The graph shows the primary reasons for digital transformation in organizations worldwide as of 2020. During the survey period, customer demand was the main driver of digital transformation (DX) for an organization, according to 26 percent of respondents. Other popular drivers of DX was keeping up with the competition.
In 2024, spending on digital transformation (DX) is projected to reach 2.5 trillion U.S. dollars. By 2027, global digital transformation spending is forecast to reach 3.9 trillion U.S. dollars. What is digital transformation? Digital transformation refers to the adoption of digital technology to transform business processes and services from non-digital to digital. This encompasses, among others, moving data to the cloud, using technological devices and tools for communication and collaboration, as well as automating processes. What is driving digital transformation? Digital transformation growth is due to several contributing factors. Among these was COVID-19 pandemic, which has increased the digital transformation tempo in organizations around the globe in 2020 considerably. Although the pandemic is over, working from home among organizations globally has not only remained, but also increased, increasing the drive for digital transformation. Other contributing causes include customer demand and the need to be on par with competitors. Overall, utilizing technologies for digital transformation render organizations more agile in responding to changing markets and enhance innovation, thereby making them more resilient.
Globally, technology and energy companies were most likely to accelerate digital transformation (DX) processes in response to the COVID-19 pandemic, with 78 percent and 77 percent reporting great advancement of DX due to the pandemic, respectively. Digital transformation requires investments in technologies as well as people and processes to increase business value. Since the onset of the COVID-19 pandemic, digitization processes have sped up due to an increase in demand to work remotely and access information from different locations. Therefore, digital transformation was quickly enhanced to meet changing business and market requirements for both employees and customers during the pandemic.
The Texas Department of Information Resources (DIR) has established a digital transformation guide to assist agencies with modernizing agency operations and services with respect to electronic data and converting agency information into electronic data. The purpose of the guide is to help Texas government take the next steps to advance digital transformation and improve the customer experience, no matter where the organization is on its digital journey. Data source contains select information from 2020 Information Resources Deployment Review.
According to a 2020 global CIO survey, 69 percent of respondents cited improving customer experience as a very important factor in driving their digital transformation efforts. Improving existing and new products/services are also behind the efforts pushing for companies' digital transformation.
Globally, a combined 79 percent of respondents state that COVID-19 led to increased digital transformation budgets in their organization. Digital transformation is the process of creating new or modifying existing digital technologies for business processes and customer experiences to meet changing requirements in the business world. For example, smart applications help organizations manage their businesses intelligently and effectively, enabling them to make well-informed decisions and create better customer experiences. In the context of the global pandemic, digital transformation has become an important way to respond to changing working and market requirements.
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Solutions and Services:Cloud computing solutionsData analytics solutionsArtificial intelligence (AI) solutionsCloud Computing:Infrastructure as a service (IaaS)Platform as a service (PaaS)Software as a service (SaaS)Big Data & Analytics:Data warehousingData lakesData analytics toolsArtificial Intelligence (AI):Machine learningDeep learningNatural language processing Recent developments include: December 2022, Digital twins of production lines, supply chains, and power grids are made available to manufacturing and energy organizations through Cosmo Tech's solutions. In 2020, it switched from a platform-as-a-service model on Azure to boost its connection and services., November 2022, Happiest Minds Technologies Limited announced its partnership with CredQuant, Singapore's leading ESG solution provider for BFSI customers. This partnership represents a significant advancement in the digital transformation of data, risk, and regulatory complexity for the purpose of empowering clients to make sustainable investment decisions., June 2022, Dassault Aviation and Capgemini have announced the successful deployment and commissioning of a new software base utilizing SAP technology at all of the aircraft manufacturer's French manufacturing facilities. This project is a component of Dassault Aviation's transformation plan, "Piloting their Future," introduced five years ago and aimed to modernize infrastructures and procedures while enhancing the Group's competitiveness. It signifies the completion of the first significant operational management technology transition stage.. Key drivers for this market are: The need to stay competitive in a rapidly changing market pushes organizations to embrace digital transformation. Companies that fail to innovate risk losing market share to more agile, tech-driven competitors. Potential restraints include: Implementing digital transformation solutions can be costly, especially for small and medium-sized enterprises (SMEs). The investment required for technology, training, and infrastructure may be a barrier. Notable trends are: The shift to cloud-based platforms continues to accelerate, enabling businesses to scale operations, improve flexibility, and reduce costs. Cloud solutions also foster collaboration and data sharing across organizations.
Skills gaps and cultural differences as a result of digital transformation are cited as leading challenges for organizations that have pursued digitalization in the past two years, as of 2020. Organizations need to make extra adjustments in order to face the changes brought about by the implementation of digital initiatives.
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From 2020 onwards, Taiwan's administration has aligned its "Digital Opportunity Survey" with the Organization for Economic Co-operation and Development's "National Digital Well-being Index," transforming it into the "Digital Development Survey." This aims to provide the government with international digital development trends to evaluate the rapid changes in the external environment, reflect on and formulate digital transformation policies that also consider digital inclusion. The survey mainly targets Taiwanese nationals aged 12 and above in households across the 22 counties and cities, conducting random telephone interviews.
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The Global Digital Transformation in Retail Market Growth is Segmented by Accessibility (Mobile Application, Website), Products (Consumer Electronics, Media and Entertainment, Apparel), Technology (Cloud Computing, Big Data, AI, IoT, AR/VR), and Geography. The Market Sizes and Forecasts are Provided in Terms of Value (USD Million) for all the Above Segments.
In 2020, executives in the global travel and hospitality industry were surveyed on whether their organization had an individual or team directly responsible for digital transformation. The majority of respondents, 27 percent, stated that their organization had a cross-functional team for digital transformation. Meanwhile, 16 percent of respondents, respectively, stated that they either had a third-party partner, such as a consultant or agency, or no one responsible for digital transformation.
As this global survey illustrates, an overwhelming 97 percent of respondents state that the outbreak of the COVID-19 pandemic sped up digital transformation processes in their organizations. Specifically, a majority of 68 percent report that digital transformation sped up a great deal in their organizations. As the pandemic forced many businesses to organize for employees to work from home, digitization processes accelerated greatly to keep up with this sudden demand for remote work.
This database automatically captures metadata sourced from the GOVERNMENT OF THE REPUBLIC OF SLOVENIA STATISTICAL OF SLOVENIA REPUBLIC OF SLOVENIA and corresponding to the source database entitled “Number of enterprises with 10 or more employees and self-employed by difficulties in the digital transformation of business and activity (NACE Rev. 2), Slovenia, 2020”.
Actual data are available in Px-Axis format (.px). With additional links, you can access the source portal page for viewing and selecting data, as well as the PX-Win program, which can be downloaded free of charge. Both allow you to select data for display, change the format of the printout, and store it in different formats, as well as view and print tables of unlimited size, as well as some basic statistical analyses and graphics.
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A-share listed companies of the Shanghai and Shenzhen Stock Exchanges from 2008 to 2020 were selected to comprise the research sample. Considering the particularity of the industry characteristics, the financial industry, special treatment companies, and missing data of variables were eliminated. Moreover, the final research sample contained 14,048 firm-year observations. All continuous variables were winsorized at the 1 and 99% levels. Financial and tax risk data were obtained from the China Stock Market and Accounting Research and Wind databases. The data of enterprise digital transformation were obtained using Python technology through text analysis.
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Digital transformation constitutes a crucial component of the digital economy and represents a microcosmic manifestation, playing a vital role in advancing enterprise sustainable development from the perspective of green innovation quality. Using the panel data of Chinese listed companies from 2011 to 2020, the study examines the impact of digital transformation on the quality of green innovation. The study finds that digital transformation significantly increases the green innovation quality of enterprises. Moreover, the positive effect of digital transformation on green innovation quality is strengthened by the executive with digital knowledge experience and in regions with high-level intellectual property protection. The study findings contribute to digitalization research and the literature on green innovation, and provide suggestions for managers and policymakers seeking to improve the quality of environmental sustainability through digital transformation in developing economies.
Worldwide spending on digital transformation (DX) technologies and services is expected to increase by 10.4 percent in 2020 to 1.3 trillion U.S. dollars, despite the challenges presented by the COVID-19 pandemic. Across different sectors, DX spending will see compromised yet still strong growth, ranging from eight to 13.8 percent.
Digital transformation
Digital transformation (DX) can be defined as the integration of digital technologies in all areas of a business that lead to improved operational processes as well as more value being delivered to customers. DX enables a more agile and intelligent way of doing business, making use of technologies such as advanced analytics and artificial intelligence (AI). The global digital transformation market has been growing rapidly in recent years and is forecast to be worth 2.3 trillion U.S. dollars by 2023.
A global embrace of digital transformation amidst COVID-19
Most digital decision-makers worldwide believe the coronavirus (COVID-19) outbreak will accelerate the pace of digital transformation. Working from home is expected to be much more accepted in companies post COVID-19, as well as the use of communication and collaboration tools. In line with these changes, businesses are also looking to bolster employee digital experience as they seek to increase operational efficiency and transform existing business processes. The pandemic has resulted in businesses worldwide embracing digital transformation technologies and services, although some still predict that the digital economy may likely endure a long-term revenue loss like the overall economy.
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Digital Thread Market size was valued at USD 448.6 Million in 2024 and is projected to reach USD 1,589.2 Million by 2032 growing at a CAGR of 17.1% from 2025 to 2032.
Global Digital Thread Market Drivers
Digital Transformation in Manufacturing Industries: Manufacturing businesses are increasingly using digital threads to increase efficiency and production. According to the National Institute of Standards and Technology (NIST), digital threads enable continuous data flow in manufacturing, sustaining a $2 trillion global sector, of which the United States accounts for a sizable portion.
Increasing Focus on Supply Chain Optimization: The demand for improved supply chain management is a primary driver of the Digital Thread market. According to a McKinsey analysis from 2020, digital transformation in the supply chain could save operational costs by 10-20%, spurring growing adoption of digital thread technology to optimize logistics and inventory management.
Rising Demand for Real-Time Data Analytics: The growing demand for real-time, data-driven decision-making is driving the use of digital thread technology. According to the World Economic Forum, global usage of AI and real-time analytics is predicted to increase by 40% by 2025, driving up demand for digital threads in industries.
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The Surging demand for IoT devices is identified as one of the key it market trends. This trend is expected to gain significant traction and enable the market to post a steady growth rate during the forecast period 2020-2024.
The Increased adoption of BYOD concept and Digital transformation and blockchain technology adoption are some of the other trends in the it market that will have significant impact on the growth of the market.
The it market report also provides several other key information including:
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will drive it market growth during the next five years
Precise estimation of the it market size and its contribution to the parent market
Accurate predictions on upcoming trends and changes in consumer behavior
The growth of the it market industry across Qatar
A thorough analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of it market vendors
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As the digital revolution deepens, the digital economy (DE) is reshaping the global industrial structure (IS). This paper utilizes data from 280 Chinese cities between 2007 and 2020 to conduct an in-depth analysis of how DE propels the upgrading of IS and explores the role of human capital (HC) in this process. The research indicates that DE significantly fosters the optimization of IS. Additionally, it was discovered that the growth of HC plays a pivotal mediating role in this evolution, complementing existing research on the relationship between higher education and industrial upgrading. By adopting spatial econometric methods, this study unveils the spillover effects of DE in geographical space, identifying a positive influence on the industrial upgrading of surrounding regions. The paper also confirms the nonlinear characteristics of DE’s impact on IS upgrading, which manifests as a pronounced inverted U-shaped trend, marking a novel discovery. Further findings suggest that in regions with more advanced artificial intelligence technologies, the impact of DE on industrial optimization is more significant, highlighting the role of regional disparities in the digital transformation. In conclusion, the paper proposes policy recommendations based on the research findings to facilitate the development of DE and the elevation of IS levels, thereby promoting high-quality economic growth.
Most surveyed international digital decision-makers are of the opinion that the COVID-19 outbreak will accelerate the pace of digital transformation. The majority of respondents also agree with the statements that remote working and the use of collaboration tools will be more common as a result of the outbreak.
The graph shows the primary reasons for digital transformation in organizations worldwide as of 2020. During the survey period, customer demand was the main driver of digital transformation (DX) for an organization, according to 26 percent of respondents. Other popular drivers of DX was keeping up with the competition.