Semiconductor industry most bullish about adopting blockchain, artificial intelligence and extended reality, Accenture report finds
Sep 19, 2018
88 percent expect that blockchain will be integrated in their organization’s systems within three years – the highest percentage among 18 industries surveyed
NEW YORK; Sept. 18, 2018 – The semiconductor industry is the most bullish sector when it comes to the integration of blockchain within their industry and the impact that artificial intelligence and extended reality will have on peoples’ lives, a new Accenture (NYSE: ACN) report finds.
Titled Semiconductors: Fueling the Industry’s Future as Never Before and based on a survey of semiconductor executives, the report shows that nearly nine out of 10 (88 percent) of the executives expect that blockchain will be integrated in their organization’s systems within three years – the highest percentage among the 18 industries surveyed.
One of the world’s newest and most promising technologies, blockchain is a distributed ledger that maintains and records data in a way that enables multiple stakeholders to confidently and securely share access to the same information. According to the report, the technology’s secure, tamper-evident, and decentralized features can help semiconductor companies improve supply chain efficiencies, enhance technology-based corporate collaborations, and lower operational costs.
“Throughout the industry’s complex supply chain, blockchain simplifies business operations leveraging semiconductor chips and related technologies,” said Syed Alam, a managing director in Accenture Strategy who leads Accenture’s Semiconductor practice. “This faster traceability will improve companies’ business operations and accelerate delivery of their products to market – while enabling them to do so at lower costs. Semiconductor companies can also use blockchain to create, scale and manage technology-based collaborations and redefine future business transactions.”
Major impact of artificial intelligence and extended reality
The semiconductor industry is also optimistic about the adoption of artificial intelligence, with 90 percent of semiconductor executives – a higher percentage than in any other industry surveyed – saying they agree with the statement that “every human globally will be directly impacted on a daily basis by an AI-based decision within three years.” In addition, more than half (54 percent) strongly agree with the statement that “within the next two years AI will work next to humans in their organizations as a co-worker, collaborator or trusted advisor” – again, a higher percentage than in all other industries surveyed.
Semiconductor executives also see strong potential for extended reality, a spectrum of technologies including augmented and virtual reality. Ninety-three percent agree that extended reality will be widespread and impact virtually every industry over the next five years, and nearly all (97 percent) believe it’s important or very important that their organizations leverage extended-reality solutions to close the gap of physical distance when engaging with employees and customers. These represent the highest percentages of any of the other industries surveyed.
“Semiconductors are the smart engines underpinning the latest and most intelligent technologies in the high-tech world such as blockchain, artificial intelligence and extended reality,” Alam said. “For decades this industry has thrived on being at the cutting edge of these valuable technologies to deliver more-personalized experiences to businesses and consumers. Our research demonstrates that the semiconductor industry plans to lead in both understanding the daily impact of these new technologies, and driving their practical application in the marketplace.”
The report, Semiconductors: Fueling the Industry’s Future as Never Before, is derived from the Accenture Technology Vision 2018, which is developed annually by the Accenture Labs and Accenture Research. The research process for Accenture Technology Vision 2018 included gathering input from the Technology Vision External Advisory Board; interviews with technology luminaries, industry experts, and Accenture business leaders; and a global online survey of more than 6,300 business and IT executives across 25 countries and 18 industries: aerospace and defense, automotive, banking, chemicals, consumers goods and services, healthcare, industrial equipment, insurance, life sciences, metals and mining, oil and gas, public service, retail, semiconductor, software and platforms, telecom, travel and utilities. Respondents were mostly C-level executives and directors at companies with annual revenues of at least US$500 million, with most having annual revenues greater than US$6 billion. The report is based on survey responses from 41 semiconductor executives.