New AI Data: 88% of SMBs Use AI and 40% Concerned about Security

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Our friends over at Pax8, a leading cloud commerce marketplace, released a new global report in collaboration with Microsoft and Channelnomics on the AI buying trends of Small and Midsize Businesses (SMBs).  

Key findings from the report include: 

  • 88% of SMBs have already implemented at least one AI system successfully 
  • 87% report that investing in AI promises long-term benefits and 70% note that AI has helped cut costs in an increasingly expensive business landscape 
  • 49% feel that the failure of keeping pace with AI adoption puts them at a disadvantage 
  • 40% cite concerns around data privacy/security as a technical challenge of AI adoption 

According to IDC, the global AI market will surpass $40B by the end of the year. Halfway into 2024, it seems as if real, sustainable growth is just beginning.

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