AI Investments Set to Double as Companies Pursue ML and Target Key Roles
• Intelligent search, document processing, fraud detection, and customer engagement are the top AI use cases companies are investing in. Over half of surveyed IT professionals cited these areas as priorities.
• AI spending in 2024 is projected to more than double compared to 2023, equating to an average of $2.5 million per company surveyed.
• 57% of tech purchases aim to boost machine learning and predictive analytics capabilities to support AI initiatives.
• 46% of respondents said they need more software developers, machine learning engineers, data analysts, and other AI-focused roles.
• Over half of IT professionals view cybersecurity as the top concern with AI applications and large language models.