Global chief executives are reporting their lowest level of revenue confidence in five years, according to PwC’s newly released Global CEO Survey presented at the World Economic Forum in Davos.

The survey, which includes responses from more than 4,000 CEOs across 95 countries and territories, finds that only 30%of business leaders are confident in their company’s revenue growth prospects over the next 12 months, the weakest outlook since 2021.

More than half of CEOs (56%), report that AI has not yet delivered any measurable financial benefit. However, a third (33%) say they have already seen gains in either cost efficiency or revenue growth, while the remainder report improvements in both areas.

Chief executives cite growing uncertainty driven by geopolitical instability, rising trade tariffs, escalating cyber threats, and the accelerating pace of technological change.

One in five CEOs report that their companies are highly exposed to potential financial losses from trade tariffs, while one third identify cyber risk as a major threat to their business. In addition, 42% say that the speed of technological disruption is a significant concern for their organisation.

Artificial intelligence is emerging as a defining factor in corporate performance as the survey reveals a clear divide between companies that are scaling AI across their operations and those that are still in the experimentation phase.

Kenny MacAulay, CEO, Acting Office, a software platform for accounting practices said: “As businesses grapple with increasing challenging trading conditions, it’s crystal clear that AI and tech investment is now a make-or-break investment for companies seeking to initiate growth.

“It’s not just an issue of increasing revenue and reducing overheads, it’s about having the digital systems in place to optimise customer communications, compliance and digital invoicing to improve the performance of the business from top to bottom. Those that recognise the need for digital change will thrive, those who fail to read with warning signs may struggle to survive.”

PwC’s analysis shows that companies deploying AI broadly across products, services, and customer experience are achieving the strongest returns, while those running limited pilots are seeing far fewer benefits.

Sachin Agrawal, managing director for Zoho UK commented: “The decline in CEO revenue confidence highlights the scale of change businesses are navigating, from geopolitical uncertainty to rapid technological transformation. Strong digital health and end-to-end digital transformation are now critical for building resilience and positioning organisations to weather the ongoing polycrisis.

“AI is already delivering meaningful value for companies embedding it into core operations, but its success depends on robust data management. High-quality, well-governed data ensures that advanced technologies like AI operate securely, responsibly, and at scale.

“Reducing cyber risk also makes it essential to select technology partners with strong security credentials, a commitment to data privacy, and proven regulatory compliance. Innovation must go hand in hand with strong governance to strengthen cyber resilience, maintain trust, and unlock sustainable growth in an increasingly digital global economy.”

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Graeme Stewart, head of public sector at Check Point Software said: “Cyber-criminals have repeatedly demonstrated a ruthless ability to bring major employers to their knees, knocking manufacturers out of action for weeks, if not months. These incidents not only put jobs at risk, but they also inflict grievous damage to individual economies, with the consequences rippling across global supply chains and impacting governments around the world.

“Cyber risk should be at the very top of the Davos agenda, with governments and major businesses recognising the need for a global action plan to increase security defences and mitigate the devastating consequences of downtime following a successful attack.”