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

3 soldiers killed in suicide attack in Pakistan

Next Story

2 Sikh men gunned down in Pakistan’s Peshawar

Latest from Business

PM Modi: India poised to lead next tech wave

PM Modi underscored that the country is poised to lead the next wave of digital transformation in 5G…reports Asian Lite News Prime Minister Narendra Modi on Wednesday hailed India’s progress in expanding

India Hits 100GW Solar

The expansion is not only in scale but also in quality, with significant capacity dedicated to high-efficiency modules. Many manufacturers have adopted vertically integrated operations, enhancing quality, reducing costs, and improving resilience

Jewellery Exports Shine Bright

The GJEPC noted that product diversification has played a major role in sustaining momentum. Lightweight and contemporary designs are gaining traction among younger global consumers, helping Indian jewellers appeal to a wider

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics
Go toTop

Don't Miss

UAE Advances AI Leadership

These leaders shared their personal experiences in the programme and

GCCs in India Plan Major Workforce Expansions

India is emerging as the global leader in the global