- More companies are upping their bets on AI tools.
- OpenAI, Midjourney and others are the top AI companies people are spending money on, Ramp reported.
- Big Tech is partnering with increasingly popular services or creating its own AI services.
The business of artificial intelligence is expanding 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 customers are paying for. It found that non-tech companies are using AI more – especially in healthcare and finance.
In its report, Ramp compiled a list of the top 10 AI providers based on thousands of customer corporate card transactions. 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 are likely to attract more artistic teams in brand and design,” Rahul Sengottuvelu, Head of AI Platform applied at Ramp, he told Business Insider.
Here are the top 10 AI vendors on Ramp.
- OpenAI
- Middle of the journey
- Anthropic
- Vaga-lumes.ai
- ElevenLabs
- AI Perplexity
- Instill AI
- Instantly.ai
- Beautiful.ai
- Pine cone
It’s no surprise that OpenAI, creator of ChatGPT, is king, followed by more generative AI services. According to Ramp data, 82% of companies that paid for OpenAI in 2023 are still spending money on it 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 top-rated narrow AI tool on the list — is a service that transcribes, summarizes, and analyzes conversations and touts its ability to “automate your meeting notes,” according to its website.
As he – and others – on the list gain popularity, big tech is hedging its bets. Amazon has pledged billions to partner with Anthropic – an AI security and research company with a chatbot called Claude.
Meanwhile, Microsoft partnered with OpenAI in 2019, in a move that Microsoft CTO Kevin Scott called “basically a gamble” on Reid Hoffman’s “Possible” podcast last week.
So far, it has paid off.
“These vendors meet a wide range of business needs, provide scalable AI solutions that can grow with your business, and, we believe, represent the cutting edge of innovation and continuous improvement in this age of AI,” Sengottuvelu told BI.
Axel Springer, Business Insider’s parent company, has a global agreement to allow OpenAI to train its models on its media brands’ reports.
