Gartner Survey Finds CEOs Cite AI as the Top Disruptive Technology Impacting Industries
May 19, 2023 | Gartner, Inc.Estimated reading time: 2 minutes
A recent survey of CEOs and senior executives by Gartner, Inc. revealed that artificial intelligence (AI) was the top technology that CEOs believe will significantly impact their industry over the next three years, cited by 21% of survey respondents.
“Generative AI will profoundly impact business and operating models,” said Mark Raskino, Distinguished VP Analyst at Gartner. “However, fear of missing out is a powerful driver of technology markets. AI is reaching the tipping point where CEOs who are not yet invested become concerned that they are missing something competitively important.”
The 2023 Gartner CEO and Senior Business Executive Survey was conducted from July through December 2022 among over 400 CEOs and other senior business executives in North America, Europe, Asia/Pacific, Latin America, the Middle East and South Africa, across different industries, revenue and company sizes.
Half of CEOs Cite Growth as Their Top Strategic Business Priority
“When determining business priorities, CEOs are hesitant, but not frozen,” said Kristin Moyer, Distinguished VP Analyst at Gartner. “More than half of CEOs believe an economic downturn or recession in 2023 will be shallow and short, and the survey showed only a modest rise in cash flow, capital and fundraising concerns.”
Despite the impact of these economic headwinds, half of CEOs cited growth as the top strategic business priority for the next two years. Technology also remains a top focus area for CEOs, closely followed by workforce issues.
“After three years of volatility, CEO priorities are stabilizing,” said Raskino. “Executive leaders are looking past the aftershocks of the omnicrisis period to a time when talent, sustainability and next-level digital change will be the levers of competitive performance.”
In fact, mentions of environmental sustainability rose 25% over the previous year’s survey, which was the first time sustainability ranked among CEOs’ top 10 priorities. Gartner predicts that by 2026, environmental sustainability will be a higher CEO strategic business priority than the technology-related category.
Inflation Drives Shifts in Customer Behavior
Inflation was ranked as the most damaging business risk by 22% of CEOs, and nearly a quarter cited greater price sensitivity as the biggest shift in customer expectations they anticipate this year. However, increasing prices is still the top action that CEOs are taking in response to inflation (44%), followed by cost optimization (36%) and productivity, efficiency and automation (21%).
“It’s concerning that CEOs do not yet seem to be focused on productivity as much as they should be in an inflationary period,” said Moyer. “This may be due to wishful thinking that inflation will not become a persistent feature of the economic landscape. CEOs must embrace automation to redesign methods, processes and products for efficiency, rather than pushing cost increases onto customers.”
Attracting and Retaining Talent Is the Top Workforce Priority
When asked about the impact of various risks on the business, 26% of CEOs cited the talent shortage as the most damaging risk for their organization. Attracting and retaining talent is, by far, CEOs’ top workforce priority. Concerns about compensation are the biggest shift in employee and prospective employee behavior that CEOs anticipate, followed by a desire for greater flexibility and remote or hybrid work.
“The emphasis on pay is not surprising in an inflationary environment, but in prior economic cycles, unemployment would typically be undermining labor market power,” said Raskino.
Suggested Items
Warm Windows and Streamlined Skin Patches – IDTechEx Explores Flexible and Printed Electronics
04/26/2024 | IDTechExFlexible and printed electronics can be integrated into cars and homes to create modern aesthetics that are beneficial and easy to use. From luminous car controls to food labels that communicate the quality of food, the uses of this technology are endless and can upgrade many areas of everyday life.
iNEMI Packaging Tech Topic Series: Role of EDA in Advanced Semiconductor Packaging
04/26/2024 | iNEMIAdvanced semiconductor packaging with heterogenous integration has made on-package integration of multiple chips a crucial part of finding alternatives to transistor scaling. Historically, EDA tools for front-end and back-end design have evolved separately; however, design complexity and the increased number of die-to-die or die-to-substrate interconnections has led to the need for EDA tools that can support integration of overall design planning, implementation, and system analysis in a single cockpit.
Koh Young Showcases Award-winning Inspection Solutions at SMTconnect with SmartRep in Hall 4A.225
04/25/2024 | Koh Young TechnologyKoh Young Technology, the industry leader in True 3D measurement-based inspection solutions, will showcase an array of award-winning inspection and measurement solutions at SMTconnect alongside its sales partner, SmartRep, in booth 4A.225 at NürnbergMesse from June 11-13, 2023. The following offers a glimpse into what Koh Young will present at the tradeshow:
Real Time with… IPC APEX EXPO 2024: Plasmatreat: Innovative Surface Preparation Solutions
04/25/2024 | Real Time with...IPC APEX EXPOIn this interview, Editor Nolan Johnson speaks with Hardev Grewal, CEO and president of Plasmatreat, a developer of atmospheric plasma solutions. Plasmatreat uses clean compressed air and electricity to create plasma, offering environmentally friendly methods for surface preparation. Their technology measures plasma density for process optimization and can remove organic micro-contamination. Nolan and Hardev also discuss REDOX-Tool, a new technology for removing metal oxides.
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).