Even as the market cools, opportunities for growth remain
While growth may be slowing after record expansion in 2021, plenty of opportunity remains for technology and software companies—even amid supply chain instability, a tight labor market, inflation, and heightened regulatory scrutiny.
But what’s driving that expansion? And what do industry executives make of the increasingly beleaguered reputation in the public sphere? Our Quarterly Executive Poll offers answers.
When asked about their organization’s primary vehicle for growth, high-tech & software respondents cited the sale of new features or functionalities (32%), increasing the user base at existing clients (21%), expansion into new verticals or customer segments (14%), raising prices (14%), expansion into new geographies (8%) and reducing customer churn/attrition (5%).
Our survey also revealed significant interest in new technology trends such as blockchain (35%), Web 3.0 (27%), and the metaverse (23%).
This year has the potential to mark a turning point for large tech platforms, with numerous proposed bills and regulatory actions aimed at reining in what many perceive as anticompetitive behavior. No matter the outcome, public opinion has become increasingly critical: one report, for instance, found that a majority of Americans believe Big Tech companies should be more heavily regulated.
It tracks that nearly six in 10 respondents believe public opinion of the high-tech industry will lead to additional regulations, while 22% said it is a barrier to the industry’s future growth and 11% said it affects their companies’ business results. Yet more than one-third of respondents (35%) also see it as an opportunity, saying public opinion of the industry should be a focus for improvement.
Even in this challenging moment, organizations have numerous quality levers they can pull to achieve continued growth and innovation. Those include developing new products, adopting new pricing strategies, mining data-driven insights, and realizing the full benefits of a shift to a software-as-a-service subscription model.
To get there, businesses need a partner who can help them identify and assess these opportunities, implement new business models, and create comprehensive road maps for improvement.
See what all industries said about inflation, the war on talent, and more—and learn about the poll respondents—in our main Quarterly Executive Poll.
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