Nominal GDP driven by digitally transformed and other enterprises worldwide 2018-2023

While in 2018, digitally transformed enterprises accounted for 13.5 trillion U.S. dollars of the global nominal GDP, in 2023 they are forecast to account for 53.3 trillion U.S. dollars, more than half of the overall nominal GDP. This signals that digital supremacy in the global economy is near.

Digital transformation: benefits and necessity

  Among many other benefits, digital transformation is essential for helping businesses to create better customer experiences as well as improve their process efficiency through automation. Digitally transformed enterprises are equipped to drive new revenue and stay ahead of the competition. The difficult economic situation brought about by the global coronavirus (COVID-19) pandemic, however, has made digital transformation a necessity rather something nice to have - leading DX activities has become CIOs’ top task to help business preserve through the COVID disruption.

Digital transformation challenges

   Despite evidence of widespread benefits through digital transformation, its implementation is not without challenges. Businesses worldwide cite skill gaps and cultural differences as major challenges in their pursuit of digital transformation.A lack of clarity on transformation strategy and insufficient alignment across organizational departments are top reasons as to why some businesses stall momentum in their digital transformation efforts.