Digital Transformation Statistics: Customer-driven and digital-first thinking are applied to every area of an organization, including customer experiences, business models, procedures, and operations. The use of data to drive intelligent processes, quicker and smarter decision-making, and real-time responsiveness to market disruptions, AI, hybrid cloud, automation, and other digital technologies is crucial for success. This is also done to modify consumer expectations and generate fresh commercial prospects.
Digital Transformation Statistics:
- As a result of this pandemic, digital automation technologies were adopted more widely.
Moreover, 85% of respondents claimed that their companies have sped up the use of technology like file sharing and video conferencing to promote employee contact, networking, and collaboration.
- The pandemic has accelerated the development of digital tools by up to 7 years.
Certain businesses have had internal processes and client interactions hastened by three to four years. The proportion of products with digital capabilities has increased by seven years.
- Businesses moved 40 times more quickly than they anticipated during the shift to remote work.
The amount of remote work that was done during the onset of this crisis would have otherwise required more than a year to implement. It took 11 days to establish a workable solution, and in just a few months, nearly all organizations backed this move.
- Businesses intend to increase their IT spending to gain a competitive edge.
In 2021, global IT spending was expected to index US$3.9 trillion, an increase of 6.2% over the year before. That comes after a 3.2% decline in 2020.
- CEOs are placing more emphasis on their companies’ digital transformation.
The phrase “digital” was used by 20% of CEOs, up from 17% in 2020, and 15% in 2019, particularly when discussing their top strategic business aims.
Importance:
- The importance of culture in digital transformation.
Organizations that focused on culture were five times more likely to achieve breakthrough performance than those that ignored culture, according to a study on 40 digital transitions.
- As processes become more digital, roles and responsibilities for individuals will change.
According to this data on digital transformation, 53% of respondents stated that over the next three years, half to all of their staff updated their competencies and skills.
- More companies anticipate that IT expenses will increase during the coming year.
80% of organizations anticipate an increase in their IT budgets. It may be necessary to alter the way money is spent on IT.
- By 2025, 90% of new workplace apps will incorporate AI technologies.
In conjunction with IoT, AI was one of the fastest-growing technologies in 2021. Researching more about these technologies is an outstanding starting point, especially if a business is not certain where to invest its money.
- 70% of customer communications will include emerging technologies.
These technologies will include chatbots, mobile messaging, as well as machine learning applications. The capability of individuals to compete is determined by their ability to meet customer expectations.
Top Benefits of Adopting a Digital Model
C-Suite and Digital Transformation Management
Withholding Companies’ Digital Transformation Initiatives
Impact of Digital Transformation on Job Creation
Digital Transformation Failure Statistics:
- In the next ten years, 40% of firms won’t be around.
If these businesses are unable to adapt and adjust their operations to take advantage of the most recent innovations, they will not survive.
- The majority of corporate reform programs fail.
According to research from Harvard Business Review, 60 to 70% of all organizational reform programs fail.
- There are specific reasons why every reform program fails.
Because of a lack of support from management and employee resistance, 70% of all reform programs fail.
- A fundamental challenge with organizational transformation is the inability to duplicate with technology.
Failures in organizational change occur in 14% of cases because staff and employees are unable to effectively leverage technology.
- Objectives that are poorly defined are another issue.
Inadequately specified goals are the cause of 17% of organizational change failures.
- Poor communication is also another frequent failure.
A lack of effective internal communication accounts for 20% of organizational change failures.
- A serious issue is poor project management.
Poor project management accounts for 32% of organizational change failures.
- Metrics that focus on customer value are essential for the success of a digital transformation.
DevOps and Agile teams relying on technical performance indicators will fail to align priorities with the organization, according to Gartner Digital Transformation data.
- Collaborative work settings as a significant issue with digital transformation.
Collaborative work environments are cited by 40% of respondents as a key need guiding HR technology selections.
- Employees are concerned about the ability of a building’s management to enforce safety regulations.
49% of American workers are concerned about their ability to uphold safety and health regulations consistently.
Meaning of Digital Business to Organizations
Top Company Initiatives Year-Over-Year
Current Integration Phase for US Companies
Offices Most Likely to Determine Digital Transformation Budgets
Industry-Wise Statistics:
- The healthcare industry’s worldwide digital market will surpass US$500 billion.
By 2025, it is projected that the global health market will be valued at over US$500 billion.
- Following this pandemic, telehealth use surged.
The use of telehealth services surged from 11% to 76% following the onset of the coronavirus pandemic in 2020.
- By 2025, more people are expected to adopt virtual reality and augmented reality.
By 2025, it is expected that the global market for virtual and augmented reality in the healthcare sector will index US$5.1 billion.
- By 2023, it is expected that the market for wearable medical devices will expand further.
The market for wearable medical devices is anticipated to grow at a CAGR of 23% from 2018 to 2023, reaching US$27.2 billion.
- The healthcare chatbot market will expand globally in 2023.
By 2023, the healthcare chatbot market is expected to grow from US$122 million to US$314.3 billion. How incredible is that?
Other Industry:
- There are more important factors influencing the digital transformation of retail.
Higher revenues (67%), improved customer service (69%), increased efficiency and decreased costs (69%), and competitiveness (70% citing high or very high importance) are some of the most important reasons influencing the digital transformation of retail.
- By 2026, the manufacturing industry will have invested US$767 billion in digital transformation.
Further, the manufacturing industry was estimated to be worth US$263 billion in 2020, and by 2026, this sector is expected to be valued at US$767 billion. From 2021 to 2026, this industry is expected to expand at a CAGR of 19.48%.
- The retail industry faces increasing difficulties as a result of digital change.
Over three-quarters of respondents rated the implementation’s difficulty as being quite difficult or extremely difficult. Other difficulties include up-front expenditures, a lack of qualified employees, the length of time required to complete benefits, as well as privacy and security issues.
- 81% of businesses use at least one cloud-based application.
With more than 1,000 employees, 13% of businesses have moved their IT infrastructure to the cloud.
- Digital dominates how customers are treated.
77 % of merchants utilize real-time in-store advice via cellphones, and 75% have implemented buy online, collect in-store solutions.
Timeframe to Create a Successful Digital Transformation
Has the COVID-19 Pandemic sped up Digital Transformation in Your Organization?
Global Impact of COVID-19 On Digital Transformation Speed 2020, By Industry
Digital Transformation Growth Statistics:
- Securities companies should put more emphasis on globalization.
Growth and internationalization from new geographic markets are the primary opportunities for these firms for digital transformation.
- Business leaders are encouraged to adopt Digital Transformation early.
According to Celerity’s Digital Transformation statistics study, 63% of leaders said that the pandemic compelled them to undertake a digital transformation earlier than they had originally intended.
- The fastest-growing sectors of the digital revolution are devices and business software.
These primarily result from businesses attempting to provide cutting-edge workplace solutions.
- Workforce models that promote productivity anywhere are permitted by 63% of high-growth companies.
All of this is made possible by technologies that support remote working.
Spending on Digital Transformation Technologies and Services Worldwide from 2017 to 2025 (in Trillion U.S. Dollars)
Digital Transformation Market Revenue in The United States from 2014 to 2025 (in Billion U.S. Dollars)
Digital Transformation Profit Gained by Organizations Statistics:
- Businesses indexed higher revenues as a result of technological advancements.
56 businesses claim that technological advancements and developments have positively influenced their earnings.
- High-tech B2B companies reported a decrease in costs and an increase in sales.
Changes to their customer experience operations resulted in a 10 to 12% expense reduction and a 10 to 15% increase in revenues.
- Healthcare AI generated more than US$34 billion in sales.
By 2025, this healthcare market’s potential revenue generation is anticipated to exceed US$34 billion.
- Businesses that use big data generate more revenue than those that do not.
According to research by the Boston Consulting Group, businesses that were at the forefront of exploiting big data generated 12% more revenue than those that did not.
- Digital transformation has been completed by more than half of existing organizations.
More than half of the 52% of businesses with annual revenues over US$1 billion have already completed their digital transformations or are in the process of doing so.
- Sales of AI software will total US$100 billion globally.
Revenues from AI software are projected to total US$100 billion by 2025.
- Companies with effective reform management programs achieve their expected ROI.
Companies with effective change management programs achieve their expected return on investment of 143%. On the other hand, companies with little or no change management only managed to achieve 35% of their anticipated return on investment.
- Marketers have observed a surge in competitiveness.
Among marketers, 60% stated that rivalry has significantly increased as a result of technology.
- Businesses are putting more of an emphasis on digital transformation.
45% of firms reporting falling revenues as a result of the coronavirus pandemic highlighted intensifying their focus on digital transformation.
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