Digital Transformation [New] Part and parcel with digital transformation, many manufacturers will be focused on driving top-line growth in 2020 by introducing new products or services. [New] By 2021, approximately 60% of Asia's GDP will come from products and services created through digital transformation, contributing to an estimated $1.16 trillion windfall for regional economic growth. In the next decade, AI will propel the powers of language translation and augmented creativity bringing a new dimension into digital transformation. IKEA Group announced the decision to invest EUR 200 million to accelerate the transformation to become a climate positive business by 2030. North Korea will speed up its transformation into a digital economy this year, following the global trend of integrating cutting-edge information technology (IT) with various conventional industries. Worldwide spending on digital transformation technologies and services will reach $2.3 trillion in 2023. Global spending on digital transformation is expected to reach a staggering $1.97 trillion in 2022 - that's a five-year CAGR of nearly 17%. Although blockchain is expected to transform the way the world uses the internet and digital services over the next 10-to - 15 years, it is still in its infancy. In 2017, global cloud computing revenue topped $250 billion, and by 2020, 80% of CTOs in leading organizations will facilitate the identification and analysis of emerging technologies to support their companies' digital transformations. Global Digital Transformation in Wealth Management Advisory market is expected to grow at a CAGR of +15% during the forecast period 2019-2026. With digital transformation investments expected to reach a staggering $7.4 trillion before 2023, organizations realize that they must disrupt their markets or risk being disrupted themselves. Continued momentum around digital transformation projects was expected to fuel strong demand for software and IT services in 2020. Digital transformation is expected to add as much as approximately $35bn to Australia's gross domestic product (GDP) by 2021. Enterprise Data Strategy is critical for unlocking digital transformation, and 2020 is a wake-up year for many firms, as the total cost of getting data wrong will become apparent. Organizations are projected to spend nearly $2 trillion on digital transformation in 2022, spurred by a proliferation of new technologies and a fear of disruption by tech-enabled competitors. Digital transformation in O & G had a total value of $1.6 trillion and could expand to $2.5 trillion if existing organizational / operational constraints are relaxed and futuristic technologies are embraced. By 2022, digital transformation spending in New Zealand will grow to over 55% of all ICT investment from 45% today, with the largest growth in data intelligence and analytics as companies create information-based competitive advantages. Although Gartner expects all of the major categories of IT investment to drop sharply this year, Spending in some sub-categories could still soar as companies accelerate digital transformation strategies. While Asia-Pacific currently trails on digital transformation compared to Europe, within just two years our region will lead the world, with a massive 87% of business leaders expecting to be advanced on their digital transformation journeys. 53% of all global technology spending will go towards enabling the digital transformation of business practices, products, and organizations, with enterprises spending in excess of $2.3 trillion through 2023. Europe will need to invest some €25bn to support the digital transformation of society and boost the use of new technologies by citizens and businesses. Worldwide spending on digital transformation technologies - hardware, software, and services - is expected to cross the $2 trillion mark by 2021. In a recent study of industrial and telecom company executives from around the world, when asked which technologies will be the most integral to their digital transformation over the next five years, 75% of respondents answered 5G. See full forecast Last updated: 09 August 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
