A new global survey from Searce reveals that businesses are making substantial investments in artificial intelligence, with nearly one in 10 companies in the UK and US planning to spend over $25 million on AI initiatives this year.
The 2024 State of AI report, released by technology consulting firm Searce, surveyed 300 C-Suite and senior technology executives at organizations with at least $500 million in revenue. The findings highlight both the optimism surrounding AI adoption and the challenges companies face in implementing these technologies.
In the UK, 8% of decision-makers plan to allocate more than $25 million to AI this year, while in the US, the figure stands at 7%. This significant investment comes as 96% of UK participants view AI adoption as a key business priority, with 92% rating their AI initiatives as successful.
However, the path to AI integration is not without obstacles. In the US, data privacy and security ranked as the primary concern (20%), while UK decision-makers cited a lack of qualified talent as their top challenge (19%).
“As global investments in AI continue to rise, as our research has found, it is crucial for businesses to focus not just on spending, but on the tangible returns these investments can deliver,” said Julian Mulhare, Managing Director, EMEA, at Searce. “Strategic AI adoption can transform operations and drive significant growth.”
The survey also revealed that one-third of businesses in both the UK (31%) and the US (35%) are investing in AI specifically to drive new business growth. In the UK, 31% of companies plan to increase their AI spending by 26-50% this year.
When it comes to implementing AI solutions, the majority of companies are opting to partner with external providers rather than developing in-house capabilities. Over half of the respondents in both the UK (51%) and US (57%) reported purchasing solutions and partnering with external service providers to fulfill their AI needs.
This trend towards outsourcing AI development may be a response to the talent shortage highlighted in the survey. As Mulhare noted, “Lack of qualified talent has been something we’ve been talking about since our inception in 2004 and is why many businesses come to us to help plug that internal skills gap.”
As AI continues to reshape industries, these findings suggest that companies are willing to make substantial investments to stay competitive. However, the success of these initiatives will likely depend on how effectively businesses can navigate challenges such as data security and talent acquisition in the rapidly evolving AI landscape.