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

  • Seventy-3 per cent of tech leaders consider modern economic uncertainty will have a constructive impression on their organizations’ ability to innovate
  • Amid current financial and economical uncertainty, 94% of tech executives have designs to raise their investment in IT or emerging systems in excess of the next calendar year

NEW YORK, May well 18, 2023 /PRNewswire/ — Ernst & Youthful LLP (EY US) currently introduced the release of its new pulse poll analyzing engineering leaders’ perspectives on the position of innovation during recent economic uncertainty. The poll, which was conducted in late April and surveyed much more than 250 leaders in the engineering market, reveals how enterprise leaders are rethinking classic methods to adapt to uncertain instances – and which systems are supporting them get there.

On the heels of 3 main bank failures, ongoing tech layoffs and a rising fascination in highly developed artificial intelligence (AI), most tech executives surveyed (94%) reveal that company-extensive innovation will assistance them arrive out of the current economic downturn a more powerful firm than prior to. In the same way, 94% of respondents even now have options to increase expense in IT or rising technologies over the subsequent 12 months, with 52% stating they approach to prioritize metaverse technologies.

“The technological innovation field manages to remain resilient, inspite of the headwinds of tech industry layoffs and the ongoing economic downturn,” states Ken Englund, EY Americas Technological know-how, Media and Telecommunications Chief. “As our most latest technology pulse poll factors to, leaders are seeking for the correct harmony concerning safeguarding their functions and driving ongoing innovation and growth.”

The EY survey also identified that:

AI is listed here to continue to be. Much more and more engineering executives are focused on experimenting with AI-dependent systems. In point, 9 in 10 are concentrated on platforms like ChatGTP, Bing Chat and OpenAI. Even further, 80% of tech executives suggest they will enhance financial investment in AI in the following calendar year. Additional than fifty percent of tech executives whose businesses are experimenting with generative AI (56%) are accomplishing so for financial savings.

Innovation isn’t really having a back seat. Irrespective of a broad bulk of tech executives (73%) thinking modern lender failures will have a trickle-down effect on the industry’s investments, 81% of tech executives report their business ideas to make an innovation-related acquisition in the upcoming six months.

The highlight is on rising cyber threats. Seventy-8 per cent of tech executives are a lot more anxious about the cybersecurity threats of right now as opposed to cybersecurity threats of a single yr back. Moreover, tech executives at providers with programs to increase investments in IT or emerging systems most often report acquiring a program to prioritize cybersecurity (74%), large facts or analytics (62%), 5G (62%) and generative AI (58%).

“Our pulse poll reveals a favourable outlook – with no signs of a lag in innovation for technological know-how companies. The momentum and pleasure all-around emerging technologies like generative AI marks a tectonic marketplace shift, a person targeted on success and performance,” states Ken Englund.

Survey methodology
EY US commissioned Atomik Research to carry out an on the web survey of 254 executives in the technological innovation sector during the United States. The margin of error is +/- six proportion points with a self esteem interval of 95%. Fieldwork took area involving April 20, 2023 and April 27, 2023.

About EY
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