Originally Published by KPMG.
U.S. technology industry leaders see restrictive regulation as the top factor that will limit technology innovation, according to KPMG’s 2018 global technology innovation report: www.kpmg.com/techinnovation.
The report highlights key findings from a survey of nearly 800 technology industry leaders globally about technology innovation, disruption and market trends, including 120 from the U.S.
Topping the list, 30 percent of U.S. technology industry leaders said restrictive regulatory policies limit technology innovation, and 28 percent said access to talent.
“Tech leaders have gained great economic and social power and are facing important issues. Regulators, businesses and consumers want more transparency about how emerging technologies work and the impact of technology on society,” said Tim Zanni, KPMG Global and U.S. Technology Sector Leader.
Technologies having most impact on business transformation
U.S. respondents cited artificial intelligence/cognitive computing (AI) and Internet of Things (IoT) as the top two technologies that are expected to have the greatest impact driving business transformation over the next three years. Tech leaders globally had slightly different responses, citing IoT, AI and robotics.
“Harnessing technology-driven innovation and change to stay ahead will continue to challenge business leaders across industries, yet this is not the time for a fear of failure or status quo. Traditional companies that don’t transform into digital-first enterprises will become obsolete,” said Zanni.
Industries to be impacted most
Among technology industry leaders in the U.S. and globally, the media sector topped the list of several industries facing the greatest disruption in the next three years as a result of emerging technologies. U.S. tech leaders next listed the automotive/transportation, consumer markets/retail and education sectors as industries expected to face the greatest disruption. They also said that the media, telecomm and consumer markets/retail sectors are expected to have the greatest adoption of IoT in the next three years.
Worried about Alibaba
More technology industry business leaders in the U.S and globally worry about Chinese tech powerhouse Alibaba disrupting their business than any other company.
About one in five of the U.S. technology industry leaders surveyed named Alibaba as the potential disruptor they worry about most, while another 13 percent cited Facebook. Netflix, Google, Tesla, FlipKart and Amazon rounded out the top seven companies on the list.
Given the findings, it’s not surprising that these tech leaders expect e-commerce and social networking platforms to be the most disruptive business models in the U.S. and globally over the next three years.
Favorite App for Tech Leaders
When asked to name their favorite app, U.S. technology industry leaders cited a broad cross-section, led by Amazon (5 percent), followed by Tinder, LinkedIn, Netflix, YouTube, Airbnb, Golf Clash, NBA, Facebook, Instagram, WhatsApp, Snapchat, ESPN, and the NY Times, filling out the top fourteen spots on the list, each named by 3 percent. The most popular personal favorite app category among U.S. respondents was games (11 percent), with social networking, photo & video, and news tied for second.