Menlo Ventures' 2024 State of Generative AI Report Reveals 6x Spike in Enterprise Spending as Market Leaders Shift [Yahoo! Finance]
MongoDB, Inc. - Class A (MDB)
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Source: Yahoo! Finance
Generative AI Spend by Category Market Share of LLMs MENLO PARK, Calif., Nov. 20, 2024 (GLOBE NEWSWIRE) -- Menlo Ventures, a leading venture capital firm investing at the forefront of AI, released its second annual State of Generative AI in the Enterprise report today. The research reveals enterprise spending on generative AI surged more than 6x in 2024, jumping from $2.3 billion to $13.8 billion as businesses made a decisive shift from AI experimentation to implementation. The comprehensive report, based on a survey of 600 enterprise IT decision-makers from companies with 50 or more employees, shows that while optimism around the transformative potential for generative AI is high—72% of decision-makers expect broader adoption in the near term—enterprises remain focused on identifying high-value use cases, signaling we are still in the early stages of a large-scale transformation. “2024 marks the year that generative AI became a mission-critical imperative for the enterprise,
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