The hosts discuss predictions for enterprise technology in 2024, including IT spending, Gen AI, AI ROI, cybersecurity, and tech budget expectations. The influence of hyperscalers and sophisticated data companies in the AI journey is explored, as well as the emergence of a power law in 2024. The importance of data quality in AI, surprising decline in cloud migration, and rebound and innovation in the cloud are also discussed.
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Quick takeaways
Tech spending predicted to increase by 4-5% in 2024, with concerns about backloaded growth.
AI budgets often come from sources other than the customer, posing challenges and opportunities.
57% of organizations anticipate achieving AI ROI within a year, despite ongoing challenges.
Certain industries and specialized AI models are dominating the market, while legacy companies regain presence.
Data quality and governance drive preference for trusted platforms like AWS, Azure, and Snowflake.
Deep dives
Tech spending increases in 2024
Tech spending is predicted to increase by 4 to 5 percent in 2024, although concerns remain about the backloaded nature of the growth.
AI is a two-edged sword
AI is seen as both helpful and challenging, with 40% of customers stating that their AI budgets come from elsewhere.
2024 is a year of AI ROI
57% of organizations expect to achieve AI ROI within a year, while challenges such as data quality and legal concerns persist.
Power law emerges in 2024
AI dominance is seen in certain industries with large models and specific models taking shape, while specialized AI remains in the long tail.
Legacy companies rebound with acquired assets and AI
Legacy companies like IBM, Oracle, and Dell are showing a renewed presence in the market, aided by AI, laptops, and acquired assets.
Data quality and governance favor trusted platforms
The importance of data quality and governance drives favor towards trusted platforms like AWS, Azure, and Snowflake.
Renewed importance of data literacy and skills
Increased focus on data literacy and skills development is necessary to properly leverage gen AI and self-service capabilities.
Cyber analytics, AI, and collaboration remain top tech priorities
Cybersecurity, analytics, AI, collaboration, and cloud networking automation continue to be key areas of focus for organizations.
Legacy companies emphasize cybersecurity
Legacy companies are prioritizing cybersecurity, with a focus on identity, vulnerability management, and network security.
Tech priorities reflect industry trends
Tech priorities align with industry trends, including cybersecurity, AI, collaboration, and cloud networking automation.
