U.S. Tech Leaders Place Restrictive Regulation at Top of Innovation Limiters: KPMG Tech Innovation Report

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.

Latest News

Parents protest over Critical Race Theory education in schools

Florida Legislature Issues Initial Approval of Bill That Would Prohibit White ‘Discomfort’ During Black History Education

Even though the Florida Department of Education has already banned the classroom teaching of Critical Race Theory, lawmakers in the state are attempting to go even further, passing a law to protect whites’ “feelings” during education dealing with Black history.  Amy Simonson of CNN reported that a bill backed by…

Senate Minority Leader Mitch McConnell

Mitch McConnell Under Fire for Claiming Black Americans Are Not ‘Americans’

As the battle to protect voting rights continues in the nation’s capital — sadly with little success — veteran politician and minority leader of the U.S. Senate, Mitch McConnell, has come under fire for a statement he made that implied Black Americans were not “full” Americans. Bruce Schreiner of The…

multi race business woman

New Report Shows Significant Increase in Female and Black Representation in the Executive Boardroom

Diversity and inclusion appear to be successfully increasing among America’s largest and most successful companies. The finding comes from a new report conducted by executive recruiting firm Crist Kolder Associates as part of its review of DEI representation in executive offices. Ariel Zilber of the New York Post reported that…

Taco Bell

Taco Bell Creates Business School To Help Underrepresented Groups Become Franchise Owners

Taco Bell and the popular fast-food chain’s owner Yum! Brands have entered the DEI arena with a new business school designed to help people of all backgrounds — and people of color in particular — advance into restaurant ownership. Jonathan Maze of Restaurant Business reported that “a select group of…

LGBTQ dog tags

US Government Will Now Allow Veterans To Identify As Trans on Veteran Affairs Medical Records

In another giant leap forward for LGBTQ+ rights and equality in the military, the federal government has announced that military veterans can now officially identify as trans in their official medical records. Brody Levesque of the Los Angeles Blade reported that Veterans Affairs Secretary Denis McDonough has confirmed that veterans…