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Female entrepreneurs in the developing world are increasingly looking to technology to help them run their businesses. More than half of these business owners intend to spend more on tech in 2024 compared to 2023, leading to a 37 percent increase in projected tech-related spending this year.

That's according to a report out today from software company Intuit and the Cherie Blair Foundation for Women, founded by former British first lady Cherie Blair. The report also found that 44 percent of respondents are already using artificial intelligence for their companies, primarily for content generation and editing, and that two-thirds felt that training was the main barrier to more adoption of generative AI. That creates an opening for major software vendors and smaller companies to both empower and sell their products to female entrepreneurs by providing targeted training.

The report, based on a survey of more than 1,100 female business owners in 81 low- and middle-income countries, estimates the total market for providing digital tools for such women is about $30 billion.

The vast majority of respondents -- nearly 93 percent -- use the internet on a daily basis to run their businesses. They say that high prices for services and equipment, online harassment, and unreliable networks are among their biggest concerns.

The report urges tech and digital service companies to develop "a more nuanced understanding of local markets" as well as the specific needs of women entrepreneurs. Paying attention to local needs and conditions could help companies introduce their products to new markets where high volume can make up for low margins, the report notes.

Ninety-two percent of the women surveyed access the internet through smartphones. WhatsApp was the most commonly used app, followed by popular social-media networks. The report identifies an opportunity for growth in the digital payments and e-commerce space since less than a third of respondents currently use mobile money and digital payments services.

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