Navigating the future: key insights from 2024
In an era of rapid technological advancements and evolving global challenges, understanding the key trends and data points that shape the business landscape is crucial. PwC's 2024 reports provide invaluable insights into how organizations are navigating risks, driving innovation, and leveraging technology to build resilience and gain a competitive edge. This comprehensive round-up highlights the most significant findings from PwC's surveys and studies, offering a clear view of the strategies and priorities that will define the future of business.
Innovation is imperative
28% of business leaders do not believe their company will be economically viable in ten years if it continues on its current path. This stark reality underscores the imperative for innovation.
As existential threats converge, Irish CEOs are preparing for significant changes driven by technological advancements (97%), shifts in customer preferences (94%) and government regulations (93%) over the next three years. Notably, 63% of Irish CEOs expect GenAI to transform how their companies create, deliver and capture value, slightly below the global average of 70%. Efficiency in employees’ time at work is highlighted as a core benefit by 69% of Irish CEOs.
Innovation remains a strength in the Irish economy, with 63% of Irish CEOs attributing 0-20% of their sales to new products or services introduced in the last three years, surpassing the global average of 54%. With the business acquisition rate expected to double to 41% in the next three years, Irish CEOs are poised to invest for the future.
Explore the full report: PwC’s 27th Annual Global CEO Survey.
Source: PwC's 27th Annual Global CEO Survey
Technology is reshaping perceptions of risk
Technology is increasingly influencing how Irish organisations perceive and manage risk. Cyber threats, identified as the top technology-related risk by both Irish and global respondents, are a major concern. Other digital and technology risks are nearly as significant as macroeconomic volatility.
Despite these risks, organisations are not deterred from investing in technology. Instead, they are proactively assessing and mitigating these risks to support growth, manage costs and build resilience. Interestingly, 45% of Irish organisations see preparing for technology investments, including cloud and emerging technologies like GenAI, as a key motivator for reviewing their risk landscape, compared to 57% globally.
While global organisations are more confident in deploying GenAI, with 60% viewing it as a key opportunity, only 28% of Irish respondents share this view. However, 47% of Irish respondents see GenAI as both a risk and an opportunity.
Explore the full report: PwC’s Global Risk Survey.
Trust emerges as a critical focus
Irish business leaders are increasingly prioritising trust in the context of GenAI, focusing on cybersecurity, governance and compliance. A significant 91% of respondents believe GenAI will increase cybersecurity risks in the next 12 months, surpassing concerns about legal liabilities (79%) and misinformation (74%). Additionally, 74% feel GenAI will not enhance trust with shareholders in the short-term.
Progress is being made in AI/GenAI governance, with 75% of organisations planning or developing governance structures, up from 56% last year. Compliance with the new EU AI Act is also a priority, with 84% of leaders viewing it as a necessary measure to mitigate AI risks.
Explore the full report: PwC’s GenAI Business Leaders Survey.
Workers are ready for change
Leaders are navigating their organisations through volatile times, facing geopolitical shifts, pandemic repercussions, evolving cybercrime, climate action urgency and rapid technological advancements. This has led to unprecedented organisational change and increased workloads, with 41% of respondents in our 2024 Hopes and Fears survey reporting a significant rise in their workload over the past year.
Despite these challenges, there are positive trends. Seventy-six percent of respondents feel ready to adapt to new ways of working, and 69% are excited about opportunities to learn and grow. However, some Irish workers may underestimate the pace and impact of technological change — nearly one in five respondents do not believe technology, including AI and GenAI, will affect their jobs in the next three years, compared to only one in ten globally.
Explore the full report: PwC’s Hopes and Fears Survey.
Drivers of Change
In the next three years, to what extent, if any, do you think each of the following will impact your job?
Cybersecurity is a competitive advantage
Compliance with new cybersecurity regulations like DORA and NIS2 is crucial for organisations. These regulations help protect sensitive information, ensure operational continuity, and build trust with stakeholders. Over a quarter of business executives globally are prioritising their cybersecurity budget for 2025 to comply with these regulations.
Robust cybersecurity is a strategic advantage, enhancing customer trust and brand integrity. In Ireland, 57% of respondents see cybersecurity as crucial for customer trust. By adopting advanced security solutions, organisations can stay ahead of threats and gain a competitive edge.
Explore the full report: PwC’s Digital Trust Insight Survey.
Renewable energy surges as tech demand grows, but fossil fuels still dominate
In 2023, renewable energy uptake reached an all-time high, surpassing the previous record set in 2022. Global renewable capacity additions grew by nearly 50%, reaching almost 510 GW, the fastest growth rate in two decades. This growth was concentrated in specific regions, particularly the APAC region, the USA, Europe, Brazil, and notably China, which accounted for nearly 60% of new capacity.
The IEA projects that by 2025, renewables will surpass coal as the largest source of electricity generation. However, fossil fuels still dominate the energy mix. Despite COP28 agreements to transition away from fossil fuels in a just and equitable manner, the world remains heavily reliant on them.
Explore the full report: Net Zero Economy Index.
We are here to help you
We are here to help you navigate these complexities with confidence. Our team of experts is dedicated to providing you with the tools and knowledge you need to make informed decisions. Whether you’re looking to mitigate risks, drive innovation or leverage new technologies, we offer tailored solutions to meet your unique needs. By partnering with us, you gain access to a wealth of resources and insights that empower you to build resilience and achieve a competitive edge. To turn challenges into opportunities and ensure your organisation’s success in an ever-changing world, contact us today.
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