Corporate investment in AI is on the rise, driven by the tech’s promise

It’s a virtual gold rush

It’s safe to say that AI is top of mind for enterprises — assuming it wasn’t before.

According to a recent Accenture survey, 63% of organizations are now prioritizing AI over all other digital technologies. That might sound drastic. But on the other hand, it’s not entirely surprising, what with tech like GPT-4 and ChatGPT dominating the conversation about digital transformation.

Accenture’s stats are similar to McKinsey’s, which show that more than half of companies are investing more than 5% of their digital budgets in AI. Sixty-three percent, meanwhile, say that they expect their investment to increase over the next three years.

The enthusiasm is reflected in the growing financing AI startups have been able to attract. An analysis published by WriterBuddy, an AI content writing platform, found that corporate AI backing has risen consistently in the past decade, to the tune of billions.