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Enterprise genAI spending surges 130% YoY, fueling AI innovation

Article by Gadjo Sevilla  |  Oct 28, 2024
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Enterprise genAI spending surges 130% YoY, fueling AI innovation
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Topics
Artificial Intelligence (AI)
Small Business (SMB)
Business Strategies & Trends
United States

The news: Generative AI (genAI) has become essential to US enterprises, which marked a 130% YoY spending increase in 2024, per a recent study of 800 senior business leaders by AI at Wharton and GBK Collective.

It’s the latest indicator of widespread AI adoption as startups and Big Tech companies continue to innovate AI business use cases. Enterprise spending on AI solutions is expected to surge to $151 billion worldwide by 2027 from $19.4 billion in 2023, per IDC.

Why it’s worth watching: The study revealed that AI adoption doubled YoY in 2024 and that 72% of firms plan further AI expansion in 2025. AI companies are responding by productizing genAI agents for specific business use cases.

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