IDC forecasts global digital transformation spending to hit almost $1.3 trillion in 2018
Global spending on digital transformation technologies, such as hardware, software and services, is expected to grow at a CAGR rate of 17.9% between now and 2021, according to new analysis from IDC.
Worldwide spending on DX technologies is expected to be nearly $1.3 trillion in 2018, marking an increase of 16.8% over the $1.1 trillion spent in 2017.
A major part of DX spending in 2018, amounting to $662 billion, will be used for enhancing existing technologies that support new or expanded operating models as organizations seek to make their operations more effective and responsive by leveraging digitally-connected products/services, assets, people, and trading partners.
The next subsequent investment in 2018, amounting to $326 billion, will be utilised on technologies supporting omni-experience innovations that transform how customers, partners, employees, and things communicate with each other and the products and services created to meet unique and individualized demand.
Eileen Smith, program director in IDC's Customer Insights & Analysis Group, said: "At this point in the digital transformation era, all industries are investing heavily in third platform technologies. While some industries are more focused on the core technologies underlying the third platform, particularly cloud, big data and analytics, and mobility, many have shifted their investment focus toward the Innovation Accelerators, such as the Internet of Things, artificial intelligence and cognitive computing, and robotics.
“While the investment strategies may differ from company to company, the objective remains the same: to reimagine and reconstruct the business to compete in the increasingly digital economy that's platform-powered and ecosystem-enabled,” added Smith.
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