New data published by Menlo Ventures highlights the growing trend of generative AI as business spending in this domain surged 500% in 2024.
The figures jumped from $2.3B last year to $13.8B in 2024 as per the latest statistics revealed yesterday. Moreover, the report also shared how OpenAI surrendered enterprise AI market share, which fell to 34% from 50%. Meanwhile, Anthropic’s market share doubled to 24%. These results were a part of a survey from 600 leading enterprise IT decision-makers from organizations having 50 or more workers.
For now, OpenAI is yet to confirm the findings or provide any comments as requested. Menlo is a leading investor in Anthorpic, for those who are wondering so it’s definitely a reliable source for stats.
Speaking on CNBC, a partner at Menlo Ventures shared that a lot of this power shift is mostly due to the advancements seen in Claude 3.5. Since most firms are making use of three or more bigger AI models, this makes sense.
So many individuals are busy juggling models and this habit isn’t a good form of data that is easily comprehensible. Developers know the tricks of the trade, he continued. Therefore, they keep going back between various models that fit their usage best. In this case, it seems like Claude 3.5 is it.
When we look at Metea, the market share remained stagnant at 16% while Cohere’s share stood at just 3%. Google’s share rose to 12% while Mistral lost 1% to reach 5% this year.
On the other hand, foundation models like ChatGPT, Gemini, and Claude continued to dominate in terms of enterprise spending, getting investments worth $6.5B. In general, the report was bullish in nature regarding AI agents, investments, and top AI trends in the market. For now, we can confirm that Google, Amazon, Microsoft, and Anthropic are really making the most of AI agents.
They are one step further than chatbots and can carry out complex tasks alone, rolling out to-do lists independently. This way, it limits human intervention and works mostly on an automated mechanism.
When asked by experts if this AI agent phenomenon was revolutionary or not, the answer was yes. It stays true to its hype and while it might not cure cancer, it’s going to help the human race get more productive. It will also assist tech giants get the revenue that they’ve desired for a long time.
The report saw how code generation was the leading use in terms of Generative AI as more than 50% of all the replies in the survey named it so. Next came support and the top three concluded with enterprise search and data extraction, not to mention summarizing meetings.
Read next: Passwordless Future Is Now A Reality As New Study Says More Than 200 Top Companies Added Passkey Support
The figures jumped from $2.3B last year to $13.8B in 2024 as per the latest statistics revealed yesterday. Moreover, the report also shared how OpenAI surrendered enterprise AI market share, which fell to 34% from 50%. Meanwhile, Anthropic’s market share doubled to 24%. These results were a part of a survey from 600 leading enterprise IT decision-makers from organizations having 50 or more workers.
For now, OpenAI is yet to confirm the findings or provide any comments as requested. Menlo is a leading investor in Anthorpic, for those who are wondering so it’s definitely a reliable source for stats.
Speaking on CNBC, a partner at Menlo Ventures shared that a lot of this power shift is mostly due to the advancements seen in Claude 3.5. Since most firms are making use of three or more bigger AI models, this makes sense.
So many individuals are busy juggling models and this habit isn’t a good form of data that is easily comprehensible. Developers know the tricks of the trade, he continued. Therefore, they keep going back between various models that fit their usage best. In this case, it seems like Claude 3.5 is it.
When we look at Metea, the market share remained stagnant at 16% while Cohere’s share stood at just 3%. Google’s share rose to 12% while Mistral lost 1% to reach 5% this year.
On the other hand, foundation models like ChatGPT, Gemini, and Claude continued to dominate in terms of enterprise spending, getting investments worth $6.5B. In general, the report was bullish in nature regarding AI agents, investments, and top AI trends in the market. For now, we can confirm that Google, Amazon, Microsoft, and Anthropic are really making the most of AI agents.
They are one step further than chatbots and can carry out complex tasks alone, rolling out to-do lists independently. This way, it limits human intervention and works mostly on an automated mechanism.
When asked by experts if this AI agent phenomenon was revolutionary or not, the answer was yes. It stays true to its hype and while it might not cure cancer, it’s going to help the human race get more productive. It will also assist tech giants get the revenue that they’ve desired for a long time.
The report saw how code generation was the leading use in terms of Generative AI as more than 50% of all the replies in the survey named it so. Next came support and the top three concluded with enterprise search and data extraction, not to mention summarizing meetings.
Read next: Passwordless Future Is Now A Reality As New Study Says More Than 200 Top Companies Added Passkey Support
