Global Survey: Investing in innovation

How Global Companies Are Investing in Technology in 2024 and Beyond

In an era where innovation drives competitiveness, technology investment is no longer optional—it’s a strategic imperative. A recent international survey by Pivot Digital and InAdvance Consulting Group provides critical insights into how global companies are navigating the fast-evolving tech landscape. This report, built on responses from business and technology leaders across diverse regions and industries, highlights the top IT trends shaping the future of business and sheds light on how organizations are adapting their strategies to embrace these technologies effectively.

Survey Overview: Scope and Focus

The study captures input from leaders across various sectors, offering a comprehensive perspective:

? By Region:

? Asia (35%), Europe (38%), North America (14%), Latin America (8%), and Africa (5%).

? By Industry:

? Financial Services (46%), Telecommunications (16%), Products and Personal Care (29%), Government and Education (4%), and Resources (5%).

? By Organization Size:

? Less than 1,000 employees (39%), 1,001–5,000 employees (30%), 5,001–10,000 employees (8%), and over 10,000 employees (23%).

? By Role:

? CIOs (40%), CTOs (23%), CDOs (13%), CEOs (8%), and other leaders (16%).

The focus is on how these organizations balance maintaining operational efficiency with driving innovation to remain competitive in an increasingly digital world.

Key Findings: Where Global Companies Are Investing

Top Technology Trends

The report identifies ten key areas dominating IT investments, ranked by impact and scale:

1. Cybersecurity and Cybertrust Architectures

2. Cloud and Edge Computing

3. Artificial Intelligence (AI)

4. Data Lakes and Data Fabrics

5. Composable Apps and Decoupling Architectures

6. Robotics and Hyper-Automation

7. Blockchain

8. Hyperconnected Networks

9. Metaverse and Extended Reality

10. Next-Generation Quantum Computing

While all these technologies feature in the strategic roadmaps of global companies, cybersecurity, cloud computing, and artificial intelligence dominate budgets due to their immediate and tangible benefits.

Cybersecurity and Cybertrust

? 85% of companies rank cybersecurity as their top investment area.

? 75% report medium to high ROI, and 57% describe the impact as very positive.

The rise of AI-enabled cybercrime makes robust, adaptive security systems indispensable. Companies integrating AI and machine learning into their cybersecurity defenses see improved agility and resilience.

Artificial Intelligence (AI)

? 70% of companies are actively implementing AI, while only 1.85% are not considering it.

? Generative AI is transforming sectors by automating complex tasks, optimizing decision-making, and creating highly personalized experiences.

Challenges include algorithmic bias, privacy concerns, and a lack of qualified human resources, but its potential for cost reduction and operational efficiency keeps AI a top priority.

Cloud and Edge Computing

? 89% report positive outcomes from adopting cloud and edge technologies.

Cloud systems offer elastic consumption models, enhanced resiliency, and scalability, while edge computing facilitates real-time data processing. Hybrid models are increasingly popular, particularly for traditional companies transitioning to digital-first operations.

Data Lakes and Data Fabrics

? 54% are investing in data technologies, and 43% allocate mid-term budgets for further adoption.

Advanced data lakes are critical enablers for AI and automation, helping organizations harness vast datasets to drive better decision-making and competitive advantage.

Robotics and Hyper-Automation

? 81% of respondents report positive outcomes from adopting robotic process automation (RPA).

? This technology now focuses on augmenting human productivity rather than replacing it. By automating repetitive tasks, RPA frees employees to focus on strategic initiatives.

Blockchain

? 26% are investing in blockchain for applications like supply chain transparency and secure data management.

? Despite 46% showing no interest in the short term, declining costs and growing use cases are renewing interest in blockchain’s potential.

Balanced Budgets and Strategic Priorities

Global companies are striking a balance between sustaining current operations and fostering innovation. Survey respondents reported:

? 50% of IT budgets are allocated to maintaining systems, with the other half directed at building new capabilities.

? 73% are replacing legacy systems to modernize operations, while 76% have innovation teams working on new products and services.

This balanced approach ensures operational resilience while fostering long-term growth.

Regional Differences

Adoption rates and priorities differ by geography:

? Asia and Latin America lead in consumer-facing technologies due to higher customer demand.

? Europe focuses on enterprise-level solutions, with an emphasis on modular architectures and cloud-native systems.

Emerging Challenges

Despite the potential of these technologies, companies face several challenges:

? Workforce Adaptation: Building a tech-savvy workforce that embraces change.

? Regulatory Hurdles: Navigating compliance across diverse markets.

? Cost Management: Reducing vendor dependencies and optimizing ROI.

About Pivot Digital and InAdvance

At Pivot Digital, we specialize in transforming global organizations through innovative digital strategies. With expertise in business architecture, vendor selection, and execution, we empower companies in retail and financial services to navigate complexity and deliver results.

InAdvance Consulting Group enables businesses in Latin America to thrive through IT strategy, infrastructure transformation, and solution management. Our mission is to create robust digital enterprises capable of sustaining growth and innovation.

As the CEO of Pivot Digital, I believe that technology investments must align with business objectives to secure long-term success. Companies that embrace a balanced approach—fostering innovation while maintaining efficiency—will emerge as leaders in 2024 and beyond.

— Axel Winter

CEO, Pivot Digital