Where trust in tech companies is rising in most of the world, Americans and Canadians are showing a trust decline in tech companies. This statement is based on the latest data shared by Edelman’s annual 2022 Trust Barometer.
A Survey of 36,000 respondents from 28 countries was conducted on Nov. 1-24, 2021 who said the tech companies do the right.
China- 90%, India- 89%, Nigeria-84%, Mexico- 82%, Brazil- 80%, South Korea- 74%, Russia- 62%, France- 61%, Germany- 61%, U.K.- 61%, Canada- 59%, U.S.- 54%
Does it matter?
Yes, it does because trust decline in tech companies develops pressure on regulators and legislators. So, they forcefully regulate the industry and its apparent intemperance.
Facts and figures
- Worldwide, the tech industry has a trusted position in the business sector. Tech companies won the belief of 74 percent of those providing healthcare and education services. Whereas, 44% of respondents showed their confidence in the social media sector. Social media is the lowest-rated sector in this regard.
- On the other hand, only 54 percent of the US people think tech companies do the right. These 54 percent of American think that tech companies do factual things. This is a 3 percentage point fall since last year and a whopping 19 points from 2019.
- This much fall in trust in the US was noticed for more discussed sectors like artificial intelligence, virtual reality, 5G, and IoT.
- Higher-incomes trusted tech companies more than low-income brackets. But, this difference in trust level got closer between these two classes with trust refining among lower-incomes and falling among higher-income Americans.
- Roundabout two-thirds of Democrats accept that they do believe the tech companies. Whereas, 50 percent of independents and only 49 percent of Republicans trust tech companies.
What is their point of view?
“The trajectory of trust in tech makes complete sense if you consider it within the context of world events,” said Dan Susong, chair, U.S. Tech Sector at Edelman. “I’d suggest that tech can — and will — regain trust if it commits to better education — about what it is, what it does.”