Digital transformation spending to hit $1.3tn in 2018
In a new report, the IDC has forecast that global spending on digital transformation technologies will reach $1.3tn throughout 2018, a 16.8% rise on the $1.1tn spent in 2017.
With spending on digital transformation technologies having experienced strong growth in recent years, the IDC is forecasting that the market will maintain a compound annual growth rate (CAGR) of 17.9% throughout the period 2016-2021, resulting in spending approximately $2.1tn by 2021.
Witihin this, the IDC expects that approximately half ($662bn) of all digital transformation spending will be designated to technologies supporting new operating models, with firms looking to implement innovative products and services.
“At this point in the digital transformation era, all industries are investing heavily in 3rd Platform technologies,” said Eileen Smith, Program Director in IDC's Customer Insights & Analysis Group.
“While some industries are more focused on the core technologies underlying the 3rd 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.”
Whilst all industries are expected to benefit from digital transformation spending, those that are expected to invest the most during 2018 include discrete manufacturing ($214bn), professional services ($133bn), process manufacturing ($132bn), and transportation ($127bn).
For more information, see the IDC’s full Worldwide Semiannual Digital Transformation Spending Guide.
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