According to the recent EY US Pulse Poll, amidst a series of setbacks including multiple bank failures and widespread tech layoffs, the tech industry remains resilient and forward-thinking. A staggering 94% of surveyed tech leaders believe that fostering company-wide innovation will be instrumental in emerging from the current economic downturn as a stronger and more competitive entity.
Furthermore, the poll highlights the industry’s commitment to investing in IT and emerging technologies. A remarkable 94% of respondents affirmed their plans to increase investment in these areas over the next year. Among the various technological avenues, metaverse technologies take the spotlight, with 52% of executives stating their intention to prioritize them. This emphasizes the growing interest and belief in the metaverse as a transformative force that can reshape industries, customer experiences, and business models.
Key trends by tech leaders that will shape the tech industry
Increased AI investment
The prominence of AI continues to grow, as technology executives recognize its enduring value. The survey reveals that an overwhelming 90% of tech leaders are actively exploring AI-based platforms such as ChatGPT, Bing Chat, and OpenAI. Furthermore, 80% of these executives plan to increase their investment in AI over the next year. Notably, more than half of the tech executives whose companies are experimenting with generative AI (56%) are motivated by the potential economic savings it offers.
Giving importance to innovation
Innovation remains a top priority, despite concerns stemming from recent bank failures. While 73% of tech leaders express apprehension about the potential impact of these failures on industry investments, a resilient 81% of them report their company’s intent to pursue innovation-related acquisitions within the next six months.
This proactive stance indicates that tech companies are not shying away from strategic growth opportunities and are actively seeking ways to foster innovation.
Focus on cybersecurity
Cybersecurity emerges as a focal point for tech leaders. The survey highlights the heightened concern among 78% of these executives regarding the cybersecurity threats of today compared to those of a year ago. In response, companies planning to increase investments in IT or emerging technologies prioritize cybersecurity (74%) as a crucial area of focus.
Additionally, big data or analytics (62%), 5G (62%), and generative AI (58%) are also prominent priorities.
This emphasizes the recognition of the evolving threat landscape and the need for robust measures to protect sensitive data and infrastructure.
The tech industry is undergoing a transformative phase where tech leaders are seeking a delicate balance between safeguarding operations and driving ongoing innovation and growth. The growing momentum and excitement surrounding emerging technologies, particularly generative AI, signify a significant shift focused on enhancing effectiveness and efficiency within organizations. As the industry faces uncertainties and challenges, tech executives recognize the pivotal role of AI, innovation, and cybersecurity in shaping their strategies and securing their future.
Source: Ernst & Young
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