking ahead, these four roles will be crucial for AI adoption, and respondents are nearly evenly divided on whether to hire new talent for these positions or focus on upskilling their existing teams.
- Machine learning engineers
- Data analysts
- Data engineers
- Software developers
As you progress through 2024, it’s essential to not only understand what you aim to achieve with AI but also to have a clear plan for how to reach those goals. Today’s infographic was provided by Rackspace.
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