KPMG Global Tech Report: Insights for the life sciences industry

Across the globe, the life sciences industry is working to use digitalisation to improve processes and create new value - a significant challenge in this highly regulated sector where companies are often fragmented and structured in silos. This makes it all the more helpful for CDOs, CIOs, CTOs and CISOs to compare their decisions with those of other executives in technical functions, both within the sector and in comparison with other industries.

For this purpose, we provide you with the "KPMG Global Tech Report: Life Sciences Insights". This study analyses the views of senior executives in technical functions in the life sciences sector worldwide. It provides valuable insights into how organisations in the sector are navigating the complex digital transformation, including decision-making around technology investment, data, AI and cybersecurity.

This is an extract from the cross-industry KPMG Global Tech Report 2024, for which KPMG surveyed 2,450 tech professionals from 26 countries and across eight industries.

• Life sciences leads all eight industries surveyed for the KPMG Global Tech Report 2024 in prioritising and investing in edge and quantum computing, VR/AR/XR, spatial computing, XaaS technology and agile service delivery.
• Only 59 per cent of life sciences respondents say their technology investment decision-making processes typically result in sound decisions that deliver valuable outcomes.
• More than a third of respondents say their organisations are using AI extensively and are seeing a return on their investments.
• 61 per cent of respondents are concerned that cybersecurity is often treated as a compulsory exercise in employee training and is not fully integrated.

The study also contains insights, assessments and recommendations from our technology experts for the life sciences sector, focussing on the topics mentioned in the survey.

The findings in this report come from the KPMG Global Tech Report 2024, a survey of 2,450 tech professionals from 26 countries and eight industries. For the "KPMG Global Tech Report: Life Sciences Insights", 123 executives in technical roles in the life sciences sector were surveyed. The majority - 85 per cent - held positions at C-suite or department head, EVP, SVP or VP level. The majority - 86 percent - represented life sciences organisations with revenues of $10 billion to $50 billion or more.

The overarching "KPMG Global Tech Report 2024" also surveyed tech executives in the following industries: Financial Services, Technology, Retail and Consumer Goods, Industrial Manufacturing, Healthcare, Public Sector and Energy. The respondents represent companies with annual operating budgets or revenues of more than USD 100 million.