- \n
- The globalization of the digital transformation market is rapidly growing with the market expected to rise from\u00a0$469 billion.\u00a08 billion in 2020<\/strong>\u00a0to a whopping\u00a0$1,009 billion in 2021<\/strong>.\u00a08 billion by 2025<\/strong>, which is estimated to grow at a CAGR of\u00a016%<\/strong>.\u00a05%<\/strong>. But that\u2019s just the beginning.<\/li>\n
- According to Statista, striking global spending on digital transformation is expected to hit\u00a0$3. 4 trillion by 2026<\/strong>. That is in line with the growth of the market as Markets and Markets estimated that the market is set to rise from\u00a0$521<\/strong>. From\u00a0$95.5 billion in 2021\u00a0to\u00a0$127<\/strong>.? From\u00a05 billion in 2026<\/strong>\u00a0has been estimated to have a compounded annual growth rate of\u00a019%<\/strong>.<\/li>\n
- This projection shows that global spending is projected to reach 3 wherein the influence of digital transformation gets emphasized even more. Estimated to be worth\u00a04 trillion U. S. dollars<\/strong>\u00a0by the year 2026 from their current value of a little under\u00a04 trillion U. S. dollars<\/strong>. Additionally, according to the studies, organizations with CDOs who show proactivity are six times more likely to achieve their objectives related to digital transformation.<\/li>\n
- The World Economic Forum has estimated that digital transformation is likely to bring an additional\u00a0$100<\/strong>\u00a0trillion investment in the global economy by 2025. Such interactions through the platform are believed to generate a proportion that equates to roughly two-thirds of value so colossal.<\/li>\n
- Statista also says that planned global investment in digital transformation is expected to increase from\u00a0$1. To check this drain, the country spent\u00a0$7. 8 trillion in 2022<\/strong> and this will reduce to\u00a0$2.8 trillion by 2025<\/strong>. Such investments are primarily, or\u00a051%<\/strong>\u00a0of DT programs, dictated by growth opportunities and\u00a041%<\/strong>\u00a0by competitive threats, according to Prophet.<\/li>\n
- New technologies as we will see are at the center of this revolutionary change. According to IDC, by 2025 artificial intelligence will be embedded in at least ninety percent of new enterprise applications. On the same note, Research and Markets does project that the spending on AR and VR is the fastest growing up to 2025 though IoT held the biggest share in digital transformation spending in 2019.<\/li>\n
- Currently, the share of the digital economy in international GDP stands at\u00a017%<\/strong>, but, according to analysts\u2019 forecasts, it will exceed\u00a020%<\/strong>\u00a0by 2026. The market for digital transformation with a growth rate of\u00a023%<\/strong>\u00a0is expected to be worth\u00a0$3. 3 trillion by 2025<\/strong>. Prospective analysis for this market is that it should develop with the expectation of a CAGR of\u00a023 %\u00a0in the future.\u00a01%, reaching\u00a0$3,810. 05 billion by 2030<\/strong>.<\/li>\n
- While organizations adjust to this phenomenon, the worldwide digital transformation market is predicted to rise from\u00a0$594. 5 billion in 2022\u00a0to\u00a0$1,548. 9 billion by 2027<\/strong>\u00a0with a Compound Annual Growth Rate (CAGR) of 21 percent.\u00a01%. These figures bring to light why it is paramount that companies adapt to the digital environment to remain relevant in today\u2019s fluid environment.<\/li>\n<\/ol>\n
Industry-Specific Digital Adoption: Trends and Statistics<\/h2>\n
CEOs and CIOs of different sectors have realized that digital transformation is now a competitive imperative that has to be embraced to fuel growth and propel an organization toward real or perceived profitability.<\/p>\n
Besides improving efficiency and productivity, the shift from the conventional methods of management to hybrid, cloud, or other structures promotes the possibility of minimizing operating costs. Below are some key statistics showcasing how digital transformation has reshaped specific industries: Below are some key statistics showcasing how digital transformation has reshaped specific industries:<\/p>\n
Retail<\/h3>\n
- \n
- The global digital transformation market in retail in 2020 is evaluated to be\u00a0$143 billion.\u00a055 billion<\/strong>\u00a0with a growth rate of\u00a018<\/strong>\u00a0anticipated in the future.\u00a02%<\/strong>\u00a0CAGR by 2026. The Asia-Pacific region is leading this growth, thereby underlining the high pace of digital trend implementation in retail. (Mordor Intelligence)<\/li>\n
- Out of all the retailers\u00a063%<\/strong>\u00a0are upping their spending on data analysis, with\u00a035%<\/strong>\u00a0singling out AI software to optimize operations and improve decision-making. (Gartner)<\/li>\n
- Of the retail executives, a whopping\u00a071%<\/strong>\u00a0acknowledge digital transformation as important for their technological portfolio. (Fujitsu)<\/li>\n
- Thus, about\u00a075%<\/strong>\u00a0of Internet users in the United States opt for purchases through the Internet due to the convenience and individual focus that has been a result of digitalization. (Mordor Intelligence)<\/li>\n
- These numbers show how Digital Strategy has changed retailing for the better and to provide ground for more advancement in the future.<\/li>\n<\/ul>\n
Healthcare<\/h3>\n
- \n
- Health care is one of the sectors that are quickly embracing digital transformation with Germany, the U. S, and China being among the leading countries. The global healthcare market is anticipated to digitize at a value CAGR of over\u00a014%<\/strong>\u00a0during the forecast period 2021 future till 2031. (Future Market Insights)<\/li>\n
- In the US alone, it is calculated that\u00a0$250 billion<\/strong>\u00a0and potentially\u00a020%<\/strong>\u00a0of current health spend is ready to move to the virtual care space. (McKinsey)<\/li>\n
- Inter-specialty communication systems have been expanded with telehealth and telemedicine increasing from the pre-pandemic\u00a011%<\/strong>\u00a0to the\u00a076%<\/strong>\u00a0range. (McKinsey)<\/li>\n
- It is expected that by 2025, more than\u00a0$34 billion<\/strong>\u00a0will be generated in terms of revenues from\u00a0healthcare technologies and services powered by AI<\/a>. (BusinessWire)<\/li>\n<\/ul>\n
Financial Services<\/h3>\n
- \n
- In particular, reflecting the impact of COVID-19 on the overall economy, there has been a slowdown in business activities, however, such sectors as\u00a0fintech services<\/a>\u00a0and infrastructure demonstrate high growth rates due to intensified digitalization. (Probe Group)<\/li>\n
- New technologies are also changing the banking and insurance sectors as well. Research carried out by Cornerstone Advisors identified that\u00a074%<\/strong>\u00a0of the normal retail banks and credit unions are already in progress in their embracing digital transformation and\u00a015%<\/strong>\u00a0are planning for their strategies for implementation by 2022. (Forbes)<\/li>\n
- According to the insurance industry trends by 2025, the majority of insurance processes would be automated by using AI and machine learning to minimize the bottlenecks in the insurance workflows. (McKinsey)<\/li>\n<\/ul>\n
Human Resources<\/h3>\n
- \n
- Digital transformation is transforming HR, whereby, with the increase in automation of jobs in the future, an estimated\u00a029%<\/strong>\u00a0of existing vacancies will be eradicated while, on the contrary, job offers posted online have increased by\u00a013%<\/strong>. (Forrester)<\/li>\n
- Still,\u00a055 percent<\/strong>\u00a0of employers say that this is a significant barrier to innovation: lack of digital skills. (PwC)<\/li>\n
- Moreover, as the trends show, usage of AI in HR functions has recently become rather widespread, with\u00a058 percent<\/strong>\u00a0of HR leaders identifying growth in overall productivity, and\u00a016 percent<\/strong>\u00a0using it to gain better insights. (Statista)<\/li>\n<\/ul>\n
Manufacturing<\/h3>\n
- \n
- What is more, the current development rate clearly shows that the manufacturing sector is currently undergoing a huge digitization process. In 2020 the market size was\u00a0$263 billion<\/strong>\u00a0and is expected to be\u00a0$767 billion by 2026<\/strong>, with the market having a CAGR of\u00a019%. From 2021 to 2026, this segment is expected to reach\u00a048 percent<\/strong>. (Mordor Intelligence)<\/li>\n
- System downtime, that is, disruption of business operations, is a costly affair in manufacturing organizations. Citing a survey conducted by ITIC,\u00a086 percent<\/strong>\u00a0of the manufacturing organizations retorted that a single hour of downtime is costly, with the figure being more than\u00a0$ 300,000.<\/li>\n<\/ul>\n
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<\/a><\/p>\nElevating Your Business: Digital power and other casts of digital transformation as well as effective strategies<\/h2>\n
Change is not just the new business mantra of the current world; it\u2019s the reality of the new world that is driven by technology. The use of digital technologies improves performance, increases customer value, and optimizes and creates new and sustainable sources of revenues with continuous experimenting and learning from data.<\/p>\n
Technological interventions have hence emerged as the major competitive drivers of contemporary organizations, and analysis of the implications of digitalization is therefore critical. The following are some more facts and useful information that may help highlight the advantages and thereby ensure that you have an easier understanding of why you ought to embrace going digital.\u00a0<\/a><\/p>\n
- \n
- Increased Revenue: In a Gartner study conducted among CEOs,\u00a056%<\/strong>\u00a0mentioned that digital advancements have positively impacted revenue.<\/li>\n
- Adopting Digital Strategies: Significantly, digital-first has already been adopted by\u00a089%<\/strong>\u00a0of the companies currently or in the future bringing into focus the awareness about the strategy.<\/li>\n
- Leadership Engagement: McKinsey further opines that the chances of companies with an engaged active Chief Digital Officer are\u00a01%<\/strong>. Several studies reveal that organizations committed to digital transformation four to six times are more likely to obtain favorable outcomes.<\/li>\n
- Post-Pandemic Business: Taking into consideration the forecast published by PwC,\u00a070%<\/strong>\u00a0of business managers assume that COVID-19 will turn into an endemic, making it even more crucial to build strong digital initiatives.<\/li>\n
- Customer Experience: Adobe\u2019s data reveal that organizations that are committed to creating better customer experiences face increases in satisfaction rates by\u00a06\u00a0<\/strong>times and leads to almost double the industry average order values.<\/li>\n
- Strategic Importance of Data: By what near predictable time will Gartner state that\u00a090 percent<\/strong>\u00a0of corporate strategies will have information integrated into them as a business value, with analytics seen as a competitive skill?<\/li>\n
- Integrated Strategies: According to a survey by Alida which used to be known as Vision Critical,\u00a039%<\/strong>\u00a0of high-performing organizations have a fully connected digital and physical approach, hence emphasizing the need for a connected strategy.<\/li>\n<\/ul>\n
These figures and trends prove the need for digital transformation and give a precise example of how solutions based on the use of technologies can contribute to the development of companies. Thus, by embracing these best practices, your company will not only stay afloat but succeed in the world of continuous changes.<\/p>\n
Embracing the Digital Wave: Business Transformation in the Modern Era<\/h2>\n
At present, companies know that thriving in the market means having a solid digital presence, one that has to be built and adjusted for in the modern world. That is so true as many companies are still groping in the dark in terms of digital transformation, but the effects are already visible. This paper identifies the following trends and statistics that show how digital transformation is infiltrating the business world as follows.<\/span><\/p>\n
The Digital Imperative: Why a Strong Digital Strategy is Non-Negotiable<\/h3>\n
- \n
- Widespread Digital Initiatives: According to Gartner,\u00a091%\u00a0<\/strong>of enterprises are currently participating in some sort of digital venture, and\u00a087%<\/strong>\u00a0of executives state that digital transformation is important.<\/li>\n
- Digital-First Approaches: In the current business world, digital-first is central and\u00a089%<\/strong>\u00a0of firms have implemented a digital-first strategy or are in the process of doing so.<\/li>\n
- COVID-19 Business Impact: Statista stated that the two most important goals that CEOs in the current pandemic sought to achieve were the promotion of digital initiatives at\u00a037%<\/strong>\u00a0and improving remote work at\u00a037%<\/strong>.<\/li>\n
- AI-Driven Data Usage: According to Gartner, within the next three years, artificial data that is used to train AI will be\u00a060 percent<\/strong>, up from a paltry\u00a01 percent<\/strong>\u00a0of all data in 2021.<\/li>\n
- Leadership in Digital Transformation: Business leaders have been presented with the information that\u00a028%<\/strong>\u00a0of digital transformation projects are handled by CIOs, while CEOs are getting more involved in the leadership of\u00a023%<\/strong>\u00a0of such projects.<\/li>\n
- Adaptability Through Digital Platforms: Expectedly, by the year 2025, business executives will increase and apply digital platforms in mainly shifting into new markets and industries.<\/li>\n
- Composable Business Strategy: By 2024,\u00a060%<\/strong>\u00a0of mainstream enterprises will adopt the composable business approach to outcompete rivals by\u00a080%<\/strong>\u00a0in delivering the new features\u2019 speed.<\/li>\n<\/ul>\n
The Cloud Revolution: Driving Innovation and Efficiency<\/h3>\n
- \n
- Growth in Cloud Security: Analyzing emerging technologies and estimating their trends to become mainstream, Gartner also predicts that the global cloud security market will grow from\u00a0$40 billion in 2023<\/strong>\u00a0to\u00a0$62 billion<\/strong>: Introduction of new business models that are propelled by\u00a0developments in Artificial Intelligence<\/a>\u00a0and other advanced technologies hold great potential to create new commerce value-added chains worth\u00a07 billion<\/strong>\u00a0of global e-commerce revenues in 2023.\u00a09%<\/strong>\u00a0from reaching\u00a0$5.9 billion<\/strong>\u00a0in 2023 to\u00a0$9 billion<\/strong> in 2028<\/strong>.<\/li>\n
- Healthcare Cloud Expansion: In a business wire Technavio forecast points out that the cloud market in healthcare is likely to surge by\u00a0$25. 54 billion by 2024<\/strong>.<\/li>\n
- Investment in AI: According to Markets and Markets, AI spending was\u00a0$ 58. 3 billion<\/strong>\u00a0in the year 2021 to about\u00a0$309\u00a0bn in the year 2022 as estimated as shown below;\u00a06 billion by 2026<\/strong>.<\/li>\n
- Cloud Storage Market Boom: The Global Cloud Storage Market has been analyzed by Fortune Business Insights and is expected to reach\u00a0$390 billion<\/strong>\u00a0from 2021 to 2028.<\/li>\n
- Industry Cloud Platforms: It is expected that by 2027 at least\u00a050%<\/strong>\u00a0of enterprises will adopt industry-specific cloud platforms to help boost their business operations.<\/li>\n
- From all these statistics and insights, it is evident that issues of digital transformation play a significant role in the current business environment. It indicates that the companies who understand and pay serious attention to the advances of digital are in a much better place to evolve and even revolutionize these environments as well as sustain themselves in these environments as they transit to further digital environments.<\/li>\n<\/ul>\n
Transforming Customer Experience: Digital Innovation in Action<\/h2>\n
In the very competitive environments that organizations and companies currently face, they require all the edge they can get. Improving customer satisfaction is among such strategic benefits. Digital disruption or digital transformation as it is simply called brings the customer into the middle of the focus and the following information showcases how organizations are now transforming their customers\u2019 engagement through technology.<\/p>\n
Reinventing Customer Experience Systems: A Data-Driven Approach<\/h3>\n
- \n
- Focus on Customer Touchpoints: According to Prophet,\u00a054%\u00a0<\/strong>of companies\u2019 DT initiatives are related to the renewal of customer interfaces, and\u00a045%<\/strong>\u00a0are about enabling platforms. However,\u00a041 percent<\/strong>\u00a0of companies lack deep analysis and understanding of customers and, as a result, they invested in the wrong things.<\/li>\n
- Growth in Customer Experience Management: It is expected that the customer experience management market is going to have a high compound annual growth rate with a current worth evaluation of\u00a0$11<\/strong>. from\u00a0$55 billion<\/strong>\u00a0in 2022 to\u00a0$29.78 billion by 2028<\/strong>.<\/li>\n
- Driving Digital Transformation: Even as per the Global Digital Trust Benchmarks study conducted by the business consulting firm PwC, close to\u00a046%<\/strong>\u00a0of the organization\u2019s main drivers for going for digital transformation are to enhance customer experience and satisfaction.<\/li>\n
- The Impact of Poor Experiences: What is worse, just one bad interaction can be expensive: a whopping\u00a086%<\/strong>\u00a0of them will turn their back on the brand they patronized previously.<\/li>\n
- Omnichannel Excellence: Designing a customer experience with little to no breaks<\/li>\n
- Investing in Omnichannel Strategies: Omnichannel experiences have redirected more than\u00a080%<\/strong>\u00a0of companies, even though five years ago was in the\u00a020%<\/strong>, according to the PwC.<\/li>\n
- Retailers Embrace Data and AI: About\u00a063%<\/strong>\u00a0of respondents for retailers said they intend to raise their investment in data analytics and business intelligence while\u00a035%<\/strong>\u00a0said they would be using artificial intelligence to improve customers\u2019 experience.<\/li>\n
- The Digital Divide in Retail: Business Tech further notes that those sweeping retail companies into the new wave of digital are set to gain high rewards on customers\u2019 loyalty and high sales returns. On the other hand, those who are slow to embrace digital solutions stand a chance of being left behind in a constantly growing economy.<\/li>\n<\/ul>\n
Most of these revelations show that digital transformation is not a mere technology transformation but a strategic value addition to customer experience. The modern consumer expects businesses that they interact with to be available across multiple touchpoints, to invest in omnichannel, and to leverage data to create better customer relationships, therefore, the need to adopt data-driven customer touchpoints to sustain businesses in the digital economy.<\/p>\n
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<\/a><\/p>\nOvercoming the Obstacles: Navigating Digital Transformation Challenges<\/h2>\n
Digital transformation is a process that should be understood not as a one-time solution to the existing problems. It is also important to note that the level of an organization\u2019s digital adoption is not a one-off process and the break or integration of digital technology into its daily workflow needs strategic initiatives and fundamental time and resources.<\/p>\n
Below are some of the most pressing challenges that businesses face when embracing digital transformation: Below are some of the most pressing challenges that businesses face when embracing digital transformation:<\/p>\n
- \n
- Size Matters: Organizations with employees of\u00a0100<\/strong>\u00a0or less are\u00a0seven times more likely to deliver digital transformation effectively than companies having more than\u00a050,000<\/strong>\u00a0employees.<\/li>\n
- Skill Gaps: According to the 2021 OKTA survey of over\u00a03,000 IT specialists,\u00a054%<\/strong>\u00a0said that this is the biggest obstacle to their digital transformation: lack of \u201cIT skills or transformation expertise\u201d.<\/li>\n
- Complexity in Manufacturing: Whilst manufacturing brands are not new to globalization, digitalization is a massive challenge for them. About\u00a076%<\/strong>\u00a0of the companies consider the process to be somewhat too highly challenging, mainly because of the implementation complexity.<\/li>\n
- High Upfront Costs: Investment issues are paramount, where seventy-five percent of the firms said that the costs of initiating digital change, time consumption, and the ability to get appropriate people are hurdles to the transformation.<\/li>\n
- Talent Shortage: Approximately\u00a030%<\/strong>\u00a0of CIOs anticipate challenges in identifying and recruiting or developing the right data science and cybersecurity talent to advance digital programs.<\/li>\n
- Resistance to Change: Resistance to change and the absence of a skilled workforce for digital transformation are still the leading challenges for companies.<\/li>\n
- These challenges point to the pertinence of strategic management and the fact that business needs to keep in mind that digital transformation comes with its measures.<\/li>\n<\/ul>\n
Embracing the Future: Insights from Digital Transformation Trends<\/h2>\n
The digital transformation industry is on the cusp of reaching further growth with key enablers such as Artificial Intelligence, Machine Learning, and Cloud Computing. The figures which were discussed above give a clear picture of the path of digital evolution in different fields.<\/p>\n
For all the difficulties that might be faced \u2013 restrictive budgets, fierce opposition to change \u2013 there is no better time for such-process digital transformation to improve productivity, upgrade customer satisfaction, and to increase operating capability. This has made companies across the globe adapt and incorporate digital themes.<\/p>\n
Thinking about starting your\u00a0digital transformation services<\/a>? Call the professionals at MultiQoS<\/a>\u00a0to learn how our unique tech services can help your business navigate this transition!<\/p>\n","protected":false},"excerpt":{"rendered":"
In the current dynamic business environment, the speed of digitalization is not only informed by speed \u2013 it is informed by urgency.<\/p>\n","protected":false},"author":6,"featured_media":15222,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-15215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-transformation"],"acf":[],"_links":{"self":[{"href":"https:\/\/multiqos.com\/blogs\/wp-json\/wp\/v2\/posts\/15215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/multiqos.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/multiqos.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/multiqos.com\/blogs\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/multiqos.com\/blogs\/wp-json\/wp\/v2\/comments?post=15215"}],"version-history":[{"count":10,"href":"https:\/\/multiqos.com\/blogs\/wp-json\/wp\/v2\/posts\/15215\/revisions"}],"predecessor-version":[{"id":15926,"href":"https:\/\/multiqos.com\/blogs\/wp-json\/wp\/v2\/posts\/15215\/revisions\/15926"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/multiqos.com\/blogs\/wp-json\/wp\/v2\/media\/15222"}],"wp:attachment":[{"href":"https:\/\/multiqos.com\/blogs\/wp-json\/wp\/v2\/media?parent=15215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/multiqos.com\/blogs\/wp-json\/wp\/v2\/categories?post=15215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/multiqos.com\/blogs\/wp-json\/wp\/v2\/tags?post=15215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
- Skill Gaps: According to the 2021 OKTA survey of over\u00a03,000 IT specialists,\u00a054%<\/strong>\u00a0said that this is the biggest obstacle to their digital transformation: lack of \u201cIT skills or transformation expertise\u201d.<\/li>\n
- Growth in Customer Experience Management: It is expected that the customer experience management market is going to have a high compound annual growth rate with a current worth evaluation of\u00a0$11<\/strong>. from\u00a0$55 billion<\/strong>\u00a0in 2022 to\u00a0$29.78 billion by 2028<\/strong>.<\/li>\n
- Healthcare Cloud Expansion: In a business wire Technavio forecast points out that the cloud market in healthcare is likely to surge by\u00a0$25. 54 billion by 2024<\/strong>.<\/li>\n
- Digital-First Approaches: In the current business world, digital-first is central and\u00a089%<\/strong>\u00a0of firms have implemented a digital-first strategy or are in the process of doing so.<\/li>\n
- Adopting Digital Strategies: Significantly, digital-first has already been adopted by\u00a089%<\/strong>\u00a0of the companies currently or in the future bringing into focus the awareness about the strategy.<\/li>\n
- System downtime, that is, disruption of business operations, is a costly affair in manufacturing organizations. Citing a survey conducted by ITIC,\u00a086 percent<\/strong>\u00a0of the manufacturing organizations retorted that a single hour of downtime is costly, with the figure being more than\u00a0$ 300,000.<\/li>\n<\/ul>\n
- Still,\u00a055 percent<\/strong>\u00a0of employers say that this is a significant barrier to innovation: lack of digital skills. (PwC)<\/li>\n
- New technologies are also changing the banking and insurance sectors as well. Research carried out by Cornerstone Advisors identified that\u00a074%<\/strong>\u00a0of the normal retail banks and credit unions are already in progress in their embracing digital transformation and\u00a015%<\/strong>\u00a0are planning for their strategies for implementation by 2022. (Forbes)<\/li>\n
- In the US alone, it is calculated that\u00a0$250 billion<\/strong>\u00a0and potentially\u00a020%<\/strong>\u00a0of current health spend is ready to move to the virtual care space. (McKinsey)<\/li>\n
- Out of all the retailers\u00a063%<\/strong>\u00a0are upping their spending on data analysis, with\u00a035%<\/strong>\u00a0singling out AI software to optimize operations and improve decision-making. (Gartner)<\/li>\n
- According to Statista, striking global spending on digital transformation is expected to hit\u00a0$3. 4 trillion by 2026<\/strong>. That is in line with the growth of the market as Markets and Markets estimated that the market is set to rise from\u00a0$521<\/strong>. From\u00a0$95.5 billion in 2021\u00a0to\u00a0$127<\/strong>.? From\u00a05 billion in 2026<\/strong>\u00a0has been estimated to have a compounded annual growth rate of\u00a019%<\/strong>.<\/li>\n