KPMG 2024 Technology and Telecommunications CEO Outlook

Cautious optimism backed by strategic planning

250

Technology and Telecommunications CEO's

11

key markets

$500m

USD+ in revenue

Despite macroeconomic, geopolitical and other challenges, confidence remains relatively robust in 2024 for CEOs in technology and telecommunications companies. The findings suggest that these CEOs are basically optimistic about the future of their industries and their companies in particular. In many cases, this assessment represents a modest but positive uptick from the 2023 survey.

Generative AI was recognized as having perhaps the greatest potential to impact productivity, marketing, product development, the customer experience, and other areas. Almost 80 percent of CEOs anticipate generative AI to be the top investment priority for their company.

In addition, CEOs recognize the importance of environmental, social and governance (ESG) priorities that support net zero goals, the workforce, company stakeholders, and society at large. One key to success will be an unrelenting focus on long-term, sustainable growth, enabled by strategic planning across all functions of a company.

Key findings from our research

In 2024, the top three challenges for technology and telecommunication CEOs include the adoption of generative AI (55 percent), economic uncertainty (49 percent), and geopolitical complexities (49 percent).
Forty percent of the CEOs expect the company to grow by 0.01–2.49 percent over the course of next three years, a decrease of 5 percentage points when compared to 2023.
Seventy-eight percent agree that generative AI is a top investment priority for their company.
Fifty-five percent anticipate the movement to embed generative AI as the most important potential risk to their company.
Seventy-one percent of the CEOs feel increasingly pressured to ensure long-term prosperity of their business.
The number of CEOs confident about reaching their net zero goals by 2030 has increased from 36 percent in 2023 to 46 percent in 2024.

Nearly three-quarters of CEOs surveyed are optimistic about growth in their industries. Generative AI will continue to present both challenges and opportunities for companies. A strategic approach to change will help ensure that we can successfully leverage the possibilities offered by new ideas, improved ways of doing business, and a sustainable plan for growth, both now and in the years ahead.

Mark Gibson
Global Head of Technology, Media and Telecommunications, KPMG International and Line of Business Leader for Technology, Media, and Telecommunications
KPMG in the US

The KPMG 2024 Technology and Telecommunications CEO Outlook presents valuable insights for the future of the industry. Generative AI identified as a key driver for productivity, customer experience, and sustainable growth. Despite the macroeconomic and geopolitical challenges, CEOs are focused on strategic planning for long-term success. At KPMG in Cyprus, our experts possess a deep understanding of these evolving issues and are ready to help businesses embrace innovation and confidently navigate the future.

Gerasimos Ntouskas
Board Member, Technology Consulting
KPMG in Cyprus

Methodology

The KPMG 2024 Technology and Telecommunications CEO Outlook, part of the 10th edition of the KPMG 2024 CEO Outlook, is compiled from the views of 240 technology and telecommunications chief executive officers, which was conducted between 25 July and 29 August 2024, providing unique insight into the mindset, strategies, and planning tactics of CEOs. All respondents oversee companies with annual revenues over US$500M, and a third of the companies surveyed have more than US$10B in annual revenue. The survey included CEOs from 11 key markets (Australia, Canada, China, France, Germany, India, Italy, Japan, Spain, UK, and US) and 11 key industry sectors, including technology and telecommunications. NOTE: some figures may not add up to 100 percent due to rounding.