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If you are looking for research older than 18 months, please contact an account representative at +1-508-988-7988. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022. Also, get to know its features, pricing, and overall value for money. To unleash the power of data and accelerate value capture, leading retailers implement cloud-based data platforms that enable automation and reuse over a set of defined protocols. ", Statista, Spending on digital transformation technologies and services worldwide from 2017 to 2026 (in trillion U.S. dollars) Statista, https://www.statista.com/statistics/870924/worldwide-digital-transformation-market-size/ (last visited June 12, 2023), Spending on digital transformation technologies and services worldwide from 2017 to 2026 (in trillion U.S. dollars) [Graph], Statista, October 26, 2022. It, therefore, follows that all manners of technology vendors have gained significant digital transformation market share. However, many of these technologies can be cumbersome and complex, making it difficult at times for organizations to adapt to the changes that they bring about. The tech transformation imperative in retail | McKinsey It has been twelve years since the advent of "industry 4.0" as a concept, and various industries have taken up the digital transformation mantle with different degrees of enthusiasm. Digital transformation refers to the growing trend of companies adopting digital technologies to improve overall business processes and customer experience. The most successful organizations that dealt with the pandemic reported a variety of technology-related capabilities. This is where technology can have the biggest impact in the process of capturing or creating digital records of people (e.g., what they do, who they are, what they prefer, etc.). The next largest use cases are Back-Office Support and Infrastructure at more than 15% of all DX spending and Customer Experience at more than 8%. Profit from the additional features of your individual account. They should pilot a cloud-based, highly automated development platform with built-in security and development tools. The use of digital technology has also resulted in the creation of new corporate roles that require digital skills. Dollars) Source: Gartner (October 2022) Organizations Continue to Protect Efficiency-Driven Digital Investments In a down or deteriorating economy, conventional wisdom calls for reducing costs, including IT costs. Digital Transformation in the Food and Beverage Processing Industry Huawei supports digital transformation of financial sector 89% of enterprises are planning to adopt or have already adopted a digital business strategy (IDC, 2018). This finding upholds the idea that technology will be a core driver of next-generation retail growth and will fuel omnichannel customer experience, smart offerings, and lean operations, as well as emerging business models such as data monetization. 65% of the worlds GDP is predicted to be digitized by 2022 (IMF, 2020). Consider the revenue derived from digital transformation, as reflected in the following statistics. Reliable, personalized offerings that have been optimized through advanced analytics can be updated in close to real time and supported by attractive digital content. (See Exhibit 1.). This article is a collaborative effort by Raphael Bick, Stphane Bout, Fabian Frick, Marcus Keutel, and Valerie Skinner, representing views from McKinseys Consumer & Retail Practice. Companies such as Target, Best Buy, and Hasbro, who were sensitive enough to capitalize on digital technology, have reaped their benefits early in the game. The statistics we have presented are not only meant to inform. Show sources information Home Depot, for example, for many years has focused on creating a personalized omnichannel experience for customers through offerings such as click and collect and personalized marketing.4Brandon Stewart, Heres how Home Depot transformed into an omnichannel marketing expert, Emarsys, August 24, 2021. In contrast, zero-trust architecture, which is essential to cybersecurity efforts, and salesforce automation solutions, which can boost efficiency and cut costs, both increased in priority. Use Ask Statista Research Service. These shifts have heightened the pressure on retailers bottom line: over the past five years, margins have been shrinking by two to three percentage points per year, or even by as much as five to six percentage points, depending on the vertical. Retailers that commit to a radical transformation of their tech function can both spark growth and increase performance. We surveyed approximately 340 IT buyers from North America (55%) and Europe (45%) during July 2022 to understand their priorities, IT budgets, spending plans, rationales, and other perspectives. More and more businesses have started to go digital as a source of resiliency and innovation, which is shown across the region as new offerings and solutions are widely available. Statista. 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However, many companies claim to be comfortable with digital transformation and technology use, which sets the ideal condition for digitization. Digital transformation in the food and beverage sector can take many forms: adopting collaborative cloud-based platforms, updating to industrial internet of things (IIoT) infrastructure, and . For most organizations, the people aspect of transformation refers to the access they have to consumers, clients, and employees. To win in this environment, IT vendors will need to offer a distinctive value proposition in terms of both productivity and efficiency. Despite any recessionary fears they may have had, IT decision-makers on the whole recognize that returns on many of their key projects are still healthy, as is business demand. Worldwide IT spending is projected to total $4.2 trillion in 2021, an increase of 8.6% from 2020, according to the latest forecast by Gartner, Inc. They create intelligent workflows that simplify operating models, increase productivity and enable employees to make better decisions faster. No spam. The Internet of Things (IoT) are objects and devices equipped with sensors that collect and transmit data over the internet. In addition, retailers have seen changessometimes dramaticin how consumers shop for products and engage with brands. Many retailers still spend significant amounts of resources on legacy systems and softwarealso known as keep systems running expenses. New technologies are integral to digital transformation. Given its importance to future success, global DX spending is forecast to reach $3.4 trillion in 2026 with a five-year compound annual growth rate (CAGR) of 16.3%, according to the International Data Corporation (IDC) Worldwide Digital Transformation Spending Guide. They work backward, starting with the ideal customer experience. It can drive everything from innovative smart products, from increasingly personalized customer and user experiences to optimized workflows for supply chain management, change management and more. For many organizations, persuading experienced employees or senior managers to deploy new tech tools is a rather similar experience. Brandon Stewart, Heres how Home Depot transformed into an omnichannel marketing expert, Emarsys, August 24, 2021. digital leaders generated 3.3 times the TSR of digital laggards. Proof of this is the way organizations have been investing in AI and top business intelligence platforms. Companies were forced to undergo years or decades worth of supply chain transformation in weeks or months. Subscribe to the IDC Blog for industry news and insights. Digital transformation has proven instrumental in improving corporate coffers and shareholder value. Retailers can take several steps to upgrade their tech foundation and speed the development of new solutions. To reverse the negative trajectory of recent years, bold action is needed: retailers must undertake a radical transformation of their tech functionboth its architecture and its operating model. To learn more about IDC, please visit www.idc.com. Historically, these relationships yielded poor or dispersed records. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). dollars)." Driven by market demand and fueled by technology, digital transformation means adopting digital-first customer, business partner and employee experiences. As one expert at Red Hat puts it, Better living through softwarethat's what digital transformation is(link resides outside of ibm.com). 'Risk, Resilience and Rebalancing in Global Value Chains' (link resides outside of ibm.com). Applications like supply chain logistics and self-driving cars generate real-time data that AI and big data analytics applications turn into automation and decisions. A robust tech foundation can give retailers the capabilities to boost performance across the board, but to date, most organizations havent made sufficient progress and are missing opportunities as a result. Overall, consumers are becoming more connected, less loyal, more informed, and definitively channel agnostic. Digital transformation, 78% of heads of IT said they are communicating with the board of directors more than ever before (CIO, 2020). A product-led organization focuses on developing and managing business capabilities (such as e-commerce checkout, demand forecasting, and warehouse management) supported by tech solutions. Nonetheless, nearly three-quarters believe the onset of a market-wide recession is likely in the next one to three years. 64.5% of companies feel positive about their ability to adapt to technological disruption (Futurum, 2018). The Guide provides spending data for 51 DX strategic priorities and 99 programs as well as technology spending by deployment type (cloud, non-cloud/other). But even the best technology will go to waste if you dont have the right processes, culture, or talent in place to take advantage of it. Suppose that your insights tell you that a certain type of leader is more likely to derail how will you change your internal hiring and development process? These efforts were key factors in the launch of a digital marketplace, which generated astonishing growth: over a four-year span, stock price increased more than 18,000 percent in value. After a general expansion phase in the supplier base over the past two years, we also found many buyers beginning to consolidate their purchases, often choosing integrated offerings over best-of-breed. Retailers can also benefit by getting granular: breaking up monolithic solutions to create a microservice-based architecture can increase flexibility and reusability while accelerating delivery. AI can make predictions, and data can give us insights, but the so what part requires actions, and these actions need the relevant skills, processes, and change management. Among operational workflows, supply chains were the most glaringly exposed. These capabilities enabled the organization to release new digital products within days. But with the right expertise and tools, data can be turned into insights. Given this context, delivery timelines and product availability were still an issue as of our survey, although only about 23% of IT buyers believed that supply chain constraints were significantly affecting their IT purchasing decisions. However, a transformation of the full IT function is required to meet a consistent baseline for efficiency, flexibility, and speed. Among companies with declining revenues due to COVID-19, 45% said they are increasing focus on digital transformation (McKinsey, 2020). In 2020, the COVID-19 pandemic laid bare every organization's digital transformation efforts and progress (or lack thereof). Most retailers have an IT department that relies on external partners to maintain business applications. Most retailers have set up an agile digital factory that combines business and tech resources to manage e-commerce (and sometimes analytics) capabilities. The IDC Worldwide Digital Transformation Spending Guide (V2 2022) examines the digital transformation opportunity from a use case technology, industry, and geography perspective. Innovate, Scale, and Operate will account for more than 20% of all DX investments throughout the forecast. Many have begun ordering in advance, while some have begun to prioritize vendor reliability over price. 26 Oct 2022 IDC Spending Guide Sees Worldwide Digital Transformation Investments Reaching $3.4 Trillion in 2026 NEEDHAM, Mass., October 26, 2022 - Forward-looking organizations have been pursuing digital transformation (DX) with the goal of creating new sources of value through digital products, services, and experiences. 44% of workers aged between 16 and 74 in Europe do not have basic digital skills (European Commission, 2017). Digital native Delivery Hero, for instance, harnesses customer data to calculate customer lifetime valueand thereby inform strategic and tactical decisions depending on the value of specific customer segments. Its estimated that companies accelerated their adoption of digital technologies for customer and supply-chain interactions by 3 to 4 years due to the COVID-19 pandemic (McKinsey, 2020). New IDC Spending Guide Shows Continued Growth for Digital Transformation as Organizations Focus on Strategic Priorities(link resides outside ofibm.com). We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. By 2026, global digital transformation spending is forecast to reach 3.4. that supports all touchpoints with shared functionalities, such as wish lists, appointment booking, and payments. 71% of executives say the workforce is either very or essential to their digital transformation strategy (Industry Week, 2018). As an added benefit, the pandemic revealed that digital transformation efforts improve an organization's resilience against market disruptions. We call this digitization, or the process of datafying human behavior, translating it into standardized signals (0s and 1s). Supply chains are always vulnerable; according to the McKinsey Global Institute, supply chain disruptions lasting one month or longer occur every 3.7 years (1). Dollars). Digital transformation for the water industry: how a data-driven How's that for a definition? It's a solid definition, particularly if you think that 'better living' includes working and playing in a world that promises new opportunities, more convenience and greater resilience to change. But shortly after the pandemic began, the United States suddenly imported almost 50% less from major trading partners (2). Check out the latest from IBM research today. To fully exploit technology, retailers must undertake a radical transformation of their IT function. What is digital transformation? | IBM I, Human: AI, Automation, and the Quest to Reclaim What Makes Us Unique. Adapt a journey-driven approach by taking an end-to-end customer perspective. Advanced Search and Finder tools to narrow your search. 41% of remote workers experienced cybersecurity incidents when their work setup shifted to a work-from-home arrangement (KPMG, 2020). Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 1000+ markets in 190+ countries & territories, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Show publisher information IDC Spending Guide Sees Worldwide Digital Transformation Investments Growth Tech, Within the same year, the revenue growth of B2B digital leaders was five times more compared to their peers (McKinsey, 2016). If you are an admin, please authenticate by logging in again. Leadership is always an argument with the past, with tradition it is the essential task of leaders to create a bridge between the past and the future, and in that sense digital transformation is not an exception to the rule, but the name we give to todays bridge. Business Solutions including all features. Technology is driving revenue growth in a time of crisis. To become more responsive to these trends, retailers can harness technology as a core enabler across several areas of next-generation retail. Research expert covering global developments in the use of data. Despite this caution, buyers are not planning to freeze their spending as dramatically as they did in the early days of the pandemic, when nearly 60% of our survey respondents paused deployments of new technology and 54% delayed hardware upgrades. BusinessWire.com, October 28, 2019. In our previous surveys, conducted in April-May 2020, October-November 2020, and October-November 2021, buyers indicated a growing focus on migration to the cloud, digital transformation, and cybersecurity. Less than 30% of technology vendors are active partners in organizations digital transformation initiatives (PTC, 2018). The retail industry has undergone tectonic shifts over the past decade. It's also worth noting that while digital transformation is something that businesses undertake, the effect goes well beyond business. Observe these practices and youll be on your way to having a robust digital business strategy. Without a model, a system, a framework, or reliable data science, any data will be useless, just like 0s and 1s. Currently, you are using a shared account. Impact of Digital Transformation on Job Creation, Professional Services Automation Software - PSA, Project Portfolio Management Software - PPM, 72 Vital Digital Transformation Statistics: 2023 Spending, Adoption, Analysis & Data, Business and Digital Transformation Statistics, Digital Transformation Technologies Statistics, Digital Transformation Management Statistics, Digital Transformation Spending Statistics, Revenue from Digital Transformation Statistics, Workforce and Digital Transformation Statistics, digital transformation market is projected to grow, digital asset management software benefits, top two barriers to digital transformation, companies are still considered laggards in technology adoption, the best digital asset management software. In other words, you will only transform when you have managed to change how people behave, and how things are done in your organization. However, jumping into the digitization bandwagon does not guarantee success. 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