85% of companies plan to maintain or increase AI and/or cybersecurity spending in 2024
Clutch, the leading global marketplace of B2B service providers, today released its findings from a survey of 500 small businesses in the US with intentions to invest in digital transformation projects in 2024.
The survey reveals the growing trend in AI-powered tool development for small businesses, and sheds light on outsourcing needs to successfully execute these projects. Key survey findings include:
- Building AI tools and improving cybersecurity threat detection are the top digital initiatives for 2024.
- 85% of small businesses will maintain or increase spending on AI and/or cybersecurity.
- 99% of small businesses investing in digital transformation will get help from an external service provider in 2024.
- Data security risks and integration challenges with legacy systems concern small businesses most when preparing for new tech.
- Industry experience and technical expertise are top requirements from SMBs for external service providers.
“In 2023, AI integration in small businesses set the stage for 2024,” said Sergei Dubograev, Clutch Vice President of Development. “Our survey shows that small businesses plan to not only continue using AI tools for internal efficiency but also to continue developing their own products using AI for a better user experience. Small business leaders often seek guidance in detecting risks and threats when building these tools because of how much cybersecurity and development are intertwined. As businesses adopt new ways of using these technologies, 2024 will witness increased demand for AI and cybersecurity services.”
Survey results show the top reasons small business leaders are choosing to invest in digital transformations are better communication and organization, improved security, and increased access to information. Additionally, small business leaders’ largest concerns around these transformations are mostly implementation oriented, with the top concerns being data security risks and integration issues.
The full survey results can be viewed in today’s newly published report, “Small Businesses Shift to Self-Made AI Tools in 2024.”
Clutch surveyed 500 small businesses in the US with intentions to invest in digital transformation projects in 2024. The survey accounts for companies with 1,000 employees and fewer across a broad cross-section of industries. Twenty-eight percent (28%) of respondents’ businesses have 2 to 10 employees; 24% have 11 to 50 employees; 27% have 51 to 250 employees; 21% have 251 to 500 employees.
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