EY survey reveals innovation remains a major business priority for technology companies, despite economic disruption

• Seventy-three percent of tech leaders imagine present-day economic uncertainty will have a optimistic impact on their organizations’ potential to innovate
• Amid current economic and monetary uncertainty, 94% of tech executives have strategies to increase their expense in IT or rising technologies over the up coming year

NEW YORK, May well 18, 2023 /PRNewswire/ — Ernst & Younger LLP (EY US) currently declared the release of its new pulse poll inspecting technology leaders’ views on the position of innovation in the course of recent economic uncertainty. The poll, which was executed in late April and surveyed more than 250 leaders in the technology field, reveals how enterprise leaders are rethinking regular techniques to adapt to unsure instances – and which technologies are encouraging them get there.

On the heels of 3 important bank failures, ongoing tech layoffs and a expanding fascination in sophisticated synthetic intelligence (AI), most tech executives surveyed (94%) show that business-huge innovation will aid them occur out of the existing financial downturn a more powerful business than right before. Equally, 94% of respondents however have strategies to enhance financial investment in IT or emerging systems about the future 12 months, with 52% stating they approach to prioritize metaverse technologies.

“The technological innovation business manages to remain resilient, even with the headwinds of tech field layoffs and the ongoing economic downturn,” suggests Ken Englund, EY Americas Technological know-how, Media and Telecommunications Leader. “As our most modern technological innovation pulse poll details to, leaders are hunting for the proper equilibrium among safeguarding their operations and driving ongoing innovation and advancement.”

The EY survey also identified that:

AI is listed here to remain. Additional and extra technological know-how executives are targeted on experimenting with AI-centered systems. In reality, 9 in 10 are concentrated on platforms like ChatGTP, Bing Chat and OpenAI. Additional, 80% of tech executives point out they will raise financial investment in AI in the following yr. Additional than half of tech executives whose businesses are experimenting with generative AI (56%) are executing so for economic financial savings.

Innovation isn’t taking a again seat. Irrespective of a large bulk of tech executives (73%) wondering new lender failures will have a trickle-down effect on the industry’s investments, 81% of tech executives report their enterprise plans to make an innovation-relevant acquisition in the next 6 months.

The highlight is on rising cyber threats. Seventy-eight percent of tech executives are additional concerned about the cybersecurity threats of today as opposed to cybersecurity threats of just one yr back. Moreover, tech executives at organizations with programs to improve investments in IT or emerging systems most usually report acquiring a program to prioritize cybersecurity (74%), significant facts or analytics (62%), 5G (62%) and generative AI (58%).

“Our pulse poll reveals a positive outlook – with no indicators of a lag in innovation for technological innovation firms. The momentum and excitement all around emerging technologies like generative AI marks a tectonic industry change, a person concentrated on performance and efficiency,” states Ken Englund.

Study methodology
EY US commissioned Atomik Research to perform an on the internet survey of 254 executives in the technological innovation market during the United States. The margin of mistake is +/- six percentage details with a assurance interval of 95%. Fieldwork took place amongst April 20, 2023 and April 27, 2023.

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Sara Nazarian
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Source EY