Verizon surveys shows soaring AI adoption among small businesses

A recent Verizon Business survey reveals a dramatic increase in AI adoption among small and midsize businesses (SMBs) in the United States, with usage more than doubling from 14% to 39% between 2023 and 2024.

Key findings: The fifth annual State of Small Business Survey, conducted by Morning Consult across 621 SMBs, demonstrates significant shifts in technology adoption and business strategies.

• AI implementation has seen substantial growth, with businesses leveraging automation for improved efficiency
• 38% of SMBs added digital components to their operations in the past year
• 66% of businesses upgraded their internet bandwidth to support expanding online presence

Technology integration and digital transformation: Small businesses are rapidly embracing digital tools and platforms to enhance their operations and customer engagement.

• Facebook leads social media adoption at 84% usage among SMBs
• Instagram (67%), LinkedIn (64%), YouTube (64%), TikTok (57%), and X/formerly Twitter (54%) follow as key platforms
• 39% of businesses now maintain social media storefronts

Economic outlook: Despite facing significant challenges, SMBs maintain a cautiously optimistic stance about their future prospects.

• 83% of businesses express concerns about inflation
• 62% worry about financial stability
• More than half anticipate improved financial conditions in coming months
• 52% of brick-and-mortar retailers are preparing for an in-store-first approach during holiday seasons

Support initiatives: Verizon Business is implementing various programs to assist SMBs in their digital transformation journey.

• Free “tech check” consultations offered during Small Business Days (October 14-20)
• Special promotions including free 5G phones for new business customers
• Small Business Digital Ready platform providing free training on AI, marketing, and financial planning
• Program has supported over 360,000 businesses toward a goal of helping one million SMBs by 2030

Future implications: The substantial increase in AI adoption and digital transformation among SMBs signals a fundamental shift in how small businesses operate and compete in the modern marketplace, though questions remain about the long-term impact of these technological investments on business sustainability and market competitiveness.