Some 64% of Irish business leaders believe the coming three years will be more critical for their industry than the preceding half century while more than a third expect their company to transform into an entirely different entity between now and 2019.
Commenting on the findings, KPMG Ireland managing partner Shaun Murphy said: “The research shows that Irish CEOs, in keeping with their global peers, believe the companies they lead are likely to be significantly transformed in the medium term.
“As a result of this constant and increasing rate of change, Irish CEOs are reviewing strategies, focussing on skill sets and revaluating opportunities for alliances.”
Confidence in the Irish economy is middling with 44% of CEOs optimistic about its growth prospects over the next 12 months, while 48% expressed confidence in the global economy.
The KPMG Irish CEO Outlook 2016 also found varying degrees of concern over the impact of Brexit, with 48% expecting it to have no impact; 32% seeing the UK’s decision as negative; and 20% considering it to be somewhat positive.
Meanwhile, research carried out by Deloitte revealed an 18% year-on-year increase in corporate insolvencies in Q3 2016.
In total, 255 corporate insolvencies were recorded in the quarter with the services sector the worst afflicted so far this year with 220 insolvencies — a 104% increase on the same period last year.