Public Opinion Trends

Technology Adoption Among Entrepreneurs: Survey and Research Analysis

Entrepreneurs are adopting technology at unheard of levels in 2024 due to a need to be efficient and competitive. Key technologies are becoming embedded in business strategies, according to recent surveys, with cybersecurity, cloud computing and artificial intelligence (AI) at the forefront.

Deloitte’s survey found that 65 percent of entrepreneurs consider cybersecurity as their leading digital transformation initiative. This stems from increasing fears about data breaches, and the desire to protect customer information. Not far behind, 62 percent of respondents highlight cloud computing as a scalable and cost effective way to run a business.

Additionally, the trend is evident for AI and machine learning, with 54 per cent of entrepreneurs using these technologies to upgrade their decision making and automation activities. This trend is further reflected in the McKinsey report, as generative AI adoption is accelerating rapidly, with over 70% of organizations planning to grow their AI budgets over the coming year.

Although these advances have been made, there are still problems. Cultural resistance to change and an unclear ROI on technology investments often get in the way of many entrepreneurs. But those who adopt these technologies are better able to innovate and grow in an ever more digital marketplace. With the rapid progress of technology, entrepreneurs are expected to also innovate to match the demand of modern consumers.

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