New York—The U.S. faces stiff competition from China and India for market share in the information technology, automotive and Internet sectors, according to the latest “Fast Track Leadership” survey.
The survey, conducted in October by IMD MBA, Fast Company and Egon Zehnder International, includes responses from 1,962 business professionals in the U.S. and abroad, who were asked online about the relationship between innovation and business performance.
Sixty-two percent said they strongly agree or agree that China’s innovativeness will likely lead to significant market share gains relative to the U.S. in information technology, and 86% strongly agree or agree that India will do so. Asked the same question about the Internet, 36% strongly agree or agree that China will gain significant market share, while 61% said the same for India. Regarding the automotive sector, 40% strongly agree or agree that China will gain market share, and 13% said the same for India.
In addition, 81% of respondents said the U.S. needs to develop policies to increase the number of graduates in engineering and science in order to maintain its competitive edge in these markets.