Survey: Small-to-mid-sized businesses continue adopting AI

Artificial intelligence isn’t just for large businesses anymore, according to a new survey.

The fifth annual State of Small Business Survey from Verizon Business and Morning Consult reveals that in the past year, the number of small and midsize businesses (SMBs) using AI has doubled. Nearly four-in-10 (39%) SMBs are using AI in 2024, compared to just 14% in 2023, in large part due to the “growing familiarity with and accessibility of AI and its business applications.”

Thirty-percent of SMB leaders strongly agreed that AI helps them “save time in specific tasks and areas,” freeing up time to focus on core business goals, while 37% somewhat agreed. Twenty-eight percent strongly agreed that their business is exploring AI, and another 28% strongly agreed that AI can help generate additional revenue streams.

SMBs are investing in tech more than they have in the past three years. As more SMBs conduct more business online (38% added online/digital operations in the past year), technology investments among SMBs have grown. Upgrades to internet connection have formed a big portion of those investments, with 66% of respondents upgrading their internet bandwidth.

“Small business owners are getting the hang of AI, discovering how it can automate time-consuming tasks and enabling them to focus more on their core business operations,” said Aparna Khurjekar, chief revenue officer, business markets and SaaS, Verizon Business. “Despite economic and financial concerns, they’re still investing in faster internet, AI tools and social commerce because they understand how these technologies are crucial for their success. That is where Verizon Business plays a large role, as we are invested in the SMB community and are the partner of choice as they navigate the ever-changing business and consumer landscape.”