Vention Finds that 96% of Companies Identify AI as Critical for Business Success, Challenges Rise in Sourcing AI Expertise

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Dec 20, 2023, 10:00 ET

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

NEW YORK, Dec. 20, 2023 /PRNewswire/ -- 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 of companies 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 that have AI expertise.

Vention works at the forefront of these evolving trends, offering cutting-edge solutions to address the dynamic AI needs of the software development landscape in 2024 and beyond. Learn more about Vention's artificial intelligence insights, trends, and offerings — or visit Vention's award-nominated State of AI report.

About Vention
Vention is a premier global leader in software engineering, synonymous with technology designed for scale and the common denominator behind the world's most successful tech-empowered enterprises and Fortune 500 companies, industry innovators, and startups. Headquartered in New York, Vention provides access to 3,000+ engineers worldwide across its 20+ global offices. Vention's developers bring extensive experience in AI/ML, application development, cloud, data analytics, DevOps, IoT, mobile, web, and more to deliver high ROI and performing products. For over 20 years, Vention has equipped technology leaders with the top engineering talent from the world's most respected tech hubs to scale their operations to new heights. Follow us on LinkedIn, Facebook, and Instagram.

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SOURCE Vention Solutions Inc.