“Verizon Study: AI Adoption Skyrockets Among Small Businesses – Key Findings Revealed!” 

What you need to know:AI usage has more than doubled compared to 2023, with almost 2 in 5 reporting their business currently uses AISMBs are increasingly investing in tech, with decision-makers noting it helps address challenges, save costs and boost revenueMore SMBs are tapping social media platforms, with 84% of respondents using Facebook for promotion and customer engagementFrom October 14-20, Verizon Business is offering small businesses a free “tech check” to assess their current solutions and help identify what they need to succeedNEW YORK – Verizon Business today announced the findings of its fifth annual State of Small Business Survey, conducted by Morning Consult. Despite soaring concerns about their business’ financial security and personal job security, the survey found that small to midsize businesses (SMBs) across the country are investing in technology more now than the past three years, both foundational and emerging. The survey data is based on responses from 621 SMBs.Key findings:AI awareness is driving AI adoption. In the past year, the number of SMBs using AI has doubled (39% of SMBs are using AI in 2024 compared to 14% in 2023), in large part due to the growing familiarity with and accessibility of AI and its business applications. A rise in AI awareness among SMBs has a dual impact: decision-makers are more likely to perceive benefits, but it can also heighten security concerns.SMBs are investing in tech more than they have in the past three years. As more SMBs conduct more business online (38% added online/digital operations in the past year), technology investments among SMBs have grown to support that digitalization. Upgrades to internet connection have formed a big portion of those investments, with 66% of respondents upgrading their internet bandwidth.Despite economic anxiety, SMBs remain optimistic. The majority of SMBs (83%) are worried about rising inflation and its impact on their business, and about four out of five are worried about the U.S. economy in general. Additionally, concerns about their business’ financial security (62%) and their personal job security (54%) have grown over 10% in the past year. Yet even with broader economic anxiety, SMBs remain optimistic about their near-term prospects. About half of respondents expect their personal (50%) and their business (51%) financial security to improve in the coming months. Additionally, the majority of SMBs (59%) believe their business will be in a better economic position next year.Brick-and-mortar makes a comeback for holiday retail. Despite concerns about the holiday season, namely the perceived need to price goods and services to keep up with inflation, most SMBs have a positive association with the holidays. Small business owners see increased demand during Small Business Saturday (59%) and throughout the holiday season (73%). Additionally, more than half of retailers (52%) are preparing for an in-store-first holiday season, representing a 13-poi