You are here: Home » International » News » Markets
Business Standard

1 in 3 firms to generate 30% of sales from digital products by 2023

With more and more enterprises heading towards their digital-first state, DX technology spending is expected to grow two times faster than overall IT.

Topics
Asia-Pacific | Digital age | IDC Report

IANS  |  New Delhi 

e-commerce
Led by organisations in the Asia-Pacific region, one in three companies globally will generate more than 30 per cent of their revenues from digital products and services by 2023

Led by organisations in the region, one in three companies globally will generate more than 30 per cent of their revenues from digital products and services by 2023, according to a new .

The unprecedented rate of digital transformation (DX) acceleration over the past year has ushered in a digital-first world, powered by an increasingly digital-first economy with organisations at its forefront.

"Such an economy expands the impact of digital technologies on the production and consumption of products and services, resulting in at least 65 per cent of Asia-Pacific's GDP being digitised by 2022," the IDC forecasts.

With more and more enterprises heading towards their digital-first state, DX technology spending is expected to grow two times faster than overall IT.

"As of July 2021, we have 28 per cent of organisations in already in the most progressive stages of digital transformation maturity, up from 18 per cent pre-Covid in 2019," said Sandra Ng, Group Vice President for ICT Practice, IDC Asia/Pacific.

The world is now firmly anchored in a digital-first economy.

"However, the economic and business outlook for the next 3 years remains highly fluid because of a growing range of global challenges including the pandemic. An enterprise's success in the next 12-36 months will be defined by how well it navigates these crosswinds," Ng commented.

By 2024, 55 per cent of successful digitally innovative products will be built by teams that include people with creative, critical thinking, analysis, and automation skills as well as software engineers.

By 2023, 40 per cent organisations will allocate half of their security budget to cross-technology ecosystems/platforms designed for rapid consumption and unified security capabilities to drive agile innovation, the report noted.

"There will be greater interdependencies between enterprises and across industries in a digital-first world. In Asia/Pacific, more than 50 per cent of organisations will see an increased spend in technologies as a result of collaborations with ecosystem partners," Ng said.

--IANS

na/ksk/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, November 07 2021. 11:00 IST
RECOMMENDED FOR YOU
.