The study, which was carried out by Opinion Matters and sent out to 101 CIOs and 101 IT decision makers in large UK organisations, found that two thirds of participants think that the UK is in danger of losing vital software development talent.

Additionally, 77% of CIOs expressed plans to bring software developers in from outside the UK, and 93% and 84% of CIOs and IT decision makers respectively cited the ability to develop software as key to responding to Brexit-related uncertainty.

As for those who have attempted to develop their company’s software development capabilities, just 44% of CIOs claimed that they have invested in software development since the Brexit vote.

>See also: How can organisations secure software development?

This study comes nearly three months after the Confederation of British Industry (CBI) forecasted that Brexit could allow other developed economies to overtake that of the UK.

“With software innovation considered such a key ingredient to prosperity post-Brexit, the notion that operations will be moved overseas is concerning,” said Robbie Clutton, Senior Director at Pivotal Labs.

“Following the UK’s decision to leave the EU, companies can choose to either shape themselves or be shaped by the circumstances.

“Organisations can pick the route of innovation over submitting to the status quo, but it requires technology, culture and the right people working together in ways that foster agility and create business value.”

>See also: ‘Company culture biggest factor holding back digital execution’

Analyst at technology industry analysis firm RedMonk, James Governor, said: “Brexit will be the biggest systemic shock to British business in more than 70 years.

“The scale of change will require an unprecedented investment in IT, with in-house application development becoming more important than ever to deal with complexity.”