Over 30% of Canadian SMBs now use ChatGPT, doubling their usage in just a year, reveals a new Float report
A report reveals that 32 percent of Canada's small to medium-sized businesses (SMBs) now subscribe to ChatGPT, marking a significant increase from just 14 percent in the first quarter of 2023.
This information comes from the Canadian Business Spending Trends report issued by the business financial services company Float, as reported by BNN Bloomberg.
Rob Khazzam, CEO and co-founder of Float, expressed his enthusiasm about this growth in artificial intelligence adoption during a television interview with BNN Bloomberg.
“We're seeing a huge increase in focus on automation and AI to unlock the efficiency and productivity of Canadian workers,” Khazzam said. He noted the broader acceptance of AI tools like ChatGPT, which has grown substantially in use since its introduction about a year and a half ago.
Khazzam highlighted that AI is now integrated into various business functions beyond just routine tasks. “What we're seeing is across an organization, whether it's the CEO, administration, sales, marketing, operations, engineering,” he explained.
This widespread application supports the narrative that Canadian businesses are keen on maximizing their resources.
The report also indicates sector-specific growth, with tech companies' subscription rates to ChatGPT rising from 25 percent to 50 percent, while non-tech sectors saw an increase from 12 percent to 26 percent.
Despite overall spending remaining relatively flat, there was a notable increase in advertising expenditure, which doubled over the past year.
“We're definitely seeing flat spending over a year with the exception of advertising,” Khazzam stated. He sees this as an indication of cautious yet targeted investment for growth among larger and medium-sized businesses.
Despite some economic caution, as evidenced by a modest increase in average monthly spending by $2,200, larger companies exhibited more robust spending growth, with a 37 percent increase in year-over-year spending for firms generating more than $1m in revenue.
Andrew Dale, senior vice-president of operations and financial products at Float, emphasized the crucial role of SMBs in Canada's economy and recovery.
“SMBs are the lifeblood of Canada's economy, and an essential part of the country's economic recovery,” Dale noted in the report.
He expressed optimism for continued investment and economic growth, particularly from midmarket and larger businesses, aiming for a sustainable and equitable future for all Canadians.
