Digitalization

• [New] The segment that is expected to experience the biggest uptick in spending is platform as a service, with Gartner predicting growth of 26.6% to $55.4bn in 2021.
• [New] By 2022, more than 90% of enterprises worldwide will be relying on a mix of on-premises / dedicated private clouds, multiple public clouds, and legacy platforms to meet their infrastructure needs.
• [New] 30% of digital businesses will mandate trials of DNA data storage techniques by 2024, due to the anticipated exponential growth of data.
• [New] As the world of digital payments continues to evolve and expand as a result of new innovative solutions, we will see biometrics, facial recognition, voice recognition, smart vending solutions becoming more prominent in the world of payments in the coming years.
• [New] The market for digital therapeutics alone was estimated at USD 106 billion and will experience a compound annual growth rate of 28% through 2026.
• [New] The global Cloud Platforms for Internet of Things market is expected to gain at a desirable rate during the predicated timespan between 2020 to 2026.
• [New] The global Connectivity Platforms for IoT Devices market is expected to gain at a desirable rate during the predicated timespan between 2020 to 2026.
• [New] Gartner estimates that next year, over two-thirds of enterprises utilizing IoT will have deployed at least one digital twin in production.
• [New] The Middle East's Leisure Entertainment and Amusement Industry that is undergoing digital transformation will be the fastest in the world to recover from the Covid-19 pandemic early next year.
• The ongoing pandemic has triggered a surge in digital commerce, with the global market for FinTech products and services expected to grow to $310 billion by 2022.
• A rapid shift to cloud over the next three years will drive enterprises to move 75% of existing non-cloud apps to cloud environments.
• Indonesia is predicted to be a new force in the global digital economy with turnover increasing threefold in the next five years.
• Digital skills are in particular demand, with LinkedIn predicting the technology sector will add nearly 150 million jobs in the next 5 years.
• Spending on digital transformation technologies and services is forecast to grow 10.4% worldwide in 2020 to an eye-watering US$ 1.3 trillion, despite challenges from the COVID-19 pandemic.
• By 2025, driven by volatile global conditions, 75% of business leaders will leverage digital platforms and ecosystem capabilities to adapt their value chains to new markets, industries, and ecosystems.
• According to the Bank of International Settlements ten percent of central banks have said they will develop a digital currency within the next three years.
• The World Economic Forum predicts that over 60% of global GDP will be digitized by 2022 and that over the next decade, digital platforms will be used to create close to 70% of new value.
• By 2023, one-third of mid-to-large companies that implemented IoT will have implemented at least one digital twin associated with a COVID-19-motivated use case.
• Alloy steel demand is expected to grow at a double-digit rate in the next five years, led by better business opportunities from the non-auto sectors.
• Global IoT spending will return to double-digit growth rates in 2021 and achieve compound annual growth of 11.3% over the 2020-24 forecast period.
• By 2023, 55% of enterprises will have replaced outmoded network operational models with systems capable of supporting applications running on cloud environments in multiple data centers.
• The no-code, low-code development platform market is projected to grow from USD 13.2 billion in 2020 to USD 45.5 billion by 2025, at a Compound Annual Growth Rate of 28.1%.
• Despite a global pandemic, direct digital transformation (DX) investment is still growing at a compound annual growth rate of 15.5% from 2020 to 2023 and is expected to approach $6.8 trillion as companies build on existing strategies and investments, becoming digital-at-scale future enterprises.

Last updated: 22 November 2020