• 65% Of Global GDP To Be Digitalized By 2022
By Emmanuel Oluebube, Correspondent UK
As the top digital transformation (DX) market research firm in the world, International Data Corporation (IDC) has unveiled IDC FutureScape: Worldwide Digital Transformation 2021 Predictions (IDC #US46880818).
According to the new report, despite a global pandemic, direct digital transformation (DX) investment is still growing at a compound annual growth rate (CAGR) of 15.5 per cent from 2020 to 2023 and is expected to approach US$6.8 trillion as companies build on existing strategies and investments, becoming digital-at-scale future enterprises.
In a webinar, IDC analysts Bob Parker and Shawn Fitzgerald discussed the key predictions that will impact CIOs and IT professionals with regards to digital transformation over the next one to five years and offered guidance for managing the implications these predictions harbor for IT investment priorities and implementation strategies. The predictions from the IDC FutureScape for Worldwide Digital Transformation are:
Prediction 1: Accelerated DX Investments Create Economic Gravity. The economy remains on course to its digital destiny with 65 per cent of global GDP digitalized by 2022 and will drive over US$6.8 trillion of direct DX investments from 2020 to 2023.
Prediction 2: Digital Organization Structures and Roadmaps Mature. By 2023, 75 per cent of organizations will have comprehensive digital transformation (DX) implementation roadmaps, up from 27 per cent today, resulting in true transformation across all facets of business and society.
Prediction 3: Digital Management Systems Mature. By 2023, 60 per cent of leaders in G2000 organizations will have shifted their management orientation from processes to outcomes, establishing more agile, innovative, and empathetic operating models.
Prediction 4: The Rise of the Digital Platform and Extended Ecosystems. By 2025, driven by volatile global conditions, 75 per cent of business leaders will leverage digital platforms and ecosystem capabilities to adapt their value chains to new markets, industries, and ecosystems.
Prediction 5: A Digital First Approach. While “digital first” prevails in every experience, 60 per cent of enterprises will invest heavily in digitalizing employee experience in 2021, transforming the relationship between employers and employees.
Prediction 6: Business Model Reinvention. By 2021, at least 30 per cent of organizations will accelerate innovation to support business and operating model reinvention, fast-tracking transformation programs to future-proof their businesses.
Prediction 7: Sustainability and DX. By 2022, the majority of companies will realize greater value by combining digital and sustainability, giving rise to digitally-driven and sustainably-enabled projects as the de-facto standard.
Prediction 8: Digitally Native Cultures. To thrive in digital supremacy economy, 50 per cent of enterprises will implement the organizational culture optimized for DX in 2025, based on customer-centric and data-driven.
Prediction 9: Accelerating Digital Experiences. By 2022, 70 per cent of all organizations will have accelerated use of digital technologies, transforming existing business processes to drive customer engagement, employee productivity, and business resiliency.
Prediction 10: Business Innovation Platforms. By 2023, 60 per cent of G2000 companies will build their own business innovation platform to support innovation and growth in the new normal.
According to research director, Worldwide Digital Transformation Strategies, Shawn Fitzgerald “Organizations with new digital business models at their core that are successfully executing their enterprise-wide strategies on digital platforms are well positioned for continued success in the digital platform economy. Our 2021 digital transformation predictions represent areas of notable opportunity to differentiate your own digital transformation strategic efforts.”
