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AI spending surges, amid signs of tightening budgets
In Q2 2024, spending on Ramp cards increased across companies of all sizes, especially with AI vendors—but hints of cost cutting are on the horizon. Get the full report.
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Summary
What you'll learn
Billions of dollars are processed on Ramp monthly, making Ramp the first to know about market trends and vendors on the rise. See what companies purchased in Q2 2024, by organization size, sector, and vendor.
Key findings
01
Despite a job market favoring employers, businesses of all sizes kept recruiting spending flat and boosted spending on flexible labor solutions like Upwork instead. Companies may be adopting a "wait-and-see" approach with current market turmoil and upcoming elections.
02
After several quarters of increasing advertising spend, companies are reining in ad budgets. Average spending on advertising dropped 5.2% this quarter, perhaps indicating that businesses are anticipating choppier waters ahead.
03
On a more positive note, companies are making bigger and longer-term AI investments. Longer-duration and prepaid services tend to go on AP—and in Q2, mean AP spend with AI vendors rose 375% year over year.
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