May 15, 2022
1 min read

Global spending on digital transformation to touch $1.8 tn this year

Together, these three investment areas will represent more than $620 billion in DX spending this year, according to the International Data Corporation (IDC)…reports Asian Lite News

Global spending on the digital transformation (DX) of business practices, products and organisations is forecast to reach $1.8 trillion in 2022, an increase of 17.6 per cent over 2021.

The DX priorities that will see the largest investment in 2022 include back office support and infrastructure, smart manufacturing, and digital supply chain optimisation.

Together, these three investment areas will represent more than $620 billion in DX spending this year, according to the International Data Corporation (IDC).

DX spending will sustain this pace of growth over the 2022-2026 forecast period with a five-year compound annual growth rate (CAGR) of 16.6 per cent, it added.

“As organisations accelerate their pursuit of a digital-first strategy, they are channeling these investments into both internal operations and external direct engagement,” said Craig Simpson, senior research manager, Customer Insights & Analysis at IDC.

From an industry perspective, the discrete and process manufacturing industries will account for nearly 30 per cent of worldwide DX spending this year, followed by the professional services and retail industries, said the IDC.

The utilities and banking industries will also see DX spending of more than $100 million this year.

Meanwhile, the financial services sector will deliver the fastest DX spending growth over the 2022-2026 forecast period, with the securities and investment services, insurance, and banking industries all forecast to have five-year CAGRs of 19 per cent or more, the report noted.

ALSO READ-India may mull Preferential Trade Agreement with Oman

Previous Story

Decision to unify Armed Forces is a historical milestone in nation’s journey

Next Story

Tunisia, Egypt to strengthen bilateral ties

Latest from Business

Lulu Add News Store at Satwa 

Majid Saqer Almarri, CEO of Dubai Land Department inaugurated the new hypermarket in the presence of Yusuff Ali M.A., Chairman of Lulu Group and other dignitaries.  Lulu has officially opened the doors

Lulu expands footprint in Al Ain 

Lulu Retail Holdings is set to expand its presence in Al Ain with a new hypermarket at the upcoming Al Ain Community Centre in the Al Jimmi area.  Lulu Retail Holdings, the

Danube Unveils Convertible Apartments in Dubai

TIMEZ by Danube introduces a unique concept where studio apartments can be converted into 1-bedroom units, and 1-bedroom units into 2-bedroom configurations, providing adaptable solutions for growing families or changing lifestyles. Dubai-based

Greenwich eyes riverside revival 

Greenwich backs calls for investment to unlock its riverfront’s potential as Deputy Mayor Howard Dawber joins local leaders on a tour of the borough’s scenic Thames-side.  Greenwich has welcomed calls for greater
Go toTop

Don't Miss

GCCs in India Plan Major Workforce Expansions

India is emerging as the global leader in the global

Dubai explores empowering private sector for digital transformation

The objective was to gather the participants’ perspectives and recommendations