Trends and Predictions — Industry Insights, Data, and Solutions For Business Leaders

Top Performing Midmarket Companies Invest 285% More in Cybersecurity — Corsica Technologies

In today’s rapidly evolving technological environment, midmarket companies grapple with meeting the demands of both internal operations and external customer expectations. From cybersecurity to data integration, the complexity of technology requirements presents significant challenges.

Many organizations turn to outsourcing as a viable solution. But how do they navigate this landscape effectively? What are the critical pain points, and how can they choose the right outsourcing partner?

Board and C-Suite Leaders Diverge on How to Address Critical Business Challenges — Protiviti, Broadridge and BoardProspects Reports

A new survey by Protiviti, BoardProspects, and Broadridge Financial Solutions reveals that boards and C-suite leaders do not always agree on how to achieve common goals. Bridging these gaps is crucial as companies face several challenges, including an uncertain macroeconomic environment, a global war for talent, rising geopolitical risks, cyberattacks, and other existential threats.

Record $11.1 Billion in Political Ad Spend in 2024 — Forecast From BIA

Political spending is predicted to reach $11.1B in 2024, with traditional advertising still accounting for 70.2% of political ad spend. TV OTA is expected to receive the largest share of political ad dollars at $4.6B, followed by PC/Laptop at $1.3B and Cable TV at $1.1B. Cable TV is the only media channel expected to decrease from 2020, by nearly $183M.

YouTube Tops Most Popular Video Services as Free Viewing Increases Lead Over SVOD — Omdia Reports

New data from Omdia shows that after five years of increasing stacking, the once-dominant model is showing signs of strain. Omdia's analysis revealed that the number of SVOD services per household has declined in some markets for the first time, while free video stacking is still on the rise. YouTube continues to lead in key markets, boosting the sector's lead over paid content. Other social video platforms and FAST services are also growing.

33% of Households with Insurance Would Switch Providers to Acquire Smart Home Devices — Parks Associates Reports

A recent study from Parks Associates found that one-third of US households would switch their homeowner’s/renter’s insurance provider to acquire smart home devices. Smart home devices can detect and prevent costly damages, like water and faulty wiring, which can reduce premiums, claims, and payouts. Water damage is the most common home damage, costing an average of $9,633, while flood/weather-related damage costs an average of $8,625.

80% of D&A Governance Initiatives Will Fail by 2027, Due to a Lack of a Real or Manufactured Crisis, Predicts Gartner

According to Saul Judah, VP Analyst at Gartner, a D&A governance program must prioritize business outcomes to be successful. During crises, successful CDAOs quickly pivot their D&A strategies to help their organizations. A strategic approach, positioning D&A as an essential business-centric model, is more effective than a reactive, tactical approach that only focuses on data governance.

Generational Tensions Linked to Lower Workplace Productivity in the UK and US — Protiviti Reports

A recent study finds employees who are significantly younger than their managers tend to have lower productivity levels than those who are closer in age. The study cites a lack of collaboration between different generations as the cause of friction and suggests that companies can improve productivity by adopting intergenerationally inclusive work practices.

IT Distribution Revenues Remained Under Pressure In Q4 2023, According to IDC

IT distributor revenue fell 6.2% YoY to $20.6B in Q4 2023 (4Q23), marking the fifth consecutive quarter of decline. Enterprise spending on software, services and networking grew consistently, while consumer categories like personal computing, AV, imaging, electronics, peripherals and accessories surged in the pandemic but have since declined from their pandemic highs.

Trends and Predictions, TechnologyStaff ReportsFebruary 22, 2024IT Spending, Revenue Growth, IT Department

Driving Innovation: Automotive Brake-by-wire Systems Market Set for USD 10.33 Billion Growth — Technavio Reports

The automotive brake-by-wire systems market is expected to have a CAGR of 25.64% from 2022 to 2027, resulting in a market size surge of USD 10.33 billion. This is due to the effectiveness and efficiency of brake-by-wire systems, the trend of vehicle electrification, and the demand for lightweight vehicles. Major players like Brembo Spa, Continental AG, Haldex AB, and others are strengthening their market presence through alliances, partnerships, and innovation.

Industrial Metaverse Spend to Reach US$6.3 Billion by 2030 As Immersive Engineering Use Cases Take Hold — ABI Research Reports

IMV is set to greatly enhance manufacturing engineering, training, safety, and production. According to a new report from ABI Research, spending on industrial metaverse solutions and services will grow at 22.8% to reach US$6.3 billion by 2030 as immersive and collaborative capabilities come to the forefront of industry 4.0 software development efforts to enable connectivity between digital twins and other systems.

Trends and Predictions, TechnologyStaff ReportsFebruary 12, 2024ABI Research, metaverse, Industrial Metaverse

More Than 50% of CDAOs Will Secure Funding for Data Literacy and AI Literacy Programs by 2027, Predicts Gartner

By 2027, Gartner predicts over 50% of CDAOs will secure funding for data literacy and AI literacy programs due to the failure of enterprises to achieve the expected value from GenAI. Few organizations are implementing AI literacy programs, but industry executives are beginning to realize that a workforce knowledgeable in data, analytics, and AI is vital.

For Firms To Extract The Most Value From Their Tech Investments, IT And Business Strategies Must Be In Lockstep — Forrester Reports

Forrester estimates that global tech spending will rise to $4.7 trillion in 2024, However, the highly competitive markets and increased spending will add pressure on technology leaders to provide IT capabilities that can contribute to their firm's growth agenda while managing costs and increasing efficiencies - and disconnected IT strategies can undermine the positive impact on revenue, profit, customer satisfaction, and employee engagement.

‘Do More with Less’ Will Be Driving Force for Enterprises in 2024 — Everest Group

2024 will be the year of doing more with less, according to the results of the Everest Group 2024 Key Issues Study of enterprise executives. Top priorities for enterprises for the year ahead are revenue growth and a continued emphasis on cost optimization. Talent acquisition, which dominated enterprise concerns just two years ago, is no longer among the Top 5 expected challenges, falling to No. 8 from previous No.1 and No. 3 positions in expectations for 2022 and 2023, respectively.

Future of Work, Trends and PredictionsStaff ReportsDecember 13, 2023Everest Group, 2024 Predictions

Cyber and Digital Technology Risks are a Key Concern for Businesses and Risk Leaders, even as 60% see GenAI as an Opportunity: PwC 2023 Global Risk Survey

PwC’s 2023 Global Risk Survey found that 37% of respondents consider cyber risks as their top concern, while 32% worry about digital technology risks. Despite this, 60% of businesses surveyed see Generative AI as an opportunity. The survey included 3,900 business and risk leaders from different sectors and reveals the impact of emerging technologies such as machine learning, automation, cybersecurity and the cloud on businesses.