A new report out today from cloud solutions and technology provider Searce Technologies Inc. has found that large companies in the U.S. and the U.K. are making significant investments in artificial intelligence, including that nearly one in 10 companies plan to spend more than $25 million on the technology.

The 2024 State of AI report, based on a survey of 300 C-suite and senior technology executives in organizations with at least $500 million in revenue, examined the biggest trends, successes and challenges facing large companies when it comes to AI decision-making, strategy and execution.

The survey found that 8% of large companies in the U.K. and 7% in the U.S. plan to spend more than $25 million on AI, but at the same time, there are concerns about some of the challenges of adopting AI into everyday use. The challenges vary depending on the country, with 20% of decision-makers in the U.S. citing data privacy and security as their top concern, while in the U.K., 19% cited a lack of qualified talent as their number one concern.

Overall, 31% of businesses in the U.K. and 35% of those in the U.S. were found to be investing in AI to drive new business growth. The vast majority of those surveyed — 96% in the U.K. — said they view AI adoption as a key business priority, with most rating their AI implementations so far as being successful. A further 31% of respondents said they plan to increase their spending on AI by 26% to 50% in the coming years.

As for how companies are using AI, slightly more than half of all respondents said that they had purchased solutions or partnered with external providers to fulfill their AI needs rather than building an in-house solution.

“As global investments in AI continue to rise, as our research has found, it is crucial for businesses to focus not just on spending, but on the tangible returns these investments can deliver,” said Julian Mulhare, managing director for Europe, the Middle East and Africa at Searce. “Strategic AI adoption can transform operations and drive significant growth.”

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