Almost half of the companies surveyed by CNBC say that AI is their top priority for tech spending over the next year.

Additionally, AI budgets are growing exponentially: more than double the second-biggest spending area in tech, which is cloud computing.

As explained by an AI executive, this comes as AI becomes an increasingly permanent part of today’s business world.

Commenting on this, co-founder, Brian Sathianathan, said: “AI isn’t just a trending buzzword, It’s a growing and permanent fixture in today and tomorrow’s world. These survey results demonstrate its vital role as the cornerstone of technological progression. As companies increasingly prioritize AI over other tech spending areas like cloud computing, we’re witnessing not just a trend, but a paradigm shift, reflecting AI’s transformative potential and its definitive place in our future.”

The significant emphasis companies are placing on AI, as shown in the CNBC survey, signals a collective understanding of AI’s transformative potential. The exponential growth in AI budgets, surpassing even pivotal areas like cloud computing, is a testament to its role as the driving force of technological advancement. We are witnessing a future being shaped where AI isn’t just an option, but a necessity. is an AI-powered low code software and ecosystem intended to accelerate innovation projects within large enterprises. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Recently listed as one of the The KMWorld’s AI 100, Iterate’s platform accelerates the development and deployment of AI-centric enterprise applications and their low-code environment empowers them to develop and deploy digital solutions faster, enabling enterprises to go to market 17x faster with their digital initiatives.