AI emergence as a critical business tool leading to spending intent – US Technology Demand Indicator for Q3 2023

Artificial intelligence is one of the top three areas of positive US enterprise spending intent, according to an analysis of S&P Global’s US Technology Demand Indicator, a survey-backed composite of US intent to spend on technology.

During the current period of overall negative enterprise attitudes toward spending on technology, the shifting perspective on AI technologies has made it one of several bright spots of positive spending intent (represented on a 100-point scale describing intent to spend), along with cloud computing and information security — two areas of connected technology.

The strongest of those scores came in areas where enterprise spending is broad-ranging and consistent, and decreases are uncommon: cloud infrastructure and services (66.0) and information security (63.73). AI, which ranked slightly behind these in terms of positivity (61.46), is unlike those areas in that it is only now transitioning from being viewed as an emerging or experimental technology into a more critical business tool.

Planned or necessary investment in AI during the next several months is likely to drive further spending in these other categories because both data protection controls and compute resources are necessary ingredients of any AI undertaking.

See more: S&P Global’s Tech Demand Indicator is a recently launched resource that offers a high-level signal of intent to spend on technology, based on surveys of US businesses and consumers. The resource includes an interactive visual dashboard that, along with high-level composite views, enables users to view various segmented views of the signal, as well as more detailed views of what areas of technology are seeing stronger spending intent, and what external factors are influencing spending decisions. Visit the Tech Demand Indicator landing page to view the interactive dashboard and recent reports.

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