AI investment soars in European SMBs

The latest study from Spendesk, a comprehensive spend management solution catering to SMEs, reveals significant insights into the burgeoning AI sector, particularly its impact on European small and medium-sized businesses (SMBs).

The study, surveying European companies, focuses on business expenditure related to AI tools. It highlights a notable increase in both the total spending and the number of transactions per business associated with AI.

Key findings include that 40% of European SMBs have paid for AI tools, with the average spend per company escalating from €431 in 2022 to €675/£581.81 in 2023. The study underscores ChatGPT as the most widely used AI tool, accounting for 85% of transactions across the UK, Germany, and France. Other notable tools include MidJourney and Fireflies.ai. The UK, despite showing lower growth in transaction volume compared to France and Germany, emerged as the highest spender on AI tools on average, with a figure of €835/£719.52.

Spendesk’s VP Europe, Stephane Baranzelli, said, “Investment in artificial intelligence tools ramped up last year, despite economic uncertainty, with OpenAI in particular driving the democratisation of AI and its many uses.

“While 2023 centred around the discovery and adoption for AI, in 2024, its widespread implementation will be evident across companies of all sizes and industries. The organisations that take a considered and educated approach, combining AI with human intelligence, will reap the biggest rewards these tools can offer.”

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