69% of enterprises are actively participating in 🎯 ecosystems in 2024, reveals a survey of 1,400+ organizations by EY. This underscores the critical role of collaborative growth across sectors. But what's driving this massive engagement and what challenges do companies face on their ecosystem journeys?
🤝 Ecosystem Dynamics: Financial Services and Technology Lead
In November, EY surveyed enterprises across industries to learn about their current ecosystem behavior and intentions.
69% of organizations globally collaborate with ecosystem partners, with the APAC region (75%) slightly ahead of the Americas (68%) and Europe (66%).
The ecosystem mindset is most prominent in the Financial Services and Technology sectors, with 81% and 72% of enterprises in these industries engaging in ecosystems, respectively.
✨ AI as Collaboration Catalyst
AI emerged as a key ecosystem driver, with businesses highlighting AI among technologies most suited for their ecosystem strategies.
This is especially true in the Americas, where 53% of enterprises named "Analytics and AI" as a key technology driving collaborations.
👨🏻🤝👨🏼The Complexity of Multisided Partnerships
Despite the enthusiasm, 60% of businesses find executing multi sided partnerships complex.
The hurdles?
A lack of strategic alignment remains the biggest challenge for collaboration, followed by a low willingness to share data.
Limited awareness of collaboration opportunities has risen to the second position, especially among the government and public sector.
The research also discovered the increasing perception of ecosystem collaboration as "nice to have" rather than "mission critical." This is up from 51% in 2022 to 61% of businesses in 2024.
As businesses navigate these complexities, they are prioritizing deeper collaboration with vendors and more than ever choosing partners who can clearly explain their ecosystem role.
Moreover, 71% of businesses now prioritize vendors that can orchestrate other partner networks.
🏬 Marketplaces: Simplifying Ecosystem Engagement
This emphasis on partners capable of ecosystem orchestration echoes the dynamics of cloud and B2B marketplaces, increasingly known for streamlining partner interactions. As enterprises lean into deeper collaboration, the demand for suppliers who can navigate and lead these networks becomes ever more critical.
In a landscape where ecosystems are both a strategy and a challenge, how are you leveraging marketplaces and partnerships to navigate this new frontier?
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