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85% of polled executives say spending in AI and GenAI will increase in 2024

At this point, the fact that so many executives plan to increase spending in AI and GenAI shouldn’t surprise us. Some results from this recent BCG study highlight interesting facts that portend tailwinds for software and hardware companies. Tech investments seem to pick up steam in 2024, with 71% of executives saying they plan to increase spending, up from 60% in 2023.

Embracing upskilling while acknowledging the need for more training on AI is another clear conclusion from the survey. Most executives agree that only some in their organizations have received the necessary guidance to understand the scope of benefits from AI. The limited training up to this point increases the difficulty for leaders to correctly identify business problems for which AI can become a solution.

Companies in the technology services space can help their customers in the exciting and still-to-be-defined journey of generating benefits – more revenues or reduced costs – from implementing AI and GenAI. The need to help customers is even more urgent, considering that a competitive gap seems to be opening between those companies embracing the new technology and those lagging


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