Consumers Feel Big Tech Companies Have Too Much Power and Require More Stringent Regulation

Nearly two-thirds of consumers in the United States feel big tech companies wield too much power and more than half feel the US government should act to curb their influence. Further, such sentiments are consistent across political party lines. These findings come from a new study, Big Tech Under Pressure: How to Navigate Disruption and Come Out on Top, from Escalent—a top human behavior and analytics advisory firm with extensive experience counseling big tech firms around the world.

Marketing Technology News: AtScale Delivers “Live” Connection Experience for Microsoft Power BI

“Technology has grown to disrupt and interact with every part of consumers’ daily lives”

“Technology has grown to disrupt and interact with every part of consumers’ daily lives,” said Nancy Arter, senior vice president of the technology and telecommunications practices at Escalent. “As a result, those disruptors must now face broad societal challenges, including data management, security, information bias, misinformation and censorship. In essence, tech has become a sector that impacts every other industry each and every day.”

Escalent conducted the study in response to growing public and legislator outrage and scrutiny over the roles big tech companies have played in highly polarizing political and social situations in the past several years, including the January 6 assault on the US Capitol, the pandemic, and social unrest following the murder of George Floyd. In particular, Escalent sought to understand how big tech firms’ stances and business practices may impact brand loyalty and defection among consumers.

Marketing Technology News: MarTech Interview with Armen Adjemian, Co-Founder and CEO at DISQO

Among the key takeaways:

  • Nearly two-thirds (64%) of consumers across all party lines feel that tech companies have too much power, while over half (55%) feel that the government should impose more regulations.
  • Consumers primarily care about four essential qualities when buying from or using services provided by big tech brands:
    • Value: Products that make consumers’ lives easier
    • Security: Tech companies that keep consumers’ information secure and private
    • Business ethics: Tech companies that treat employees fairly
    • Community: The ability to connect with family, friends and loved ones
  • While consumers don’t want big tech to be too powerful, they also want big tech to be powerful enough to continue to make positive impacts on their lives through the products and services these brands provide.