Why Buying the Latest Tech Doesn’t Mean You’re Innovative

True innovation isn’t about tools — it’s about transformation

Figure 1: Med City News, 2022

In 2024, global technology spending surged to £5.1 trillion, driven by an unprecedented £297 billion investment in artificial intelligence solutions. As we start 2025, the technology landscape is poised for even more dramatic expansion:

• AI and Machine Learning investments are projected to reach £500 billion, with generative AI accounting for 45% of all AI spending.
• Cloud computing spending is expected to surpass £1.2 trillion, as organisations increasingly adopt multi-cloud strategies.
• Cybersecurity investments are forecasted to exceed £300 billion, driven by the proliferation of AI-powered threats.
• Quantum computing investments are predicted to reach £16.4 billion, marking the beginning of commercial quantum applications.

Figure 2: McKinsey — Results from successful transformations

Yet, despite these massive investments, McKinsey’s 2024 Digital Excellence report reveals that only 34% of digital transformations achieve their intended outcomes. Even more concerning, among companies investing over £1 billion in digital initiatives, the success rate drops…