Technology companies need to collaborate more effectively if they are to weather the economic storm and guarantee profits.
New research by consultancy PricewaterhouseCoopers (PwC) found that 80 per cent of tech firms believe that collaboration is vital to their future success, yet only 16 per cent collaborate with competitors.
"In times of economic hardship, technology companies are searching for cheap ways to stay ahead in the development race," said Kenny Fraser, a partner at PwC.
"External collaboration in an increasingly complex and interconnected world can be a silver bullet. In fact, those who bite the bullet and select partners wisely stand to outperform in the coming years."
Collaboration, even between competitors, can improve speed to market and grow a vendor's potential footprint. It can also enable businesses to access a broader range of technologies, resources and skills to keep up to date with research and development, according to the Managing the Risks and Rewards of Collaboration report.
Respondents to a PwC survey highlighted intellectual property risk and data security as the main barriers to collaboration. But Fraser argued that collaboration is a "much less risky strategy than trying to do everything on your own".
"The world is far too complex today for any one company to have all the answers or achieve the geographical reach needed to access the global consumer world," he added.
"It is becoming increasingly difficult for any single company to be able to deliver the complete customer experience."
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago