Since COVID-19 has upended business as usual, many companies need to accelerate their use of emerging technologies faster than ever before. Yet they are simultaneously dealing with an unprecedented level of uncertainty across the business landscape. Looming over everything is fear of new spikes in case numbers and an imminent global recession.
Despite the burning platform for new technology, many enterprises are struggling to find dollars to invest in digital transformation.
Traditional digital transformation has always been correlated with more investment. Now industries that were most susceptible to COVID-19 risks must do the opposite: capitalize on emerging technology without increasing budgets, and at a pace and scale that is much faster than their usual timeline.
Our research indicates that over the next 12 months, some emerging technology spend is expected to grow, with a focus on AI, 5G, automation, and cloud technologies.