JP Morgan’s most recent CIO survey indicates that Microsoft (NASDAQ:) is in a strong position as technology budgets increasingly allocate funds to Artificial Intelligence, an area in which the technology company It is a leading force.
The survey, which reflects the opinions of 166 CIOs who oversee $123 billion in annual spending on enterprise technology, puts Microsoft ahead in every significant category:
- First in planned spending
- Most essential information technology mega-provider
- First option for Cloud Computing strategies
- Leader in projected market share of Infrastructure as a Service
- Main platform for general Artificial Intelligence activities
“Surprisingly, the projected future market share of cloud-based General Artificial Intelligence activities for Microsoft and OpenAI has increased year over year from 66% to 68%, despite significant investments from other large cloud service providers “the analysts highlighted.
In addition, CIOs praised Microsoft for its “leading role in AI” and as a “foundational element of our technology infrastructure.”
JP Morgan analysts noted that while spending on Artificial Intelligence is increasing, funding for other technology initiatives is decreasing.
“Chief Information Officers report that they currently allocate 5% of their information technology budgets to AI-enhanced computing hardware, and expect this to increase at an annual growth rate in the mid-40% to 14.5%.” of their technology budgets over the next three years,” the analysts reported. “As organizations develop their overall AI strategies, 33% of CIOs are reallocating funds from other projects, with older systems/improvements and infrastructure being hardest hit. However, 62% of “Chief Information Officers are not reallocating funds from other projects, indicating that most AI investments will be covered by additional funding.”
In addition to Microsoft, firms that performed well in the survey across several categories include Amazon AWS (NASDAQ:), Google (NASDAQ:), CrowdStrike (CRWD), ServiceNow (NOW), and Salesforce (NYSE:). SAP (NYSE:) and Zscaler received “special recognition.” On the other hand, Confluent (CFLT), Zoom Video (ZM), Oracle (NYSE:), and IBM (NYSE:) were categorized as “sellers that are not performing as well.”
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