Search AI Products and News

In 2023, global investments by enterprises in generative artificial intelligence (GenAI) solutions reached $19.4 billion, and this is expected to double in 2024. International Data Corporation (IDC) predicts that from 2023 to 2027, spending on GenAI software, hardware, and services will reach $151.1 billion by 2027, with a compound annual growth rate of 86.1%. In 2024, companies will accelerate their investments in AI, transitioning from cost reduction and productivity improvement to increasing revenue and enhancing business outcomes. IDC states that

Generative AI accounts for less than 1% of corporate cloud spending, compared to 18% for traditional AI. The MenloVentures report reveals the actual investment status in the industry. Companies are hesitant and concerned about generative AI, mainly due to unproven return on investment and 'last mile problems'. MenloVentures survey shows that while the generative AI market is rapidly developing, companies’ hesitance primarily revolves around validating investment returns and addressing last mile issues.