Enterprise spending on generative artificial intelligence (AI) increased sixfold in 2024 as businesses began implementing the technology after first experimenting with it.
This spending reached $13.8 billion, up from $2.3 billion in 2023, venture capital firm Menlo Ventures said in a Wednesday (Nov. 20) press release.
“2024 marks the year that generative AI became a mission-critical imperative for enterprise,” Joff Redfern, partner at Menlo Ventures, said in the release. “The numbers tell a dramatic story of organizations moving beyond pilots to embedding AI at the core of their business strategies.”
Seventy-two percent of enterprise IT decision-makers from companies with 50 or more employees expect to see broader adoption of generative AI “in the near term,” the release said.
At the same time, the decision-makers said the transformation is not yet large in scale, as enterprises are focusing on high-value use cases for the technology, according to the release.
Generative AI is being deployed across departments, the release said, with IT leading the way and accounting for 22% of spending. Other teams and their share of spending on the technology include product (19%), support (9%), data science (8%), sales (8%), marketing (7%), human resources (7%) and finance (7%).
Healthcare is the leading vertical in terms of spending on generative AI, at $500 million, per the release. Other top verticals include legal services ($350 million), financial services ($100 million) and media/entertainment ($100 million).
As for foundation models, the release said that organizations typically deploy three or more such models and that OpenAI’s enterprise market share declined from 50% to 34% since 2023, while Anthropic’s share increased from 12% to 24%.
“With foundational infrastructure in place, enterprises can now shift their focus to the application layer, driving innovation and competition in real-world use cases,” Menlo Ventures Partner Tim Tully said in the release. “We expect to see the true value of AI emerge — transforming industries and unlocking entirely new markets.”
The financial sector stands on the brink of a major shift as AI tools become more integrated into banking, according to the PYMNTS Intelligence and NCR Voyix collaboration, “Is AI the Master Key to Banking’s Next Era?”
The report found that 72% of finance leaders are actively using AI in their operations.
We get a lot of press releases here at PYMNTS. We consider all of them, and some are more newsworthy than others. But this one really got our attention. This past week, Diebold Nixdorf made headlines with its announcement of successfully installing two new automated teller machines (ATMs) at the U.S. National Science Foundation’s McMurdo Station in Antarctica. This achievement marks a significant milestone in banking accessibility, to be sure. We would like to meet the crew that installed them. We’d also like to know why they needed two. Was there a line at the first one? More to come on that.
According to Diebold, McMurdo Station is Antarctica’s largest research and logistics hub, supporting a fluctuating population that ranges from fewer than 200 residents during the winter months to up to 1,100 individuals during the summer (October through February). The presence of these ATMs is crucial, it says, as the next closest banking facilities are thousands of miles away, making them the only ATMs on the entire continent. How’s that for a value proposition?
The DN Series ATMs are designed for always-on availability. And why do they need two? One ATM is actively in use, while the second serves as a backup for spare parts, ensuring uninterrupted service in this isolated area. These machines are connected to the DN AllConnect Data Engine, which leverages Internet of Things (IoT) connectivity, machine learning, and artificial intelligence (AI) to monitor their performance. A dedicated team continuously aggregates and analyzes technical data to identify potential issues, enabling remote diagnostics and repairs. The ATM can be maintained by trained staff at NSF McMurdo Station, or the Diebold Nixdorf service team can remotely guide them through the repair process.
Anyway, it got us thinking. Are there other surprising ATMs in extreme locations? Well, of course, there are. Here’s a sampling of what we found.
At an altitude of about 5,364 meters (17,600 feet), the Mount Everest Base Camp in Nepal is another unexpected place to find an ATM. Although it’s not a permanent fixture and is often set up seasonally, it caters to climbers and trekkers who need cash for local transactions. This temporary ATM service underscores the adaptability of banking services in extreme environments.
In some parts of the Amazon rainforest, particularly in Brazil and Peru, ATMs can be found in small villages and towns. These machines are vital for local communities, providing access to cash in areas where digital payment options might be limited. The presence of ATMs here demonstrates how banking services can reach even the most remote communities.
Located in the Tibet Autonomous Region, Nagqu is home to one of the highest ATMs in the world. This region is very remote, with limited infrastructure, making the presence of an ATM a notable example of banking accessibility in extreme environments.
In the Thousand Islands (Kepulauan Seribu) off the coast of Jakarta, Indonesia, there’s a floating ATM. This unique ATM serves the local community and tourists on the islands, demonstrating how banking services can adapt to isolated marine environments.
Longyearbyen, the administrative center of the Svalbard archipelago in Norway, boasts the most northerly ATM. This location is one of the most remote inhabited places on Earth, with limited access to mainland Norway, making the ATM a vital service for residents and visitors.
On a more serious note, the installation of ATMs in places like Antarctica and other remote locations highlights the evolving nature of banking technology. With advancements in IoT, AI and remote diagnostics, it’s becoming increasingly feasible to provide banking services in areas previously considered inaccessible. As we look to the future, it will be interesting to see where else ATMs might appear. Whether it’s on a remote island, at the top of a mountain or even in space, the ability to access cash is becoming more universal than ever. And who knows? Maybe one day, we’ll see an ATM on Mars, serving the first interplanetary travelers.
For now, the presence of ATMs in unexpected places reminds us that banking is not just about transactions; it’s about connecting people and communities across the globe, no matter how remote they might be.
