AI spending is on the rise. Here are the 10 most popular companies people are using
OpenAI, Midjourney, and more are the top AI companies people are spending money on, according to a report from Ramp.
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- More businesses are upping their bets on AI tools.
- OpenAI, Midjourney, and more are the top AI companies people are spending money on, Ramp reported.
- Big Tech is pairing up with increasingly popular services or creating its own AI services.
The business of artificial intelligence is booming, and its key players are helping companies grow in all areas.
Spend management company Ramp published a Q1 spending report on which AI companies its clients are paying for. It found that non-tech businesses are using AI more — especially in healthcare and finance.
In its report, Ramp compiled a list of the top 10 AI vendors based on thousands of transactions on the corporate cards of clients. The list includes familiar names in generative AI like OpenAI and Midjourney, and more specialized tools like ElevenLabs.
"OpenAI's generative AI models like ChatGPT have been really useful for functions like customer service, marketing, and engineering, while Midjourney and ElevenLabs most likely appeal to more artistic teams in brand and design," Rahul Sengottuvelu, Head of Applied AI Platform at Ramp, told Business Insider.
Here are the top 10 AI vendors on Ramp.
- OpenAI
- Midjourney
- Anthropic
- Fireflies.ai
- ElevenLabs
- Perplexity AI
- Instill AI
- Instantly.ai
- Beautiful.ai
- Pinecone
It's no surprise that the ChatGPT-maker OpenAI is king, followed by more generative AI services. According to Ramp's data, 82% of companies that paid for OpenAI in 2023 are still spending money on them a year later.
But, specialized "narrow" AI, which Ramp described as tools that mimic human intelligence for a specific task, is gaining popularity.
Fireflies.ai — the highest-ranking narrow AI tool on the list — is a service that will transcribe, summarize, and analyze conversations and advertises its ability to "automate your meeting notes," according to its website.
As it — and others — on the list gain popularity, big tech is placing its bets. Amazon has pledged billions to partner with Anthropic — an AI safety and research company with a chatbot named Claude.
Meanwhile, Microsoft paired up with OpenAI in 2019 in a move that Microsoft CTO Kevin Scott called "basically a bet" on Reid Hoffman's "Possible" podcast last week.
So far, it's been paying off.
"These vendors cater to a wide range of business needs, provide scalable AI solutions that can grow with your business, and, we believe, represent the forefront of innovation and continuous improvement in this AI era," Sengottuvelu told BI.