In a recent article by Gartner, studies have shown that artificial intelligence is no longer a niche technology. In 2023, the number of AI software listings on Gartner Digital Markets nearly doubled, and AI product reviews increased by 2.5 times.
This rapid growth is a clear indicator that AI has captured the attention of software buyers and sellers like no other technology. To better understand buyer expectations and the future of AI, Gartner conducted a 2024 Software Buying Behavior Survey, gathering insights from 2,499 technology buyers. Based on this survey and Gartner’s research, four key AI software trends are shaping buyer behavior in 2024 and beyond.
Here’s what technology providers need to know to navigate the evolving AI market.
AI Investment Is Becoming a Business Imperative
In 2024, 92% of organizations plan to invest in AI-powered software, with 71% certain or extremely likely to do so. This highlights that AI is no longer optional; it’s becoming a necessity for businesses. Generative AI, popularized by tools like ChatGPT and DALL-E, are driving this widespread adoption due to their productivity and time-saving benefits. Gartner predicts that by 2027, generative AI will account for over one-third of AI software spending.
How is ASK BOSCO® evolving?
ASK BOSCO® has worked on developing and integrating AI features that enhance the core capabilities of our platform. Intuitive AI Reporting is our latest feature which allows users to ask reporting questions and receive quick insights and metrics displayed with real time data (displayed in customizable charts and graphs). Users can customize and build their own reports using this feature too.
AI as a Strategic Tool in Economic Uncertainty
Economic uncertainties are prompting businesses to turn to AI as a strategic advantage. According to Gartner’s survey, 61% of businesses plan to increase their technology budgets in 2024, with 92% focusing on AI-powered solutions. The driving force behind this trend is AI’s ability to streamline operations, optimize resources, and provide a competitive edge in challenging economic times.
How can ASK BOSCO® help?
Using statistical modelling and advanced machine learning, ASK BOSCO®’s Budget Planner tells you exactly where to spend your media budgets online. With 97% accuracy ASK BOSCO®’s Budget Planner can optimise your revenue with AI-based PPC & social media budget planning.
The Demand for Enhanced Functionality Is Growing
As businesses adopt new software, they’re increasingly looking for additional functionality, and AI can help meet these demands. According to Gartner’s survey, 61% of businesses plan to upgrade their recently purchased software to gain more features. AI tools, such as predictive analytics and automated reporting. Can transform existing products into indispensable tools that enhance customer satisfaction and loyalty.
What has ASK BOSCO® done to improve functionality?
Wev’e listened to customer feedback to identify the most desired functionality and suggestions for ease of use across the platform. We are always improving our ASK BOSCO® platform but from the 14th August, there’s a new navigation menu. Making it easier for you to access the tools you need. AI Reporting is our biggest update to date. Giving users the ability to instantly build reports by asking our intuitive AI to analyze your data using the ASK BOSCO® AI search feature.
AI Software Spending Will Continue to Surge
The AI software market is expected to grow from $124 billion in 2022 to nearly $298 billion by 2027. With a compound annual growth rate of 19.1%. This growth indicates significant opportunities for software providers who can effectively integrate AI into their offerings. Notably, the market for AI platforms and AI-enabled applications is not expected to saturate until 2027.
