Middle Market Tech Spending High and on the Rise; AI Leads Tech Investment Priorities: Deloitte Private Report


Ninth survey of C-suite and executive leaders indicates a record-high rise in tech spending, industry convergence and AI-fueled competition for tech talent.

NEW YORK, Oct. 26, 2023 /PRNewswire/ — Mid-market technology spending is at its highest level since before the pandemic, according to Deloitte Private’s “2023 Mid-market technology trends report.” More than half (53%) of respondents said their organizations are spending above 5% of revenue on technology in 2023, up from the 2019 peak of 43%, and a dramatic recovery from only 20% mid-pandemic in 2021.

Since 2013, Deloitte Private has conducted the survey of mid-market private company executives from organizations with annual revenues ranging from $250 million to more than $1 billion.

Additional findings:

  • AI jumps ahead of other technologies as the top tech investment priority for the mid-market. This year, 40% of respondents say AI is their top tech investment priority; in 2021, just 12% of respondents predicted AI would have a significant impact on their business within a year. More than twice as many respondents with active AI solutions (47%) report revenue growth of 20% or higher compared with those not using or exploring AI (23%).
  • Leaders appear to be seeing results from a sustained focus on data security. Three in 4 (74%) respondents indicate high or very high confidence in their business’ cyber security capabilities. Notably, respondents with active AI solutions are more than two-and-a-half times as likely to have very high confidence in their cyber security capabilities compared to businesses not using or exploring AI at all (32% vs. 11%).
  • Industry boundaries blur. More than half of mid-market companies (51%) are aware of competitive threats moving into their markets from outside their sector but appear prepared to expand into adjacent industries. In the survey, 70% of respondents report that their organizations have developed an asset that could be monetized outside of their sector; that number rises to 81% among organizations reporting the highest ROI on their tech investments.
  • Mid-market companies pull multiple levers to retain tech talent. Providing competitive benefits and compensation (36%) and offering flexible/hybrid work environments and geographic options (36%) are cited as the most successful strategies to retain tech talent, followed closely by creating flexible career paths, transparency and better performance feedback (34%) and investing in diversity, equity and inclusion programs (34%).
  • Demand for AI skill sets intensifies competition for talent. Still, businesses are struggling to find the right talent, with respondents reporting their business is having difficulty attracting AI strategists (40%), engineering talent (37%), as well as data and deep-learning scientists (35%).  

“Middle market private companies are reaping the benefits of a robust technology agenda, including higher revenue growth and greater preparedness to expand outside their industry — fueled by tech spending,” said Wolfe Tone, vice chair, and U.S. and Global Deloitte Private leader. “When it comes to talent, digitization is also calling for these companies to leverage a mix of competitive approaches to develop and retain the tech skills needed not only for success today but to be prepared for what is needed five or ten years from now.”

“As boundaries between traditional industries, competitors and collaborators continue to blur, middle market private companies will likely face off against companies and sectors not traditionally seen as competitors,” said Ryan Jones, private equity leader and principal, Deloitte Consulting LLP. “Thriving in this dynamic environment hinges on adopting an innovation mindset and actively putting the resources behind the development of assets that can be monetized for value outside their traditional sector to drive growth.”

About the survey
Deloitte Private conducted the survey to examine technology trends in the private and mid-market company segment. The survey was fielded online by an independent research company between May 4 and 24, 2023. Half of the respondents were C-suite executives, while the remainder were non-C-suite decision makers representing companies in the U.S. with annual revenues of US$250 million to more than US$1 billion. Eighty percent of the respondents represented companies that are privately held, while the rest were publicly-traded firms. Companies represented industries including technology, media, and telecommunications; financial services; consumer and industrial products; energy and resources; and life sciences and healthcare (LSHC).

For more information about this series and survey, please visit 2023 Mid-Market Technology Trends Report.

Deloitte Private serves the unique needs of private companies and their stakeholders by leveraging the full depth of Deloitte’s technical experience and industry capabilities to serve private enterprises, family-owned businesses, private equity portfolio companies and emerging growth companies. Visit us at https://www2.deloitte.com/us/private or follow us on LinkedIn.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide connect for impact at www.deloitte.com.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms. 

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8 thoughts on “Middle Market Tech Spending High and on the Rise; AI Leads Tech Investment Priorities: Deloitte Private Report

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    2. วิธีการทำงาน
    บริการปั้มไลค์สามารถทำงานได้หลายวิธี:

    ใช้บอทหรือโปรแกรมอัตโนมัติเพื่อสร้างการโต้ตอบ
    ขอให้ผู้ใช้จริงๆ มาโต้ตอบกับเนื้อหาของคุณเพื่อรับความได้เปรียบ
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    การโดนลงโทษ: หลายๆ แพลตฟอร์มโซเชียลมีเดียเช่น Facebook,
    Instagram มีนโยบายต่อต้านการใช้บริการปั้มไลค์ ถ้าถูกจับเจอ, บัญชีของคุณอาจถูกจำกัดฟีเจอร์หรือถูกแบน
    ไม่มีประสิทธิภาพ: การมีไลค์เยอะๆ อาจดูดีแต่ถ้ามันไม่มาจากผู้ติดตามจริงๆ ก็อาจไม่ส่งผลเชิงพาณิชย์
    4. ข้อแนะนำ
    ร่วมมือกับผู้สร้างเนื้อหา: การร่วมมือกับนักสร้างเนื้อหามีชื่อเสียงดีกว่าการใช้บริการปั้มไลค์
    สร้างเนื้อหาที่มีคุณภาพ: การสร้างเนื้อหาที่ดึงดูดใจก็สามารถเพิ่มการโต้ตอบได้แบบธรรมชาติ
    เข้าใจเป้าหมาย: มุ่งหวังในการสร้างความสัมพันธ์ที่ยั่งยืนกับผู้ติดตาม ไม่ใช่เพียงแค่ไลค์เยอะๆ
    ย้ำว่าการปั้มไลค์ไม่ได้ส่งเสริมสร้างความเชื่อถือหรือความน่าเชื่อถือ การสร้างความสัมพันธ์ที่แท้จริงกับผู้ติดตามเป็นสิ่งสำคัญที่สุด.

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