94% of technology leaders are investing in AI, 5G and beyond

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

Regardless of the economic dangers, 94% of technology leaders are determined to invest in new tools and technologies, including AI, according to a study EY survey.

The new survey suggests that tech leaders are looking at this investment strategy, particularly in cybersecurity, as a way to weather geopolitical uncertainty and the economic downturn. 94 percent of those surveyed stated that innovations will help their companies to emerge stronger from the current economic climate.

Additionally, 78% of respondents indicated that remote working is having a positive impact on their company’s innovation goals, and 81% said their company plans to make an innovation-related acquisition in the next six months.

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Ken Englund, head of technology, media and telecoms at EY Americas, said in the press release accompanying this EY survey that the results indicate resilience amid fluctuating uncertainties. “As our recent Technology Pulse survey shows, business leaders are looking for the right balance between securing their operations and fostering continuous innovation and growth.”

Focus on Cybersecurity, 5G, AI, Big Data and Metaverse Investing

Ninety percent of the technology leaders surveyed said their companies are working on it generative AI functionality similar ChatGPTand 80% of respondents said they will increase investment in various forms of AI over the next year, despite tech giants like Elon Musk and Yoshua Bengio, a founder of artificial neural networks, calling for it this year moratorium about the development and use of such systems.

SEE: Gartner found that out Interest in ChatGPT fuels investment in generative AI (TechRepublic)

More than half of tech leaders whose companies are experimenting with generative AI said they are doing so for commercial reasons.

Among tech leaders at companies planning to increase their 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 leaders are more concerned about today’s cybersecurity threats than they were a year ago, “our Pulse Survey shows a positive outlook — there’s no evidence of an innovation gap among tech companies.” ‘ Englund said. “The momentum and excitement around new technologies like generative AI marks a tectonic shift in the industry that focuses on effectiveness and efficiency.”

The April 2023 survey of 250 US technology leaders was conducted by Atomik Research and commissioned by EY US.