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96% See AI as Business Critical, Face Expertise Challenges

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In its survey on 2024 technology business trends for software development, Vention explores the emergence, rise, and impact of artificial intelligence.

Vention, a leading global software development services company, has released key findings from a comprehensive proprietary survey involving over 160 US- and UK-based technology CEOs and decision-makers from scaling and mature companies. The survey focuses on artificial intelligence urgency, anticipated trends in software development, and engineering needs for 2024, shedding light on vendor selection processes, hiring behaviors, business challenges, and embracing and applying artificial intelligence.

Significant investments and the mainstream recognition of AI in 2023 were pivotal for the technology category. As a result, 96% of companies identified AI as a critical part of their business’s success in 2024, and nearly two-thirds rated AI expertise as a necessary part of their team. Decision-makers see artificial intelligence as a tool to enhance efficiency and quality, particularly in tasks like code bug detection, performance improvement, and streamlining repetitive activities.

Participants from different company growth stages reported varying expectations regarding AI applications:

  • Seed-stage companies plan to use AI for predictive analytics and chatbots.
  • Scaling companies plan to leverage AI for predictive analytics, cybersecurity enhancement, and streamlining repetitive tasks.
  • Mature companies are currently using AI for documentation generation and further efficiency.

AI is a priority for decision-makers in 2024, and nearly 70% of leaders pointed to sourcing specialized software engineers as their primary challenge for adopting the technology. When discussing general software development challenges, one-third of respondents listed building scalable solutions, time to market, and technical leadership as their top struggles. For these business leaders, geographical considerations play a positive role, with 85% of companies expressing openness to hiring offshore. These hiring behaviors emerged as another significant trend, with nearly three-fourths of scaling companies and over two-thirds of mature companies signaling the need for seven or more full-time developers. This demand underscores the growing importance of robust software development teams with AI expertise.

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