Tech executives are making plans to embrace the technologies of the future finds new report
A new KPMG global technology survey of 2,200 tech executives, including 100 in the UK, has highlighted that businesses are advancing their adoption of new and emerging technologies. As the report shows, sixty-seven percent of those surveyed globally expect to embrace emerging technology platforms in the next two years.
Businesses are already making plans to embrace the technologies of the future
Organisations are poised to invest heavily in emerging technology and digital transformation, despite tense operating conditions. Survey respondents expressed a bold vision for what they could do across a broad expanse of new technologies: crypto, the metaverse, Web3, NFTs, quantum computing, VR/AR, 5G, and edge computing.
In the next 6-12 months 39 percent of UK respondents said that they plan to invest in cryptocurrencies, whereas in the next 1-2 years, 43 percent plan to invest in VR/AR technologies, followed by Web3 with 42 percent of UK respondents planning to invest. Looking more long-term, 47 percent of UK respondents are planning to invest in NFTs and the Metaverse in the next 3-5 years.
Over two-thirds (70 percent) of UK respondents indicated that they plan to outsource and/or partner with technology companies to build and deploy Metaverse and Web3 technologies. Whilst this shows clear interest in metaverse and web3 – poised to be the next evolution of the internet - the majority of UK firms (54 percent) are still waiting to invest. The report shows that the primary hesitation is the wait for when these technologies are more developed and more widely adopted. Whilst interest is promising, this indicates the UK is not yet poised to become early adopters of the metaverse of web3.
On the other hand, businesses are planning to invest the most in customer experience, AI and Machine Learning over the next 12 months. Customer and user experience is the key focus area of investment for 52 percent of respondents in the UK (57 percent globally). This is closely followed by AI and machine learning at 48 percent. This underpins a shift expected in the next three years with AI and machine learning becoming the topmost priority for UK firms.
Enterprises are investing heavily in cloud, but face cultural resistance
Businesses of every size and sector are accelerating their move to the cloud to enhance the speed, agility, security and value of their IT investments.
79 percent of UK respondents say their organisations are currently migrating strategic workloads to the cloud. The benefits of cloud transformation are being seen by those businesses with 76 percent (80 percent globally), being satisfied or highly satisfied with the success of their cloud transformation programmes.
However, one of the top challenges being faced by respondents is cultural resistance to cloud migration, with this being faced by 35 percent of UK respondents in their cloud journeys.
These findings indicate that technology investment is seen as pivotal for growth and evolution, though there are still challenges in adoption. There is strong understanding across businesses around the importance of using technologies to retain customers and improve their market share, with benefits being recognised throughout an entire organisation. Crucially, this will create greater recognition that technology investment is absolutely central to growth.
Sue Daley OBE
Sue leads techUK's Technology and Innovation work.
Laura Foster
Laura is techUK’s Associate Director for Technology and Innovation.