EY survey: Tech leaders to invest in AI, 5G, cybersecurity, big data, metaverse

Generative AI is of particular interest to leaders for the benefits of cost savings, efficiency and effectiveness.

Economic perils notwithstanding, 94% of tech leaders are committed to investing in new tools and technologies, including AI, according to a survey by EY.

The new poll suggests tech leaders view this investment strategy, particularly for cybersecurity, as a way to weather geopolitical uncertainty and the economic downturn. Ninety-four percent of respondents to the poll said innovation will help their firms emerge from the current economic situation stronger.

In addition, 78% of those polled said remote work positively impacted their company’s innovation goals, and 81% said their company plans to make an innovation-related acquisition in the next six months.

SEE: IBM launches watsonx, making AI deployment easier (TechRepublic)

Ken Englund, the technology, media and telecommunications leader for EY Americas, said in the press release about this EY survey that the results suggest resiliency in the face of buffeting uncertainties. “As our most recent technology pulse poll points to, leaders are looking for the right balance between safeguarding their operations and driving ongoing innovation and growth.”

Focus on cybersecurity, 5G, AI, big data, metaverse investments

Ninety percent of the tech leaders polled said their companies are working on generative AI functionality similar to ChatGPT, and 80% of respondents said they will increase investment in various forms of AI in the next year, in spite of calls this year by such tech luminaries as Elon Musk and Yoshua Bengio, an originator of artificial neural networks, for a moratorium on the development and deployment of such systems.

SEE: Gartner found that ChatGPT interest is boosting generative AI investments (TechRepublic)

More than half of tech executives whose companies are experimenting with generative AI said they are doing so for economic savings.

Among tech executives at companies planning to increase technology investments:

• 74% plan to prioritize cybersecurity.
• 62% will focus on big data or analytics.
• 62% will invest in next-generation 5G wireless technologies.
• 58% said their companies plan to invest in generative AI solutions.
• 52% said they plan to prioritize metaverse technologies.

The study also found that while 78% of tech executives are more concerned about the cybersecurity threats of today compared to the cybersecurity threats of one year ago, “Our pulse poll reveals a positive outlook — with no signs of a lag in innovation for technology companies,” said Englund. “The momentum and excitement around emerging technologies like generative AI marks a tectonic industry shift, one focused on effectiveness and efficiency.”

The April 2023 poll of 250 U.S. tech leaders was conducted by Atomik Research and commissioned by EY US.