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Digital Transformation: Businesses Spend Heavily to Stay Competitive Digitally
Digital Transformation (DX) spending on technology and services is expected to top $1.1 trillion this year, a 16.8 percent increase over last year, according to IDC.
The largest areas of DX spending will be applications, connectivity services and IT services. The spending is primarily being driven by manufacturers that are creating digital platforms to better compete. Market segments that are investing heavily in DX include freight management ($56 billion), supply chain and logistics ($93 billion), smart asset management ($91 billion), predictive grid and manufacturing operations ($80 billion), robotic manufacturing ($43 billion), asset instrumentation ($43 billion), and autonomic operations ($35 billion).
Craig Simpson, Research Manager at IDC, said that “some of the strategic priority areas with lower levels of spending this year include building cognitive capabilities, data-driven services and benefits, operationalizing data and information, and digital trust and stewardship. This suggests that many organizations are still in the early stages of their digital transformation journey, internally focused on improving existing processes and efficiency. As they move into the later stages of development, we expect to see these priorities, and spending, shift toward the use of digital information to further improve operations and to create new products and services.”
