Worldwide spending on the technologies and services that enable the digital transformation (DX) of business practices, products, and organizations is forecast to reach $US2.3 trillion in 2023, according to analyst form International Data Corporation (IDC).

"We are approaching an important milestone in DX investment with our forecast showing the DX share of total worldwide technology investment hitting 53% in 2023," said Craig Simpson, research manager with IDC's Customer Insights and Analysis Group.

"This will be the first time DX technology spending has represented the majority share of total worldwide information and communications technology (ICT) investment in our forecast, which is a significant milestone and reflective of the larger commitment to enterprise-wide digital transformation."

"Worldwide DX technology investments will total more than $US7.4 trillion over the next four years," said Eileen Smith, program vice president with IDC's Customer Insights and Analysis Group.

"Industries have achieved varying levels of maturity to date and continue to pursue their DX objectives. The financial services sector will see the fastest overall growth with the banking, insurance, and security and investment services industries each delivering CAGRs of more than 19% over the forecast period.

“The distribution and services sector which includes industries like retail and professional services will also outpace the overall market with an 18.0% CAGR while public sector spending growth will match the overall market at 17.1%."

"In the current competitive business world, digital transformation is the topmost strategic priority for every organization. Nevertheless, the concept is confusing and intricate. Digital transformation involves managing the existing business and building for the future at the same time, something like changing the engine of the plane while in flight," said Ashutosh Bisht, senior research manager for IDC’s Customer Insights & Analysis Group.

"Enterprises across Asia/Pacific are adopting emerging technologies to enhance their operational excellence and connect more efficiently with their customers."