Digital Transformation Statistics and Facts
Page Contents
- Introduction
- Editor's Choice
- What is Digital Transformation?
- Digital Transformation and Technology Spending Statistics
- Digitization Statistics
- Digital Transformation Budget and ROI Statistics
- Digital Transformation Statistics on Adoption
- Digital Transformation Customer Experience Statistics
- Digital Transformation Challenges and Barriers Statistics
- Major Market Participants in Digital Transformation
- Key Digital Development
- Conclusion
Introduction
Digital Transformation Statistics: The effects of digital transformation can be huge and sweeping on the way businesses operate and offer their services to customers. It is the method of infusing technology into various aspects of a business. Digital transformation is a shift of the culture, which requires organizations to explore new avenues and get used to failure. The COVID-19 pandemic as well as evolving market conditions accentuated the necessity for remote work, automation, and a more efficient workflow.
Implementing digital transformation strategies has been proven to improve the efficiency of the operations. The investment in A.I. and the best business intelligence platforms by a variety of companies is evidence. In the next report, we will examine further details on Digital Transformation Statistics.
Editor's Choice
- The global digital transformation market is forecasted to grow from $469.8 billion in 2020 to $1009.8 billion by 2025. This will grow at a compound annual growth rate of 16.5%.
- Professionals say the top benefit of digital transformation includes the upliftment of operational quality by 40%, faster time to market by 36%, and meeting consumers' expectations by 35%.
- As per Deloitte in 2020, about 29% of the professionals from companies with high digital maturity reported that digital transformation positively impacts the growth and innovation of the market. Meanwhile, 41% of the professionals highlight the positive impact on sales and marketing functions.
- Technology incorporation and implementation are listed at 49% among the skills needed to support digital transformation as per a report in 2020.
- By 2026, global digital transformation spending will reach 3.4 trillion U.S. dollars.
- By 2025, $100 trillion will enhance the world economy through digital transformation.
- By 2024, about 25% of CIOs in large enterprises will become chargeable for digital business operational results, or “COO by proxy.”
- Throughout 2025, about 60% of the medium-sized companies' workload will remain on-premise.
- About 56% of CEOs said their digital improvements have already gained profit.
What is Digital Transformation?
Digital transformation is also known as D.T. or DX, which means using technology to enhance the processes of business, drive growth, and improve customer experience—technologies like Artificial Intelligence, Machine learning, big data, and the Internet of Things.
Digital Transformation and Technology Spending Statistics
- A second statistic suggests that the global transformation budget will be $2.8 trillion.
- By 2024 the estimated direct investment in digital transformation will be $6.8 trillion.
- During the midst of the pandemic, global investment in digital transformation logistics is expected to reach $84.6 billion by 2027.
- By 2024, around 52% of businesses plan to increase their funding for video-related apps. About 45% of them will be investing more in collaboration applications, such as Microsoft Teams and Slack.
- Nearly 49% of CEOs have plans to increase their digital investment to 10% or greater during 3 years.
- Nearly 2/3rd of people interviewed, 70.7%, agree that digital transformation is a crucial aspect of retail technology.
- In 2025 Digital revolution will contribute approximately 100 trillion dollars to the global economy.
- If we take into account the technology initiatives 54% of firms across the globe believe digitization to be a major priority.
- The Internet of Things commanded the biggest share of the digital transformation in the year 2019. Through 2025 Augmented reality as well as Virtual Reality technology is expected to expand at the fastest rate.
- Based on the data of global I.T. experts, the median expenditure is close to 5 percent of the I.T. budget for dealing with the COVID-19 crisis.
- Global companies invested around $15 billion in the development of technology during the initial phase of the outbreak.
Digitization Statistics
- From 2017 to July 2020, the average share of the products digitized entirely or partially has increased by 26% globally.
- By 2022, the world's GDP is forecasted to be up to 65% to be digitized.
- The digitization worldwide share is almost seven years ahead of the average adoption rate before the pandemic.
- Over half of the professionals, 51%, believe digital improvements have grown revenue for their companies.
- By 2022, 65% of the world's GDP is foreseen to be digitized.
- By 2022, intelligent systems will deliver 70% of the consumer's arrangement.
- Digital transformation is a top priority for 74% of organizations.
(Source: explodingtopics.com)
- 97% of business enterprises suggest the COVID-19 pandemic speeds up their digital transformation initiatives.
Digital Transformation Budget and ROI Statistics
- As per Gartner's study, about 56% of CEOs trust that digital transformation in business has resulted in revenue growth.
- By 2026, the global digital transformation market in retail is expected to reach $ 388.51.
- Digital transformation will grow by about 40% if compared to technology investments.
- To accelerate efforts related to digital transformation, like analytics platforms and security operations, about 55% of CIOs prefer more full-time I.T. professionals.
- About 41% of businesses fund digital transformation without considering customer reviews.
- As per McKinsey's suggestion, virtualization could be possible for up to $250 billion of U.S. healthcare spending.
- Digital Transformation is often recognized as a cost center with 28%, and the data to prove ROI is hard to come by 29%.
- By 2025, there will be a total revenue opportunity that will exceed $34 billion in the healthcare A.I. sector, as per Business Wire.
- By the end of 2025, the global digital health market will reach more than $500 billion.
- Businesses with an annual revenue of $1 billion can also produce an extra $700 million over three years.
- As per 56% of CEOs, digital business improvements help boost revenue.
- At the end of 2023, the wearable medical device market size is expected to reach $27.2 billion with a CAGR OF 23% from 2018 to 2023.
- The healthcare market will grow from $122 million in 2018 to $314.3 million.
- In 2020, digital transformation in the industrial sector was worth $263 billion. Mordor Intelligence predicts that it will expand by 19.48% from 2021 to 2026, reaching $767 billion.
- By 2023, global investment in digital transformation services and technology will reach $2.3 trillion.
Digital Transformation Statistics on Adoption
- As of 2021, about 56% of companies are adopting digital transformation globally. It shows a 2% increase in the rate than the previous year.
(Reference: zippia.com)
- Digital transformation leadership is one of the essential priorities for CIOs at 58% of the companies, as per the survey of 1,010 CIOs.
- Only a few companies, almost 7%, have implemented digital transformation and are maintaining it correctly.
(Reference: zippia.com)
Digital Transformation Customer Experience Statistics
- The expenditure of business on customer experience was estimated at $641 billion in 2022.
- Almost half of all the companies report that the primary factors that initiate their digital transformation have improved customer experience.
- In 2022, about 64% of the customer service and support leaders concentrated on business expansion.
- If a company prioritizes digital transformation to satisfy customers and give them better-quality service, a 20% -30 % increase is observed in customer satisfaction and economic gains.
- A majority of customer-centralized organizations emphasize improving the mobile customer experience.
- 74% of consumers are willing to pay a higher price for an improved business-to-business experience.
- 96% of consumers trust excellent customer service as a way to establish trust.
- 94% of consumers discern a positive customer experience as a factor that grows the likelihood of repeated purchases.
- 83% of the consumers wish to provide their data in exchange for a personalized experience.
Digital Transformation Challenges and Barriers Statistics
- Nearly 28% of organizations view digital transformation as inordinately expensive.
- 29% of organizations find quantifying digital transformation return on investment (ROI) challenging.
- Cultural difficulties also hinder digital transformation.
- A difficulty for manufacturing brands is the efficiency of the implementation process, with almost 76% of them rating digital transformation.
- About 75% of the manufacturing brands cited initial costs as a challenge to digital transformation.
- Scarcity in finding skilled employees is the challenge that blocks digital transformation.
- Almost 73% of the brands found out their challenge to digital transformation was the time needed to complete the transformation.
- Almost 1/3rd of the CIOs have predicted difficulty in hiring suitable individuals.
- About 50% of the organization faces a significant challenge in security funding for implementing the back-end software.
Major Market Participants in Digital Transformation
- “June 2022”: Kore with its company chat A.I. Software platform as well a solutions company as well as Tanla the CPaaS provider, have announced a partnership in five countries that include consumers from UAE, India, Vietnam, Philippines, and Indonesia.
- February 2022 * February 2022 Australian telecom service provider that was joined by Wellness Techgroup, which is an IT company that offers an IoT network with 70,000 brilliant street lighting within Uruguay, National Narrowband, Network Company (NCA), Montevideo.
Key Digital Development
- “June 2022” -Net Base Quid is a company that provides AI-powered users and market data that has been updated to reflect the latest developments in its NLP solution to TikTok-certified topics. This version has been updated and includes global language, important security patches, as well as U.I. enhancement.
- July 2022 * July 2022 SAP SE acquired Ask Data as a search engine analysis company. The company will aid companies in making informed decisions through A.I. support.
Conclusion
There has been proper growth in the digital transformation market size and spending in recent years as companies and businesses around various industries find the need to invest in digital transformation. Developments in digital technology, processes, and strategies can drive innovation, gain operational efficiencies, and improve customer experience.
The COVID-19 pandemic has given companies a new chance to digitalize their business functions. Whatever the trend is, the key takeaway is to see how they do business objectively. This report covered the maximum points that show us the Digital Transformation Statistics.
Sources
FAQ.
The digital transformation market is worth $880.28 billion. Global spending on digital transformation is expected to hit $3.4 trillion by 2026. 74% of organizations consider digital transformation a top priority.
Data is the linchpin of digital transformation. It empowers organizations to make informed decisions, guides innovation, enhances customer experiences, and streamlines business processes. Data is the foundation of successful digital transformation.
Barry is a lover of everything technology. Figuring out how the software works and creating content to shed more light on the value it offers users is his favorite pastime. When not evaluating apps or programs, he's busy trying out new healthy recipes, doing yoga, meditating, or taking nature walks with his little one.
