GlobalData: AI and cybersecurity take center stage in Q2 2024 company filings
- Technology, travel and tourism, and insurance business sentiment improves
- Packaging and retail hit by shifting preferences and rising costs
- Israel, Indonesia, the UK, and the US witness sentiment growth
Global business sentiment witnessed a marginal improvement of 0.2% year-over-year (YoY) during the second quarter (Q2) of 2024. While technology, travel and tourism, and insurance sectors benefited from artificial intelligence (AI) driven innovations, challenges persisted in retail and packaging due to shifting consumer preferences and supply chain issues. The growing prominence of AI and cybersecurity themes highlights the evolving priorities in corporate strategies, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, 'Company Filings Analytics Trends & Signals – Q2 2024,' reveals that sentiment for technology, travel & tourism and insurance improved with initiatives involving innovation in the digital landscape, AI for personalized trip recommendations and customer-centric solutions. Companies were embracing AI for enhanced customer experiences and risk modeling.
Meanwhile, technology companies looked at digital technology trends encompassing hybrid cloud transformation, cybersecurity enhancements, and generative AI adoption. However, industries such as packaging and retail were impacted due to changing consumer preferences, rising raw material costs, and supply chain disruptions.
Misa Singh, Business Fundamentals Analyst at GlobalData, comments: 'Companies were subject to a significant shift in consumer preference, which led them to embrace personalization and unique offerings to enhance the shopping experience and drive growth. The US was trending with discussions around technology and growth roadmaps with investments in manufacturing and R&D facilities.'
Companies were also exploring Asia-Pacific markets such as Indonesia for low-cost manufacturing opportunities with new partnerships and product launch plans. Indonesia witnessed growth in terms of mentions while the UK saw development in energy projects to reach its net-zero targets. Israel also saw high mentions as the country tries to adapt to geopolitical challenges. Discussions also revolved around potential risks related to data breaches exposing sensitive information and compliance. Emphasis was on the need for implementing cybersecurity technologies and mitigating these risks.
Companies discussed the importance of cybersecurity measures. AI as a theme also saw growth in mentions with companies looking at investments, partnerships, and expansion plans. More specifically, generative AI mentions by filer companies experienced an increase in Q2 2024, compared to the same previous quarter.
Singh concludes: 'The evolving emphasis on AI and cybersecurity underscores a growing recognition that future competitiveness hinges on technological adoption. As businesses navigate these priorities, sectors like retail and packaging must innovate to align with consumer shifts and operational challenges. The trajectory suggests a broader digital transformation is imperative to sustain growth.'
