94% of tech executives intend to invest in cutting-edge technologies like metaverse, 5G, and AI

Author: Editorial
event 05.06.2023.
Foto: Shutterstock

In a recent survey conducted by the accounting firm Ernst & Young US, it has been observed that the tech industry continues to be tenacious and progressive, despite encountering setbacks like bank failures and tech layoffs.

An overwhelming 94 percent of tech leaders surveyed believe that fostering innovation throughout their companies will be crucial for navigating the current economic downturn and emerging stronger and more competitive.

The survey also highlights the industry’s commitment to investing in IT and emerging technologies, with an impressive 94 percent of respondents expressing their plans to increase investments in these areas over the coming year. Among the various technological avenues, metaverse technologies have garnered significant attention, as 52 percent of executives intend to prioritize them. This indicates the growing belief and interest in the metaverse as a revolutionary force capable of altering markets, customer experiences, and business models.

Key trends identified by tech leaders that will shape the industry include an increased focus on AI investment. The prominence of AI continues to rise, with 90 percent of tech leaders actively exploring AI-based platforms such as ChatGPT, Bing Chat, and OpenAI. Moreover, 80 percent of these executives plan to boost their investments in AI in the next year. Notably, over half of the tech execs experimenting with generative AI (56%) are motivated by the potential economic savings it offers.

Despite concerns arising from recent bank failures, innovation remains a top priority among tech leaders. While 73 percent of them express some apprehension about the impact of these failures on industry investments, a resilient 81 percent report their companies’ intent to pursue innovation-related acquisitions within the next six months. This proactive stance demonstrates that tech companies are actively seeking growth opportunities and ways to foster innovation.

Cybersecurity is another crucial focus area for tech leaders, with 78 percent expressing heightened concern about cybersecurity threats compared to 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 underscores the industry’s recognition of the evolving threat landscape and the need for robust measures to protect sensitive data and infrastructure.

The tech industry is currently undergoing a transformative phase, where executives are striving to strike 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 towards enhancing effectiveness and efficiency within organizations. Amidst uncertainties and challenges, tech leaders acknowledge the critical role that AI, innovation, and cybersecurity play in forming their plans and securing their future.


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