Gartner CEO Survey Finds Companies Rank Growth as Top Business Priority in 2024, Highest Level in 10 Years

Gartner CEO Survey Finds Companies Rank Growth as Top Business Priority in 2024, Highest Level in 10 Years

CEOs see AI as the top priority for the next wave of business transformation after digitalization

According to a new Gartner survey, 62% of CEOs will make growth their top business priority in 2024. This is the highest level since 2014 and an increase from last year’s survey, when 49% of CEOs said growth was their top business priority.

"The survey shows that companies are increasing their focus on growth while reducing the relative importance of cost management," said David Furlonger , distinguished research vice president and Gartner Fellow. "This suggests that most CEOs and senior executives believe the worst of the economic crisis is over. We have entered a period of growing confidence among business leaders and a reset in corporate strategy."

The 2024 Gartner CEO and Executive Survey was conducted from July to December 2023, and included 416 CEOs and other executives in North America, Europe, Asia Pacific, Latin America, the Middle East and South Africa, covering different industries, revenues and company sizes. The survey found that in the current environment, CEOs are in a growth mindset (see Figure 1).

Figure 1: Top 10 strategic business priorities for CEOs, 2024-2025

AI is attracting CEOs

When asked about digital transformation, 34% of CEOs believe that AI is the top priority for the next round of business transformation after digitalization, followed by operational efficiency (9%).

“AI is replacing ‘digitalization’ as the most mentioned keyword by CEOs, largely due to generative artificial intelligence (GenAI),” said Don Scheibenreif, research vice president at Gartner . “Most CEOs surveyed believe that breakthroughs in AI by 2023 are proof that this hot technology is not in vain. They are working with their chief information officers, chief technology officers or chief data officers to unlock the value of generative AI. This shows that such projects require a joint team effort, rather than just top-down experience.”

CEOs must be careful about AI, including generative AI

CEOs are not intimidated by the negative prospects of AI, with 87% believing that the benefits of AI to their business outweigh the risks, while 90% believe that claims that AI poses a threat to human survival are hype and exaggeration.

However, CEOs’ views on AI are not entirely positive. 56% of CEOs said disinformation, misinformation and deep fakes will cause operational problems. 29% and 53% of CEOs believe that generative AI and the demand created by the technology will cause power shortages and general supply chain problems, respectively.

“CEOs should tolerate low-cost generative AI projects, but they should overcome the desire to try and control the use of generative AI from the center,” Scheibenreif said. “The impulse and energy will become almost uncontrollable.”

“CEOs must use the Hype Cycle to their advantage. The Trough of Disillusionment with Generative AI will arrive soon, likely before the end of 2024. CEOs should only ban those efforts they deem reputationally damaging to the company, and allow time for self-regulation.”

Gartner clients can learn more in the 2024 CEO Survey: The Year of Strategic Reset.