Despite trust in tech, crypto and AI among sectors least trusted globally

Globally, tech is the most trusted sector (76%) compared to social media (47%) but interestingly, emerging tech subsectors such as cryptocurrency do not benefit from this higher trust. This is especially evident in Australia, where AI/robotics (41%), digital assistants (45%), VR/AR/MR platforms (40%), Web3 (35%), autonomous tech (34%), blockchain (34%) and cryptocurrency (27%) are the least trusted.

The Japanese also have great distrust in digital assistants (38%), VR/AR/MR platforms (35%), Web3 (37%), autonomous tech (42%), blockchain (38%), and cryptocurrency (21%). Edelman surveyed 15,000 consumers across 15 countries globally including Australia, China, India, Japan, and South Korea.

At the same time, trust in the tech sector declines by 4.3% globally when consumers associate tech with social media. While there is no statistical significance in the change in trust in developing markets, the APAC 2022 Edelman Trust Barometer Special Report: Trust in Technology report said trust in the tech sector dips by 9.8% in developed markets globally.

The majority (91%) of consumers think of social media and/or digital applications when they think of businesses in the tech sector. On the other hand, trust increases overall when consumers associate the tech sector with digital apps and services (+14.0%) and hardware/software (+10.4%).

Nonetheless, 56% of respondents globally believe that tech companies are led by CEOs who genuinely care about the welfare of people and society and 38% are of the view that tech CEOs are doing wlel on using their power to benefit society as a whole and not just to enhance their self-image or indulge their personal fantasies.

Nonetheless, all is not lost for tech companies that want to increase consumers' trust in new technologies. Consumers globally want tech companies to communicate their benefits (41%) and downsides (38%) as well as disclose the results of real-world tests (35%) and develop a code of ethics for their use (34%).

More specifically, consumers in Australia (46%), India (46%) and Japan (47%) want tech firms to showcase their benefits, while those in China prefer these companies to develop a code of ethics (29%) and communicate their downsides (27%). Those in South Korea too want tech firms to have a code of ethics (39%) and disclose the results of real-world tests (38%).

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How tech deepens societal fault lines

Trust in the tech sector also has an impact on society and there are three main reasons among those who distrust tech companies headquartered in foreign countries. Globally, 54% mistrust these tech companies as they don't trust their governments while 44% don't trust their data protection laws. Also, 42% are under the impression that their governments might use data against them.

While 91% in China trust their domestic tech companies, only 69% say the same for foreign tech companies. Similarly in India, trust for domestic tech firms is high (90%) while only 74% share a similar sentiment for foreign tech firms.

Data privacy is also a concern in this digital age, with 73% globally worrying about being tracked without consent or having their data used against them. There are also similar sentiments in India (81%), China (78%), Australia (75%), South Korea (72%), and Japan (68%).

Consumers in APAC also worry about being hacked and having foreign tech companies compromising their national security, with plenty from India (80%) citing this as a concern followed by China (76%), Australia (73%), South Korea (73%), and Japan (66%).

These sentiments are very much present among politicians too, as evident when former US president Donald Trump considered banning TikTok in the country over privacy concerns in 2020. This led to its parent firm ByteDance being pressured into selling its US operations and weeks later, the social media firm eventually named Oracle as its technology provider. India also banned 59 Chinese apps in 2020 as a result of escalating tensions following a border clash that year.

Aside from cybersecurity and data privacy, misinformation is also another concern that impacts trust in tech. Many in India (84%) worry about fake news being used as a weapon, which is much higher than the global average of 73%. Similarly, those in China (79%), South Korea (77%), and Australia (70%) feel the same. Interestingly, only 59% in Japan are concerned about misinformation being used as a weapon.

On a similar note, those in China (76%) and India (75%) are concerned that tech will make it impossible to know if what people are seeing or hearing is real. This is also higher than the global average of 65%. Those in South Korea (70%), Australia (66%), and Japan (50%) share similar sentiments but are less worried.

Four ways to build trust in tech

1. Broadcast integrity through action

Tech CEOs face an empathy optics issue. Address that through actions such as paying one's fair share of taxes, running a sustainable supply chain, and reskilling workers.

2. Take on the biggest challenges of our time

Competence and product innovation have powered tech’s trust, but now tech leaders need to address climate, inequality, and misinformation head on.

3. Fill the policy vacuum

Tech companies can lend credibility to public conversations with governments and NGOs, using their expertise to build confidence in data policies, whether in domestic or international contexts.

4. Communicate a vision that I can opt into

I need to feel included in the vision, and in order to endorse it, I need to know that I won’t lose control oragency. Do that and I’m more open to innovation.

Digital Marketing Asia is back for its 10th year! 10 years of exclusive insights, experience sharing and great success stories. Join us for three days of hyper-focused presentation topics across six tracks on 15 - 17 November. Click here to register now!