JULY 30, 2024
Spending on artificial intelligence (AI) technologies is expected to skyrocket to $297 billion by 2027, up from $124 billion in 2023 – according to a recent Gartner report. In addition, Markets and Markets predicts that the AI market value will surge to $1.3 trillion by 2030. Advancements in both traditional and generative AI technologies are driving this upward trend, and enterprises are looking to capitalize on early investments.
AI is here to stay and will only be increasing in importance in almost all parts of business. There is no ‘opt out’ decision if you hope to stay relevant in the market and viable in business.”
- Evanta CISO community member
C-level executives across Evanta’s communities have expressed an urgent desire to learn more about the opportunities of AI as well as identify their next steps. Recently, we conducted an AI survey of nearly 1300 C-level executives to better understand our community members’ progress towards AI adoption, including their approach to obtaining AI tools.
Three Quarters of C-level Executives Started their AI Journeys
It is promising that three quarters of respondents reported they are already experimenting with or implementing AI and generative AI in their businesses. Almost half of executives have developed AI use cases or are piloting projects, 15% have completed pilots and are evaluating the results, and 14% have achieved measurable results from their AI initiatives.
Looking at each C-level function individually, CISOs and CDAOs are the most advanced in testing AI capabilities, while CHROs are the furthest behind with 40% of HR leaders saying they still have work to do before they can begin implementation. One CHRO commented, “I am anxious to learn more and deploy as many use cases as possible to drive a more efficient HR organization and to optimize employee productivity.” Other HR leaders shared that they would like to “move quicker” and “catch up.”
Over 80% of C-level Executives are Buying AI tools
In the survey, we asked C-level executives about their organizations’ approaches to new AI tools and if they plan to buy or build their own capabilities. Across the board, the vast majority of C-level executives (84%) say they are buying new AI tools. This is split between 43% of respondents reporting that they are mainly buying new AI tools and 41% citing equally buying and building new AI tools. Only 7% said they are predominantly building new AI tools.
One executive who cited that their organization is buying new AI tools commented, “We recognize the value in utilizing established AI tools and platforms that are readily available in the market. These solutions come with the advantage of being well-tested and supported by dedicated teams, ensuring reliability and performance.” Another said, “When the time comes, we’re definitely buying, because we do not have the expertise nor the resources needed to build.”
For those equally buying and building AI tools, many mentioned that the decision will be driven by the use case. One executive commented, “We’re building some differentiating tools, but we’re also leveraging current vendors adding AI to existing platforms we use.” Another shared, “We’re definitely taking a hybrid approach – leveraging embedded technologies, but with our own large language models.”
AI is a tool that has to be applied wisely to a business problem. AI can unlock tremendous value for the business across both top line and bottom line.”
- Evanta CDAO community member
Executives Lean on Peers, Vendors and Events for AI Information
We also asked our community members an open-ended question about how they learn about AI and find best practices and applicable use cases. Through their responses, it is evident that C-level executives are learning about AI through networking, events, and solution providers.
Approximately half of executives explicitly mentioned that they are advancing their AI knowledge through networking with peers, conferences and events – with many naming their Evanta community. Almost 30% said that they are tapping into vendors’ and technology partners’ expertise to improve their understanding of this emerging technology. Articles, demos and webinars were also frequently mentioned. Here is a sample of their comments:
Attending several presentations by vendors and working collaboratively with peers”
Evanta conferences! And meetings with peers, customers, and prospects”
Conferences, articles, vendors, my team and others that I trust”
Conferences, peer discussions, vendors”
At Evanta, more than 14,000 C-level executives participate in 107 communities around the world, and we host over 400 C-level events each year. In 2024, executives requested for traditional and generative AI to be on nearly every event agenda, including sessions from sponsors on this topic.
They are eager to learn about the future actions they need to take to be competitive in this space and how to navigate common challenges. One C-level member commented, “AI has tremendous potential to help IT teams operate more efficiently, but a few areas such as security, privacy, ethical usage, etc. have to be addressed first.”
Evanta provides a platform for sponsors to build trust with C-level executives by establishing their thought leadership in a setting that cannot be found anywhere else. Our sponsorship offerings include:
- The ability to connect in person with the hardest-to-reach C-level executives, who are highly invested in the Evanta community and our ‘by, for’ model.
- Small gatherings that let sponsors establish and strengthen relationships with prospects and customers and have a seat at the table for high-value conversations.
- Multiple opportunities to meet customers and prospects face-to-face each year in environments where executives are actively seeking new ideas and peer-validated solutions.
If your business has expertise in AI or other innovative enterprise solutions, learn more about sponsoring Evanta C-level communities and programs and how we can help your message resonate with C-level decision makers by contacting us.
