Embracing a brighter future: Investment priorities for 2024

Embracing a brighter future

INVESTMENT PRIORITIES FOR 2024

#GetTheFutureYouWant
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Embracing a brighter future: Investment priorities for 2024

BUSINESS OPTIMISM IS ON THE ORGANIZATIONS ARE UNLOCKING

RISE AND DRIVING INVESTMENT THE VALUE OF AI AND GENERATIVE
AI BY USING IT TO AUGMENT
Business leaders across countries are increasingly positive
HUMAN CREATIVITY
Executive

about their organizations’ future growth with 56% reflecting

Summary
optimism, as compared to 42% last year. Driven by this
As business leaders increasingly recognize AI's value as an
optimism and confidence in their abilities to navigate
accelerator for driving innovation and revenue growth,
prevailing headwinds, organizations are likely to invest
almost 9 in 10 organizations (88%) plan to focus on AI,
more, in contrast to the wait-and-watch approach adopted
including generative AI, within the next 12–18 months. The
in 2023. Customer experience, innovation, talent and skills,
role of AI is gradually elevating from supporting operational
sustainability, and supply chains will be key investment
decisions to assisting in critical decision-making too. Amidst
areas in 2024 – with a large majority (83%) of business
these technological advancements, most business leaders
leaders planning to increase investments in technology and
(56%) acknowledge the indispensability of human judgment
digital tools.
and creativity when utilizing AI models. Additionally, with
generative AI entering its initial phases of adoption, business
leaders are focused on scaling it sustainably. They aim to
do so while adhering to robust regulatory guidelines and
establishing their own internal guardrails to ensure the
ethical use of AI.

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Embracing a brighter future: Investment priorities for 2024

SUSTAINABILITY IS A PRIORITY; ORGANIZATIONS ARE ADDRESSING

WITH ECONOMIC INCENTIVES THEIR SUPPLY CHAIN VULNERABILITIES
PLAYING A PROMINENT ROLE THROUGH NEARSHORING
IN DRIVING INVESTMENT AND FRIEND-SHORING
Executive
Summary
With widespread recognition of climate change as a leading In recent years, supply chains have faced significant
cause of future operational disruptions (48% of business disruptions, including logistical issues stemming from
leaders believe that climate change will cause the majority geopolitical and climatic factors, trade conflicts, reliance
of operational disruptions in the coming decade), a lack of on China, and sustainability-related requirements and
sustainable practices is considered an existential threat by regulations. Supply chain vulnerability remains a concern for
a majority (61%) of organizations. As a result, sustainability 41% of business leaders. As a means to de-risking their supply
investments are expected to rise at 52% of organizations, chains, 49% of business leaders state that they are investing
marking a significant increase from the past year, when only in other emerging economies to reduce reliance on China,
33% of organizations expected to increase investments in while 45% express intentions to friend-shore a significant
this area. Economic incentives are influencing the direction portion of their sourcing or production moving forward.
of investment: 57% of business leaders globally say that their
organization is likely to increase investment in clean tech in
the US over the next 2–3 years due to the Inflation Reduction
Act (IRA). A similar proportion say that their organization is
likely to increase investment in the EU due to the EU Green
Deal Industrial Plan.

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Embracing a brighter future: Investment priorities for 2024

Introduction
In the 2023 edition of our investment trends report, we
talked about the looming recession and contrasted this
gloomy outlook with business leaders’ optimism around
the resilience of their individual organizations to withstand
and progress against these headwinds. As 2024 approaches,
business sentiment is, once again, on an upswing, with
business leaders exhibiting confidence in their organizations’
growth potential for the year ahead, despite the backdrop
of shifting business, macroeconomic, and geopolitical
risks. We examine how this positive outlook is impacting
investment priorities going forward and, in particular,
changing investment strategies in areas such as emerging
technologies, with AI and generative AI, sustainability, and
supply chain being key areas of focus.
To do so, we surveyed business leaders from 2,000
organizations across 15 countries and multiple sectors,
including automotive; consumer products; banking and
capital markets; insurance; retail; life sciences; telecom,
media, and high-tech; manufacturing; and energy and
utilities. Please refer to the methodology for more details on
the survey.

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Embracing a brighter future: Investment priorities for 2024

Introduction
Drawing on this extensive research, we explore the key – The majority of organizations view climate change
themes below: as a pressing existential risk for their businesses and
for society and, consequently, are committed to
• More business leaders than last year are optimistic about increasing their level of investment in sustainability in
their organization’s growth potential for the year ahead. 2024. The consensus is that regulation, especially that
incentivizing adoption of clean tech, can help drive
• Driven by this optimism, in 2024 organizations are
sustainability investment.
planning to increase investment in several areas:
– Supply chain features as one of the top three most
– As organizations set about transforming themselves
vulnerable areas for business this year. Driven
into digital companies, they plan to focus on key areas
by geopolitical tensions, climatic disruptions,
such as AI/generative AI, cloud, cybersecurity, 5G, and
reliance on China-based suppliers, and emerging
digital twins.
regulations, many of the organizations we surveyed
– With organizations viewing emerging technologies as are adopting nearshoring and friend-shoring (where
a value play driving innovation and new revenue, AI/ organizations base their supply chains in politically and
generative AI is a leading investment area for 9 out of economically allied countries) strategies to de-risk their
10 organizations. Organizations concur on the role of manufacturing and supply chains.
generative AI on redefining, augmenting, and liberating,
rather than replacing, human creativity.

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Embracing a brighter future: Investment priorities for 2024

01
BUSINESS LEADERS ARE
INCREASINGLY OPTIMISTIC AND
ARE DRIVING INVESTMENT IN
KEY AREAS
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Embracing a brighter future: Investment priorities for 2024

More business leaders expected in 2023. However, for 2024, more than half
(56%) are optimistic about their organization’s outlook for

than last year are 2024 (see Figure 1).

Moreover, the outlook for business growth is more
optimistic about their positive than that for the global operating environment,
with only 30% of business leaders expressing optimism
organizations’ about the global operating environment.

performance
Business leaders are facing several challenges today,
%
56
from persistent inflation, high interest rates, and volatile
energy supplies, to skills gaps and snarled-up supply
chains, all against a backdrop of geopolitical conflict
that feeds into all of these. However, despite having
to contend with these uncertain market conditions
throughout 2023, most business leaders are confident of business leaders are optimistic
of their organization’s ability to navigate through these about their organization’s outlook
disruptions and are optimistic about prospects for growth for 2024
in 2024.
Last year’s survey showed that only 42% of business
leaders at that time were positive about the future of
their organization, considering the economic headwinds

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Embracing a brighter future: Investment priorities for 2024

FIGURE 1.
A majority of business leaders based in the EU, UK, and Canada see a huge shift from last year in terms
of optimism about the future of their organization

PERCENTAGE OF BUSINESS LEADERS WHO ARE OPTIMISTIC ABOUT THE OUTLOOK FOR THEIR ORGANIZATION, GROUPED BY COUNTRY OF PRIMARY RESIDENCE

70%
65% 64% 65%
62% 61% 59%
56% 57% 56% 56% 55%
50% 50% 52% 54% 54% 53% 53% 52%
45% 47%
42% 43% 41%
36%
32% 34% 32%
29% 27%
24%

Global Canada Sweden UK US Netherlands China Japan France Singapore Australia Germany India Brazil Spain Italy

Outlook for 2023 Outlook for 2024

Source: Capgemini Research Institute, Global Investment Research Edition 2, November 2023, N=2,000 business leaders;
Capgemini Research Institute, Global Investment Research Edition 1, November 2022, N=2,000 business leaders.

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Embracing a brighter future: Investment priorities for 2024

Owing to this optimism, enterprise applications, such as supply chain, finance

& accounting, and product lifecycle management, is an
• Talent and skills development is another key area,
in which 57% of business leaders plan to increase

organizations plan to important element in the delivery of a connected and

seamless customer experience.
investment. Scarcity of talent with the right skills ranks
among the top business risks in the next 12–18 months

increase investment in • Engineering, R&D, and innovation: We expect R&D

and product/service innovation investment to increase
for 59% of organizations (in comparison to 35% of
organizations last year). Our multiple research projects

multiple areas in 2024 in over two-thirds (67%) of organizations in 2024. As

organizations view engineering and R&D as a strategic
have highlighted that a large majority of organizations
believe that significant talent gaps exist in several
critical technology areas, such as product development,
capability, they are not only investing in improving
In 2024, organizations are planning to increase investment software engineering, AI/machine learning (ML), cloud,
products or services but also in reinventing and disrupting
in many areas to accelerate growth (see Figure 2): cybersecurity, data science, as well as in behavioral skills
parts of their businesses. Our previous research highlights
such as design thinking and business modelling.
• Customer experience: Organizations agree that getting that 83% of organizations acknowledge that the shift
customer experience (CX) right is key to a company’s from product-based to service-based business models
As organizations plan and implement their “return-
success and growth. Nearly three-quarters (73%) (e.g., “as-a-service” models) is the key trend impacting
to-office” policies, nearly a quarter (25%) also plan
are planning to invest more in improving customer their industries today.2
to increase investments in office space. However,
experiences – a significant increase from only 20% last
organizations also believe that flexible and hybrid work
year. As organizations seek to achieve and sustain a
engagements are here to stay. “Hybrid work will be about
more meaningful and productive relationship with their
mass customization, allowing every employee to customize
%
71
customers, they are aiming to deliver it through more
working environments to their personal circumstances,
intuitive, seamless, and personalized digital offerings.
career, or life stage,” says Jean-Pascal Tricoire, Chairman,
Our previous survey reveals that 71% of organizations
Schneider Electric.3
believe that generative AI can enable them to create more
interactive and engaging experiences for their customers.1 • Sustainability investments are also anticipated to
Organizations also need a more holistic approach in increase in 52% of organizations, whereas, last year,
of organizations believe that generative AI can
solutions connecting domains such as marketing, sales, only 33% expected an increase. Our recent research
enable them to create more interactive and
service, and commerce across the complete customer on sustainability trends highlights that organizations
engaging experiences for their customers
lifecycle. Integrating these solutions with back-office understand the business case for environmental

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Embracing a brighter future: Investment priorities for 2024

sustainability better than they did a year ago. In 2022, FIGURE 2.

only 21% of executives agreed that the business case for Organizations are increasing investments in many areas
sustainability was clear. In 2023, this percentage tripled to
63%.4 “The only way IKEA can be successful in the future is
to be in a hurry to get sustainable,” agrees Jesper Brodin, PERCENTAGE OF BUSINESS LEADERS PLANNING TO INCREASE INVESTMENT IN THE FOLLOWING AREAS
CEO of Ingka Group.5
20%
• Manufacturing and supply chain is an area in which Customer experience 73%
half of business leaders plan to increase investments in
33%
2024. Our recent research papers on supply chains in the Engineering/R&D/product or service innovation 67%
automotive, consumer products, and retail industries
highlight that diversification, nearshoring, and friend- 28%
Talent and skills 57%
shoring are gaining prominence. Giant organizations such
as Apple and Google have begun to shift a portion of 22%
their manufacturing operations from China to India.6 A Manufacturing/operations* 54%
general manager at a European automotive OEM told us: 33%
"Nearshoring is a strategic goal for us. In view of political Sustainability 52%
pressures and availability of raw materials, at least 75% 43%
of the supply chain needs to be nearshored or moved Supply chain** 48%
to domestic markets in the long run.” 7 Organizations
4%
are also focusing on developing an intelligent supply Real estate (office space) 25%
chain that enables agility, transparency, and visibility. A
VP of strategic sourcing at a US-based food company
Percentage of organizations planning increased Percentage of organizations planning increased
elaborates: “Our focus on innovation and digitalization
investments in 2023 investments in 2024
paused during the pandemic. But now, innovation has
come back into the pipeline.” 8
*Only for manufacturing companies; N=1,087 business leaders. **Only for organizations with supply chain networks; N=1,407
business leaders.
Source: Capgemini Research Institute, Global Investment Research Edition 2, November 2023, N=2,000 business leaders;
Capgemini Research Institute, Global Investment Research Edition 1, November 2022, N=2,000 business leaders.

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Embracing a brighter future: Investment priorities for 2024

Driven by both risks and FIGURE 3.

Digital investments will increase for 8 in 10 organizations in 2024

opportunities, digital tools

and technologies are a PERCENTAGE OF BUSINESS LEADERS PLANNING TO INCREASE INVESTMENT IN DIGITAL
TOOLS AND TECHNOLOGIES, GROUPED BY INDUSTRY
strong investment focus
88% 88%
83% 85% 85%
To craft personalized customer experiences, accelerate 81% 80% 79% 79% 79%
innovation, achieve climate goals, build intelligent and data-
driven supply chains, and unlock new value, organizations
consider digital to be a strategic asset. Gartner expects
worldwide IT spending to increase by 8% to reach $5.1 45%
42% 43% 41%
trillion in 2024.9 As Figure 3 shows, a large majority (83%) of 39% 39% 36% 39%
35% 35%
business leaders in our survey plan to increase investment in
digital tools and technologies in 2024 (compared with only
39% last year). Imran Ansani, Head of Retail Edge Solutions
and Ecosystems at Dell, comments: “From a hardware-
centric enterprise, we've transformed into a holistic solutions
innovator. In an era of ubiquitous hardware, our cutting-edge Global Consumer Energy Life sciences Retail Telecom, Insurance Automotive Industrial Banking
software and unparalleled managed services distinguish us products and and media, and manufacturing and
from the rest.”10 manufacturing utilities healthcare high-tech capital markets

Percentage of organizations planning Percentage of organizations planning

increased investments in 2023 increased investments in 2024

Source: Capgemini Research Institute, Global Investment Research Edition 2, November 2023, N=2,000 business leaders;
Capgemini Research Institute, Global Investment Research Edition 1, November 2022, N=2,000 business leaders.

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Embracing a brighter future: Investment priorities for 2024

"From a hardware-centric enterprise,

we've transformed into a holistic solutions
innovator. In an era of ubiquitous
hardware, our cutting-edge software and
unparalleled managed services distinguish
us from the rest.”10

IMRAN ANSANI
Head of Retail Edge
Solutions and Ecosystems
at Dell

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Embracing a brighter future: Investment priorities for 2024

AI and generative AI are FIGURE 4.

A majority of organizations are planning to focus on AI/generative AI, cloud, and cybersecurity

leading digital investment PERCENTAGE OF BUSINESS LEADERS PLANNING TO FOCUS ON THE FOLLOWING DIGITAL TOOLS
AND TECHNOLOGIES
Many organizations already see generative AI as a powerful
tool with which to accelerate growth, enhance capabilities, 88%
85%
and unlock new opportunities without drastic restructuring 79%
75%
of business models. Pat Geraghty, CEO of GuideWell, a
65%
US-based mutual insurance organization, comments: “Every
board meeting we’ve had this year has had a standing agenda
item of AI and ChatGPT. As we’re thinking about where we’re
39% 40%
going, we want to make sure we’ve got our board with us.”11 33% 36%
33% 33%
Our recent research highlights that generative AI is on 24%
the boardroom agenda at 96% of organizations surveyed 18% 20%
12%
globally.12 In our research, 88% of business leaders plan to
focus on AI and generative AI in the next 12–18 months (see
Figure 4). AI and Cloud** Cybersecurity 5G and Digital twins Consumer Synthetic Blockchain Quantum
generative AI* edge and metaverse**** biology technologies
In the following sections, we explore three key investment computing immersive
trends in detail: the growing prominence of AI and generative technologies
AI; the focus on sustainability; and the pivot towards for industrial
applications***
nearshoring and friend-shoring of manufacturing and supply
chains. Percentage of organizations planning to increase Percentage of organizations planning to focus on the
investments in the above technologies in 2023 above technologies in 2024

Note: *Data for “Intelligent automation (AI/ML/cognitive technologies etc.)” in Edition 1 research; **Data for “IT infrastructure and Cloud” in Edition
1 research; ***Data for “operational technologies such as digital twins, automation, operational visibility, etc.” in Edition 1 research; ****Data for
“Immersive tech such as metaverse, web 3.0, etc.” in Edition 1 research.
Synthetic biology, blockchain, and quantum technologies were not asked about in the research for Edition 1.
Source: Capgemini Research Institute, Global Investment Research Edition 2, November 2023, N=2,000 business leaders; Capgemini Research Institute,
Global Investment Research Edition 1, November 2022, N=2,000 business leaders.

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Embracing a brighter future: Investment priorities for 2024

FIGURE 5.
Cybersecurity is a top risk to business growth

PERCENTAGE OF BUSINESS LEADERS WHO CONSIDER CYBERSECURITY THREATS AS A BUSINESS RISK

A deep dive into IN THE NEXT 12–18 MONTHS, GROUPED BY LOCATION OF ORGANIZATIONAL HEADQUARTERS

cybersecurity:
68% 66% 66% 66%
61% 64% 63% 62%
Cybercrime is estimated to have cost business over 61% 61% 58% 58% 57% 57%
54%
$8 trillion in 2023 and this figure is forecast to 50%
44% 44% 42% 43%
increase by 70% by 2028, to approach $14 trillion.13 39% 38% 38% 39% 41% 41%
38%
41%
35% 37% 37%
Cyberattacks are more frequent and sophisticated, 33%
prompting organizations to bolster their security
measures and recruit cybersecurity experts, and
adapt to comply with new regulations designed
to protect their industry. As Figure 5 shows, 61%
of business leaders consider cybersecurity threats Global France Spain China Sweden Singapore Netherlands Germany
to be a leading risk to business growth (compared Canada UK US Japan Australia Italy Brazil India
with 39% last year).

2023 2024

Source: Capgemini Research Institute, Global Investment Research Edition 2, November 2023, N=2,000 business leaders;
Capgemini Research Institute, Global Investment Research Edition 1, November 2022, N=2,000 business leaders.

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Embracing a brighter future: Investment priorities for 2024

in the US, the new rules on cybersecurity disclosures

%
61
from the Securities and Exchange Commission (SEC)15
are likely to push organizations to strengthen their
cybersecurity efforts, including mitigating risks and
vulnerabilities in their partners’ operations.

of business leaders consider cybersecurity When used in conjunction with traditional methods,
threats to be a leading risk to business growth AI offers a powerful defense against AI-powered
in 2024 cyberattacks, as cited by 34% of business leaders
in our research. A recent survey highlights that
34% of organizations have already implemented AI
application security tools to mitigate the concomitant
As Figure 4 shows, 79% of business leaders plan to risks of generative AI.16 At the same time, generative
focus on cybersecurity in the next 12–18 months. AI can enhance accuracy of threat-identification;
“The convergence of IT and OT systems will create a generate realistic training data to test ML models’
larger attack surface for cybercriminals, increasing attack detection and prevention; and automate
their potential to compromise operational systems routine security tasks. Additionally, 44% of technology
that control critical infrastructure. Organizations must leaders in our survey say that their cybersecurity may
prioritize cybersecurity measures that protect their be compromised if they fail to become quantum-
entire infrastructure, from the endpoints to the core safe (i.e., resistant to quantum as well as traditional
systems,” emphasizes Agnidipta Sarkar, former Group cyberattacks) in the near future.
CISO at India-based biopharma Biocon.14 Moreover,

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Embracing a brighter future: Investment priorities for 2024

02
AI AND GENERATIVE AI:
AUGMENTING HUMAN
INGENUITY

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Embracing a brighter future: Investment priorities for 2024

AI will play a more than 450 companies are pursuing AI-driven drug discovery.19
Paul Hudson, CEO, Sanofi, adds: “Our ambition is to become
the first pharma company powered by AI at scale, giving our
people tools and technologies that focus on insights and allow

prominent role in critical them to make better everyday decisions.20”

decision-making FIGURE 6.
AI will play a more prominent role in critical decision-making, with life sciences and healthcare leading the way

A recent report from Goldman Sachs shows that PERCENTAGE OF CRITICAL DECISIONS MADE THROUGH THE ASSISTANCE OF AI – TODAY AND IN FIVE
organizations are ramping up investment in AI, which YEARS FROM NOW, GROUPED BY INDUSTRY
could reach $200 billion by 2025.17 Figure 4 from our
27%
survey also highlights AI and generative AI as a key area Global
16%
for technology investment in 2024. 47%
Life sciences and healthcare
33%
In our previous research on data-powered enterprises, 31%
Automotive
we found that 50% of organizations base their decisions 18%
on data, rather than on intuition, personal judgment, or 29%
Banking and capital markets
18%
observation.18 AI supports operational decision-making, 27%
Telecom, media, and high-tech
identifying patterns, and predicting scenarios that the 16%
decision-makers can then use as a focus for analysis Retail 27%
15%
and discussion. However, going forward, we are likely 25%
to see AI’s increasing involvement in assisting critical Insurance
15%
decision-making – i.e., decisions that have a significant Consumer products manufacturing 24%
impact on the business, involve considerable resources, 12%
21%
and carry significant risk (see Figure 6). Within the life Industrial manufacturing
11%
sciences industry, for example, nearly half (47%) of critical Energy and utilities
20%
decisions in the next five years are expected to involve the 10%
assistance of AI. As per recent estimates, already more Critical decision-making that is likely to use the Critical decision-making that uses the
assistance of AI in your organization five years from now assistance of AI today in your organization

Source: Capgemini Research Institute, Global Investment Research Edition 2, November 2023, N=2,000 business leaders.

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Generative AI offers an
opportunity to ramp up
innovation and productivity,
boosting revenue
Generative AI is transforming the way we interact with
technology. Machines are beginning to mimic human
creative thought processes, synthesizing tailored content,
contributing to product design, and supporting decision-
making. This has significant implications for the way
organizations work. A majority of business leaders in our
research agree that it offers an immense opportunity in
terms of innovation and new revenue streams (see Figure 7).
• Clothing-service company Stitch Fix already uses AI
to prepare recommendations to customers and is
experimenting with DALL-E 2 to offer visualization of
clothing designs based on customers’ color, fabric, and
style preferences.21

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• Jeff McMillan, Head of Analytics, Data, and Innovation at FIGURE 7.

Morgan Stanley Wealth Management, elaborates on how A majority of business leaders across sectors see generative AI as an opportunity to drive revenue
using generative AI is adding value: “Think of it as having and innovation
our chief investment strategist, chief global economist,
global equities strategist, and every other analyst around
the globe on call all day, every day. We believe that is a PERCENTAGE OF BUSINESS LEADERS SEEING GENERATIVE AI AS A VALUE PLAY*, GROUPED BY INDUSTRY
transformative capability for our company.” 22
• In consumer products, Ferrero customized its jars for Global 57%
its popular Nutella chocolate spread using generative
Retail 64%
AI. Data scientists fed a database of patterns and colors
into a generative AI algorithm, which rapidly produced 7 Banking and capital markets 60%
million distinct jar designs. These unique jars, branded as
Consumer products manufacturing 59%
Nutella Unica, were sold all across Italy, reportedly selling
out within a month.23 Life sciences and healthcare 59%
Moreover, business leaders see generative AI as an Insurance 58%
opportunity to enhance productivity, on average by 20%.
According to our recent research on software-driven Energy and utilities 57%
transformation, organizations expect generative AI to Industrial manufacturing 56%
assist in writing one in every five lines of code in the next 12
months.24 Automotive 55%

Telecom, media, and high-tech 53%

*We defined a “value play” as an opportunity to drive revenue and innovation.

Source: Capgemini Research Institute, Global Investment Research Edition 2, November 2023, N=2,000 business leaders.

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Business leaders focus on a

human-centric and
-augmented approach to “Think of it as having our chief investment
generative AI strategist, chief global economist, global
A majority (56%) of business leaders emphasize that human equities strategist, and every other analyst
judgment is more critical than ever in an AI-driven world,
whereas 21% of business leaders do not believe this to be around the globe on call all day, every
the case. Coca-Cola’s generative AI advert Masterpiece is an
example of the collaboration of AI and human intervention to day. We believe that is a transformative
achieve the desired outputs.25 Generative AI cannot replace
employees, but it can complement their skills and enhance
capability for our company.”22
productivity. It still requires supervision, monitoring, and
testing. Therefore, nurturing employees’ judgment26 would
become as crucial as any technical skill.
JEFF MCMILLAN
Head of Analytics, Data, and Innovation
at Morgan Stanley Wealth Management

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Business leaders look to FIGURE 8.

Organizations across APAC, the US, and the European Union concur that the EU’s approach to regulating AI

regulations to help them will reduce uncertainty

establish guardrails for PERCENTAGE OF BUSINESS LEADERS AGREEING TO THE STATEMENT, “THE EU’S REGULATION- AND
GUIDELINES-LED APPROACH TO GENERATIVE AI REDUCES UNCERTAINTY,” GROUPED BY LOCATION OF
generative AI ORGANIZATIONAL HEADQUARTERS

Global 61%
While generative AI carries vast potential, ethical and
transparency concerns require clear regulation and new Singapore 77%
guidelines. In our research, 43% of organizations rate “lack 71%
Japan
of regulation” as a challenge to implementing and scaling
generative AI. Recently, European Union officials have India 68%
reached a provisional deal27 on the EU AI act – which aims China 66%
to classify AI usage based on risk level, prohibiting certain 66%
US
uses, and imposing stringent monitoring and disclosure
requirements for high-risk applications. In fact, in our Australia 62%
research, 61% of business leaders believe28 that the EU’s EU 58%
regulation- and guidelines-led approach to generative AI will
Canada 58%
reduce uncertainty (see Figure 8). Interestingly, 66% of US
business leaders believe that the expected guidelines will UK 54%
reduce uncertainty, compared to 58% of EU business leaders. 49%
Brazil

Note: The survey was conducted before December 9, 2023, when the EU AI draft regulation was finally agreed upon by the
European Parliament and the Council presidency.
Source: Capgemini Research Institute, Global Investment Research Edition 2, November 2023, N=2,000 business leaders.

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Embracing a brighter future: Investment priorities for 2024

Along with country and regional regulations, many

business leaders also advocate setting organizational
guidelines for ethical, transparent, and sustainable use
Key action areas • define a clear code of ethics for AI
• conduct regular audits and assessments of AI systems
• train employees in the ethical use of generative AI
Understand the systemic
of generative AI. In our research, 64% of business leaders
agree that self-regulation is critical to the responsible use • ensure availability of fair, high-quality datasets

risk that AI poses and

of generative AI tools. More than two-thirds (67%) say
they are developing such guidelines over the next 12–18 • remain vigilant in regards to the ever-evolving realm of
AI regulation
establish clear guidelines
months.
• be judicious in the selection of partners.
Organizations also need to establish sustainability
guidelines, in particular around highly carbon-intensive,
around usage
albeit irregular, large-language-model (LLM) training
and the general use of generative AI. Using a powerful
Build trust and
AI model to generate 1,000 images produces roughly
as much CO2 as driving 4.1 miles in an average gasoline-
Our survey reveals that 22% of organizations are not
planning to develop any kind of internal guidelines around responsibility into AI
powered car.29 the use of generative AI in the near future. A sizeable
minority (21%) also think that human judgement is not systems
exceedingly critical in an AI-driven world. Failure to
recognize the need for human involvement and control in Owing to concerns around bias and opacity of results,
AI exposes a huge systemic risk. AI systems have been the object of much mistrust and
%
64
skepticism. Over half (51%) of business leaders cite a lack
Establishing organizational guardrails, training employees,
of clarity on the underlying data used to train generative AI
adopting a human-centered approach to deployment, and
programs as a challenge. In addition, there are other risks,
embedding human oversight and user feedback play a
such as:
critical role to foster responsible value generation through
AI. To harness the full potential of AI and navigate the • bias, skew, or discrimination arising from poor-quality
of business leaders agree that self-regulation is
concomitant risks, it is important for organizations to: training datasets
critical to the responsible use of generative AI
tools • generation of content based on copyrighted or
unauthorized data

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Embracing a brighter future: Investment priorities for 2024

• inappropriate or inaccurate content, commonly complex business problems. At the same time, there
termed AI “hallucinations” is a need to ensure that there are proper guardrails to
prevent the explosion of shadow IT in organizations
• data leakage.
– which can lead to potential security vulnerabilities,
It is critical to build safeguards against these risks increased development costs, and reputational risks for
to increase trust towards AI among leaders, users, organizations. “The potential for increased technical debt
and regulators. and orphan code is always a concern when delivery can be
accelerated,” confirms Tracy Daniels, CDO at Truist, a US

Strike a balance between

financial-services organization30.

generative AI and human Focus on sustainable AI

creativity Sixty-two percent of business leaders in our research say
they are conscious of the imperative to scale generative
Organizations must recognize the distinct strengths AI in a sustainable way. To this end, organizations must
of both AI and the human workforce, ensuring that strategize to mitigate the environmental impact of
technology augments human capabilities. For instance, power-hungry and emissions-heavy training of generative
in functions such as marketing, organizations should AI models. Organizations can work with partners to
acknowledge AI's proficiency in data-driven tasks and clearly lay out their generative AI strategy and approach,
content generation, while valuing human creativity estimate the carbon impact of their models, and identify
in storytelling, understanding nuanced emotions, and execute initiatives such as choosing right-sized
and making calls on matters of taste and sensitivity. models, fine-tuning existing foundation models rather
Similarly, for software engineering, generative AI could than training large models from scratch, participating in
assist in streamlining code creation, optimization, data ecosystems to reuse datasets and avoid redundant
completion, testing, and debugging, allowing data collection, and using energy-efficient hardware and
development teams to focus on supervision and more data centers.

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03
SUSTAINABILITY:
PREPARING FOR THE
FUTURE

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Climate change is an FIGURE 9.

Around half of business leaders expect climate change to be the main cause of operational disruption in

existential threat that the future

organizations must address PERCENTAGE OF BUSINESS LEADERS WHO SAY THAT CLIMATE CHANGE WILL CAUSE THE
MAJORITY OF OPERATIONAL DISRUPTIONS IN THE NEXT DECADE, GROUPED BY LOCATION OF
ORGANIZATIONAL HEADQUARTERS
Close to half (48%) of business leaders believe that climate
change will cause the majority of operational disruptions in
Global 48%
the coming decade (see Figure 9). Already, droughts linked
Sweden 59%
to climate change have brought water levels to record lows
along major transportation routes such as the Panama Canal, Germany 55%
the Rhine and Danube rivers in Europe, and the Mississippi US 54%
river in the US, causing significant logistical issues.31 Business Japan 53%
leaders expect such impacts to intensify. Italy 51%
UK 51%
Spain 50%

%
48
France 49%
Netherlands 49%
Canada 45%
Australia 43%
China 40%
of business leaders say that climate change India 37%
will cause the majority of operational Brazil 35%
disruptions in the next decade 33%
Singapore

Source: Capgemini Research Institute, Global Investment Research Edition 2, November 2023, N=2,000 business leaders.

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Embracing a brighter future: Investment priorities for 2024

%
61
of business leaders say that the lack of
sustainable practices and processes will
pose a long-term existential risk for their
organizations

Further, sustainability is viewed as fundamental to

organizations’ long-term viability. More than six in ten (61%)
business leaders say that the lack of sustainable practices
and processes will pose a long-term existential risk for their
organizations.
Growing awareness of the risks posed by climate change
is driving investment. Our previous research showed that
awareness of the worsening climate crisis is the top driver of
corporate investment in climate tech for the next two years.32
In addition, as we examine below, economic incentives are
influencing the direction of investment.

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Economic incentives help FIGURE 10.

Economic incentives are influencing the flow of investment in clean tech

drive sustainability and

clean tech investments
Our current research indicates the growing influence of
economic incentives on the direction of investment. For
instance, 57% of business leaders globally say that their
organization is likely to increase investment in clean tech in
the US over the next 2–3 years due to the Inflation Reduction
Act (IRA). A similar proportion say that their organization is
likely to increase investment in the EU due to the EU Green
57% 57%
Deal Industrial Plan (see Figure 10). The IRA offers $369
billion in incentives to organizations to ramp up clean tech,
while the EU plans to allocate €578 billion (32.6% of its total
budget) to climate-mitigation efforts.33

of business leaders say that their organization of business leaders say that their organization
will increase investment in clean tech in the will increase investment in clean tech in the
US in the next 2–3 years due to the IRA. EU in the next 2–3 years due to the Green
Deal Industrial Plan.

Source: Capgemini Research Institute, Global Investment Research Edition 2, November 2023, N=1,600 business leaders excluding
respondents from the banking and capital markets, and insurance sectors.

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Organizations are Key action areas

questioning the
macroeconomic growth Redesign business and
paradigm operating models
While far from easy, implementing a new or refined
Our research shows that business leaders are beginning to business or operating model is the most effective way
recognize the limits to growth within planetary boundaries. to ensure an organization is on the path to sustainability.
Two-thirds (66%) say that the relentless pursuit of growth This will need the support of the board of directors
is incompatible with addressing the climate and ecological in order to implement drastic changes if they are
crisis, while 57% say that sustainability is not compatible necessary, especially in cases where revenue or margins
with unfettered consumerism. are impacted.
Further, business leaders foresee a future where growth
ceases to be the guiding standard of economic activity.

%
66
Thirty-eight percent believe that organizations are likely
to enter an era of no growth due to the need for humanity
to stay within planetary boundaries. The “Beyond Growth”
conference hosted by the European Parliament from
15–17 May 2023 aimed to spark thinking about alternative
economic models that prioritize sustainability and well- of business leaders say that the
being over perpetual growth.34 In line with this, our relentless pursuit of growth is
research indicates that business leaders are increasingly incompatible with addressing the
contemplating and engaging with the idea of climate and ecological crisis
a post-growth future.

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Embracing a brighter future: Investment priorities for 2024

Explore the potential of Encouraging the

data and technology to development of new skills
achieve sustainability goals Organizations must also ensure they equip employees with
the skills required to support a transition to a sustainable
Data and technology are key to organizations achieving business model. Upskilling/reskilling of hard (e.g., carbon
their sustainability goals. Climate technologies such as accounting, environmental science/engineering, and data
renewable energy, carbon capture, low-carbon hydrogen, analysis/visualization) and soft (e.g., leadership, innovation,
alternative fuels, and climate-modelling software will play communications, and design thinking) sustainability skills
a significant role in reducing emissions and investment in will be crucial.
climate tech will be important to reaching net zero and
other climate goals. Three-quarters of executives in our
recent research on climate tech said that their organizations
Secure access to finance
would not be able to achieve their sustainability goals
Organizations should tap into growing sources of public
without climate tech.
and private funding (government grants, subsidies and tax
credits, VC funding, and debt financing) to fast-track their
sustainability initiatives. Designing and scoping projects
with eligibility for funding front of mind will be key.

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04
NEARSHORING AND
FRIEND-SHORING:
TACKLING SUPPLY CHAIN
VULNERABILITIES
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Business leaders still see FIGURE 11.

Supply chain and procurement is a leading vulnerability according to business leaders

supply chain as an area of

acute vulnerability PERCENTAGE OF BUSINESS LEADERS STATING THE BELOW AS THE AREAS MOST VULNERABLE TO RISK

The COVID-19 lockdowns and the subsequent release of

pent-up demand exposed the vulnerability of global supply
chains, culminating in a significant loss of revenue and 41% 41%
opportunity. Our previous year’s research highlights this, with
supply chain being the leading risk area according to 89% of 31% 31%
organizations surveyed. 26%
Over the past year, organizations have redesigned and
invested in their supply chains, enhancing resilience to
exogenous disruption. James Rowan, CEO, President, and
Director of Volvo Cars, states: “Supply chain architecture,
in general, is changing. This just in-time process that we've
enjoyed for decades now, when there was frictionless trade
Liquidity and Supply chain and Talent and culture Business model Brand reputation
across the world, that time has gone, and people are now
financial health procurement*
rearchitecting the supply chain to make it more resilient.”35
Supply chain risk has diminished: 42% of business leaders *Question posed only to organizations with supply chain networks.
consider it a high risk this year, compared with 89% last year.
Yet, organizations are acutely aware of the business and price
sensitivity of supply chains. As shown in Figure 11, supply Source: Capgemini Research Institute, Global Investment Research Edition 2, November 2023, N=2,000 business leaders; N=1,407
chain and procurement matches liquidity and financial health business leaders from organizations with supply chain networks.
as the area most vulnerable to risk.

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“Supply chain architecture, in general, is

changing. This just in-time process that
we've enjoyed for decades now, when there
was frictionless trade across the world,
that time has gone, and people are now
rearchitecting the supply chain to make it
more resilient.” 35

JAMES ROWAN
CEO, President, and
Director of Volvo Cars

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Regulatory change and the FIGURE 12.

Energy and utilities leads the search for emerging-country suppliers

search for alternatives to

China are shifting PERCENTAGE OF BUSINESS LEADERS WHO ARE INVESTING IN OTHER EMERGING ECONOMIES TO REDUCE
RELIANCE ON CHINA, GROUPED BY INDUSTRY
approaches to supply chains
Global 49%
The pandemic and associated lockdowns have exposed over-
reliance on Chinese suppliers. For example, the US relies on Energy and utilities 54%
active pharmaceutical ingredients (APIs) from China for more
than 75% of its vitamin B6, B12, B1, C, and nearly 70% of its Consumer products manufacturing 52%
vitamin E imports. India, the second-largest global exporter
of generic pharmaceuticals, while regarded as a potential Life sciences 52%
alternative supplier, also depends on China. According to
Retail 48%
the European Commission, India accounts for about 20%
of global generic drug demand by volume, but it imports 45%
Automotive
about 70% of its APIs from China36. Our survey shows that
organizations from the energy and utilities sector are keenest Industrial manufacturing 45%
to find alternative suppliers among emerging countries
(see Figure 12). High-tech 42%

Source: Capgemini Research Institute, Global Investment Research Edition 2, November 2023, N=1,304 business leaders from
organizations with supply chain networks, excluding organizations from China.

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The technology decoupling of China and the US has led to the • Regulations for sovereign manufacturing: Europe’s share of the semiconductor market from 10%
restriction of technology exports and sensitive technologies Governments feel that areas of national strategic to 20% by 2030. Further, the US is leading the imposition
in the areas of semiconductors and AI. This has led 42% of importance, such as semiconductors, electric batteries, of export controls on semiconductor manufacturing
our surveyed executives to re-evaluate their technology AI, and pharmaceuticals justify the development of equipment40 to counter the national security threat from
investments. sovereign manufacturing capacity. A good example of this China. More than half (54%) of business leaders believe
is the European Chips Act38 (ECA) and the US’s CHIPS and that this trend of sovereign manufacturing will continue
Along with the search for an alternative to China, there
Science Act,39 which encourage localized semiconductor to grow, with respondents in Germany and Spain agreeing
has been significant government influence on supply chain
production in order to enhance supply chain resilience for the most.
decisions, specifically in terms of “de-risking” strategies.37
national security reasons. The ECA is intended to double
This phenomenon has three important aspects:

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this, the IRA42 provides tax credits for vehicles

Driven by these
%
52
that source battery materials in North America,
encouraging onshore investment. Such regulatory
policies have made Mexico a nearshoring hub for North regulations and the need
America across industries: according to the US Census
Bureau, Chinese imports to the US fell by 24% through for resilience, nearshoring
of organizations are nearshoring their
supply chains to meet stricter sustainability
May 2023, with Mexico now being the US’s leading
trade partner.43 and friend-shoring are key
and ESG regulations • Compliance requirements in environmental, social,
and governance (ESG) regulations: Apart from these
strategies
incentive-based regulations, new compliance-based
Our research deep-dives into supply chains of the
and sustainability-oriented regulations will increase
automotive and consumer products industries and
the cost of operating supply chains in lightly regulated
highlights nearshoring trends:
countries (notably China) that lack transparency and
traceability. In our survey, 52%47 of organizations • Our research on automotive supply chains indicates
are nearshoring their supply chains to meet stricter that, globally, there has been a 22% drop in offshore
• Protecting key economic contributing industries: sustainability and ESG regulations. These regulations procurement in dollar value over the past two years.
Regulatory incentives pertaining to protecting and include the EU’s Corporate Sustainability Due Diligence Europe leads with a 25% reduction.
enabling the transition from internal combustion engine Directive (CSDDD),44 the EU’s new Circular Economy
• Similarly, our research on consumer products and
(ICE) vehicles to electric vehicles (EVs) strongly influence Action Plan,45 and the US’s Uyghur Forced Labor
retail supply chains indicates that 8 out of 10 consumer
the development of automotive supply chains. For Prevention Act (UFLPA).46 The due diligence required to
products and retail (CPR) organizations were investing
example, the United States-Mexico-Canada Agreement comply with regulations of this type adds to the overall
in shifting from single to multiple sourcing, while 7 in
(USMCA)41 states that, in order for a vehicle to be sold compliance cost of procuring from offshore locations
10 organizations are regionalizing or localizing their
tariff-free in the region, at least 75% of its components and, by extension, encourages nearshoring and friend-
supplier bases.
should be manufactured in North America. Alongside shoring (reporting data can often be challenging to
obtain and may not even exist in certain cases).

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Our current research also highlights a nearshoring trend FIGURE 13.

across industries. Nearly half (47%)47 of respondents surveyed Friend-shoring will represent a significant portion of sourcing/production going forward
state that nearshoring a majority of their procurement is
financially feasible. Upfront costs of supplier base redesign
and relocation may be higher, but the overall costs associated PERCENTAGE OF BUSINESS LEADERS WHO SAY THAT FRIEND-SHORING WILL REPRESENT A SIGNIFICANT
with offshoring (including transportation, risk management, PORTION OF THEIR SOURCING/PRODUCTION GOING FORWARD, GROUPED BY INDUSTRY*
opportunity cost of lost sales, trips made by executives) mean
that nearshoring and friend-shoring could be financially
beneficial in the long run. Nearshoring can also reduce the Global 45%
need for working capital by reducing in-transit inventory.
High-tech 54%
Furthermore, nearly half (45%) of business leaders state that
a significant portion of their sourcing/production will be Consumer products manufacturing 48%
friend-shored in future (see Figure 13). Among these, high-
tech leads the way, followed by consumer products and life Life sciences 47%
sciences.
Automotive 44%

Industrial manufacturing 44%

Retail 41%

Energy and utilities 41%

Source: Capgemini Research Institute, Global Investment Research Edition 2, November 2023, N=1,407 business leaders from
organizations with supply chain networks..

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Embracing a brighter future: Investment priorities for 2024

Key action areas

Harness technology and demand without the need for excess inventories or long lead
times. Technologies such as AI and generative AI are key to Supply chain leadership
automation to enable optimizing supply chain planning and management.
needs a mindset shift
more cost-effective Design supply chains along with new skills and
nearshoring and friend- with a focus on visibility, capabilities
shoring transparency, and Traditionally, supply chains were built on the basis of cost and

The adoption and advancement of technology and sustainability capacity. Today, with the need for resilience and adapting
to the trends of nearshoring and friend-shoring, supply
automation can make nearshoring a cost-effective chain leaders need to adopt more holistic strategic thinking.
strategy. A centralized technology team should ensure Building new supply chains and manufacturing footprint is Broader geopolitical, economic, and consumer concerns
that all localized production sites leverage technology and a rare event in any organization or industry. Organization along with sustainability must be prioritized along with cost
automation as a global standard. It is essential to reduce the should leverage this opportunity to build their new supply and availability. Supply chain leaders need to have globalized
cost of technology adoption and leverage global expertise chains with visibility, transparency, and sustainability from thinking while addressing localized requirements, along with
to address challenges among distributed production sites. the outset. Key issues such as building reverse logistics for a collaboration and adaptability.
Further, nearshoring requires strong demand planning and circular economy or monitoring carbon footprint need to be
inventory management capabilities to ensure that localized emphasized. This will enable organizations to cover risk from
production can address long-term or seasonal variations in sustainability regulations while enabling them to monitor and
control Scope 3 emissions, a critical area of concern.

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Conclusion
Our research shows that growing optimism is likely to spur an It is key to note that the three key investment trends examined
increase in organizations’ investments in 2024. Technology is a in the report – the growing prominence of AI and generative AI;
top investment priority for organizations, with AI and generative the focus on sustainability; and the pivot towards nearshoring
AI at the top of the list. At the same time, there is consensus on and friend-shoring of manufacturing and supply chains – are
the importance of nurturing human judgment to co-ordinate interlinked. For instance, AI and generative AI can positively impact
and supervise an AI-driven world. Moreover, there is widespread supply chains (e.g., by helping with transportation optimization,
acceptance of the crucial role played by regulation in ensuring warehouse management, supply and demand planning, and supply
that the benefits of AI can be realized in an ethical and socially chain troubleshooting) and help address sustainability goals (e.g.,
responsible manner. The need to establish guardrails and develop by enabling the rapid generation of novel ideas and concepts
a balanced, human-centric approach to AI adoption is crucial, as such as 3D structures of new carbon-neutral materials). At the
is the need to mitigate the environmental impact of adoption. same time, given the carbon-intensive nature of large language
Sustainability has also emerged as a priority for organizations models, the environmental impact of generative AI needs to be
for 2024. Climate change is viewed as a probable leading cause factored into organizations’ sustainability performance. Similarly,
of operational disruptions in the future and a threat to the sustainability impacts need to be accounted for when designing
long-term viability of organizations. Further, organizations are supply chains for resilience. It is crucial that organizations consider
acting to protect themselves against supply chain vulnerabilities. these linkages to future-proof their business and operating
Nearshoring and friend-shoring of sourcing and production are models.
also priorities going forward, prompted by shifts in industrial
policy and ESG regulation. Redesigning supply chains for long-term
resilience and harnessing technology to enable more cost-effective
nearshoring and friend-shoring will be vital.

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Research methodology PERCENTAGE OF ORGANIZATIONS

BY HEADQUARTERS LOCATION

3% 9%
5%
We carried out extensive research in an effort to understand the global economic climate and
its impact on the investment landscape. 6%
9%
For this study, 2,000 respondents from firms with more than $1 billion in annual revenue 6%
across 9 industries and 15 countries were surveyed. The respondents were at director level or
above, spanning various functional areas, including general management, finance and risk, IT/ 9%
technology, supply chain, sustainability, operations, and human resources. The executives who 6%
participated in the survey were responsible for/highly aware of their organization's investment
plans and priorities. The distribution of respondents and their organizations is provided in the
6%
following figures. 9%
The study findings reflect the views of respondents to our online questionnaire for this research 6%
and are aimed at providing directional guidance. Please contact one of the Capgemini experts
listed at the end of the report to understand specific implications. 7%
6%
6% 7%

US Japan Spain
UK Netherlands India
France Italy Australia
Germany Canada Sweden
China Brazil Singapore

Source: Capgemini Research Institute, Global Investment

Research Edition 2, November 2023, N=2,000 business leaders.

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PERCENTAGE OF ORGANIZATIONS PERCENTAGE OF ORGANIZATIONS

BY SECTOR BY ANNUAL REVENUE

10% 4%
15%
12%
10%
31%

15%
10%
18%

10% 10%

10% 10%
35%
Automotive Telecom, media, and high-tech
Banking and capital markets Life sciences and healthcare USD 1–5 billion USD 20–50 billion
Insurance USD 5–10 billion More than USD 50 billion
Consumer products
Retail manufacturing
USD 10–20 billion
Energy and utilities Industrial manufacturing

Source: Capgemini Research Institute, Global Investment Source: Capgemini Research Institute, Global Investment
Research Edition 2, November 2023, N=2,000 business leaders. Research Edition 2, November 2023, N=2,000 business leaders.

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PERCENTAGE OF BUSINESS LEADERS PERCENTAGE OF BUSINESS

BY DESIGNATION LEADERS BY FUNCTIONAL AREA

3% 5%
5%
14%
27%
10%

40%
10%
16%

10%
22%
18%
20%

AVP/VP Director Supply chain Sustainability

C-level executive Senior Director Manufacturing/production Information technology
/operations /technology/digital
SVP/EVP President Finance and risk General management/strategy
Human resources

Source: Capgemini Research Institute, Global Investment Source: Capgemini Research Institute, Global Investment
Research Edition 2, November 2023, N=2,000 business leaders. Research Edition 2, November 2023, N=2,000 business leaders..

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Embracing a brighter future: Investment priorities for 2024

24. Capgemini Research Institute, The art of software: The new industry could lose $10 billion a year battling climate change 39. US Government, CHIPS and Science Act, August 2022.
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25. Forbes, “The Amazing ways Coca-Cola uses generative AI in power of technology for a sustainable future, December 2023. semiconductor equipment,” April 2023.
art and advertising,” September 2023.
33. UNCTAD, “$369 billion in investment incentives to address 41. USMCA, November 2018.
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42. US IRA, August 2022.
advantage in the age of AI,” September 2023. Commission, “Commission reports on EU policy initiatives to
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Embracing a brighter future: Investment priorities for 2024

Key contributors
Steve Jones Vincent Charpiot Elisa Farri
Executive Vice President, Data Driven Executive Vice President Vice President and Co-lead of
Business, Capgemini Head of Group Sustainability Business Capgemini Invent’s Management Lab
[email protected] Accelerator, Capgemini [email protected]
[email protected]

Jerome Buvat Subrahmanyam KVJ Nancy Manchanda

Head of the Capgemini Research Institute Senior Director, Program Manager,
[email protected] Capgemini Research Institute Capgemini Research Institute
[email protected] [email protected]

Roopa Nambiar Shahul Nath Tvishee Kumar

Senior Manager, Manager, Senior Manager,
Capgemini Research Institute Capgemini Research Institute Capgemini Research Institute
[email protected] [email protected] [email protected]

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Embracing a brighter future: Investment priorities for 2024

The key contributors would like to thank Marisa Slatter, Jeevan

Joseph Mattapparampil, Fernando I Alvarez Tabio, Andy
Feinstein, Paul Gittins, Vincent Biraud, Niraj Parihar, Valerie
Perhirin, Robert Engels, Mark Oost, Mark Roberts, Andy
Vickers, Dinesh Singh, Gaurav Pahwa,Susanna Östberg, Jean-
Pierre Petit, Emmanuel Lochon, Pascal Brier, Alex Bulat, Claudia
Crummenerl, Stéphanie Bertrand, Anu Jain, Victoire Grux, Sam
Connatty, Rupali Chakraborty and Punam Chavan for their
contribution to the report.

About the Capgemini Research

Institute
The Capgemini Research Institute is Capgemini’s
in-house think tank on all things digital. The Institute
publishes research on the impact of digital technologies
on large traditional businesses. The team draws on the
worldwide network of Capgemini experts and works
closely with academic and technology partners. The
Institute has dedicated research centers in India,
Singapore, the United Kingdom, and the United States. It
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Embracing a brighter future: Investment priorities for 2024

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Embracing a brighter future: Investment priorities for 2024

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About Capgemini

Capgemini is a global leader in partnering with companies to

transform and manage their business by harnessing the power
of technology. The Group is guided every day by its purpose of
unleashing human energy through technology for an inclusive and
sustainable future. It is a responsible and diverse organization of
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2022 global revenues of €22 billion.

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