CEOs Weigh In on Future of the Tech Sector
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High Hopes
35% of technology-sector CEOs believe the economy will improve this year, compared with 21% who felt this way at this time last year. -
Growth Projections
90% are optimistic about their companies' revenue growth in the next year, and 91% are confident about revenue growth in the next three years. -
Economic Uncertainties
76% are concerned about the potential risk of softness in developed markets, and 69% are concerned about the risk of a slowdown in high-growth markets. -
Personnel Expansion Plans
62% intend to increase their hiring. -
Human Factor
68% perceive the lack of availability of key skills as a major threat to business growth while 62% say that rising labor costs in high-expansion markets present a major threat. -
Change Agents
90% say tech advancements will be a primary business transformer in the next five years, and 66% say shifts in global economic power will have great influence. -
Agenda Items
92% are focusing on improving customer growth/retention strategies; the same percentage is planning to improve their talent recruitment/retention/development strategies. -
Budget-Minded
58% plan to implement cost reductions, compared with 71% who did so last year. -
Teaming Up
48% anticipate entering into a new strategic alliance or joint venture, compared with 32% last year. -
The American Way
31% plan to carry out a merger and acquisition, joint venture or strategic alliance within the next 12 months within North America, compared with 39% who did so last year.
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Why Metrics Matter to the Channel Tech-sector CEOs express confidence in the future of the global economy—and are aiming to boost staffing and strategic partnership/M&A initiatives as a result, according to a recent survey from PwC. The accompanying “Global CEO Survey” represents the 17th year that PwC provides an in-depth look at how global corporate leaders view the state of the business climate, technology trends, personnel needs and other influential growth factors. Ultimately, tech-sector CEOs remain bullish about revenue growth now and in the future and are focusing less on budget cutting and more on customer expansion and programs to improve their in-house talent pool. They may feel compelled by the rapid pace of competitive shifts occurring within the global marketplace. “Demands being placed on business leaders to adapt to the changing environment are increasing exponentially,” the report states. “CEOs are having to become hybrid leaders who can successfully run the business of today (while) creating the business of tomorrow.” Here are key findings from the PwC study.