Article
July 15th, 2021 · 5 min read
Digital transformation statistics you need to know in 2024
Written by: Rocio Alvarez
This is part of our blog series on workforce education statistics that you need to know to develop and execute learning programs that build a resilient, thriving workforce, prepared for the challenges of today and tomorrow.
There’s no question about it — the pace of digital change continues to accelerate. However, in this fast-paced environment, many companies struggle to meet the demand for digitally skilled workers. Today, for example, there is a shortage of people skilled in big data and artificial intelligence (AI). In technology alone, the U.S. could lose out on $162 billion in revenue without a long-term solution.
Companies can no longer resort to finding new employees in an attempt to future-proof their workforce. The key is ensuring your employees are educated with the relevant digital skills to thrive in the new economy — data show that 96% of companies agree they can gain a long-term advantage by investing in the ongoing education of their employees.
Below, we’ve compiled a powerful list of statistics that provide a deeper look into the state of digital transformation and its impact across various industries.
Top digital transformation statistics for HR and L&D
- By 2030, analysts expect automation to eliminate 29% of jobs, while contributing 13% to job creation. (Forrester)
- 59% of hiring managers say the rise of AI will have a substantial or transformational impact on the types of skills their companies need. (Salesforce)
- 54% of hiring managers see partnering with workforce development organizations to engage program participants as valuable in preparing their workforce for technology advancements. (Salesforce)
- Digital skills are important in today’s workplace. 54% of all employees will need significant reskilling by 2022. (World Economic Forum)
- 55% of employers most worried about digital skills say innovation is hampered by a lack of key skills. (PwC)
- According to business and HR leaders worldwide who use AI to assist workers in their organization, 58% of them claimed that the main use of AI in this context was to improve consistency and quality. A further 26% stated that AI is used to assist workers through improving productivity, with the remaining 16% using it to improve insights. (Statista)
- New learning approaches are key to preparing the workforce for technology advancements. Two-thirds of U.S. hiring managers believe that implementing workforce development programs will help them prepare for future disruptions or innovations. (Salesforce)
Digital transformation trends
- Between 2020 and 2024, the global investment in digital transformation will almost double. (Statista)
- While 52% of companies plan to cut or defer investments because of COVID-19, just 9% will make those cuts in digital transformation. (PwC)
- 87% of companies think digital will disrupt their industry, but only 44% are prepared for it. (Deloitte)
- 91% of businesses are engaged in some form of digital initiative, and 87% of senior business leaders say digitalization is a priority. (Gartner)
- Market pressures are the leading drivers of digital transformation as most efforts are spurred by growth opportunities (51%) and increased competitive pressure (41%). With high-profile data breach scandals making daily headlines, new regulatory standards like GDPR are also providing a reason for organizations to transform (38%). (Prophet)
Healthcare digital transformation
- The global digital health market is expected to increase to over 500 billion U.S. dollars by 2025. (Statista)
- Following the 2020 pandemic, the use of telehealth increased from 11% to 76%. (Mckinsey)
- The global virtual and augmented reality in the healthcare market is expected to reach $5.1 billion by 2025. (Grand View Research)
- The global wearable medical device market is expected to reach $27.2B by 2023 at a CAGR of 23% from 2018 to 2023. (360 Market Updates)
- The global healthcare chatbots market is projected to reach $314.3 million by 2023 from $122 million in 2018. (MarketsandMarkets)
- During the 2020 pandemic, there was a 15% point increase in the use of digital tools for health support by consumers. And 37% of consumers are very likely to use telehealth in the future. (McKinsey)
Retail digital transformation
- Key drivers of digital transformation in retail are strengthened competitiveness (70% reporting high or very high importance), improved efficiency and reduced cost (69%), strengthened customer relationships (69%) and increased revenue (67%). (Fujitsu)
- The biggest overall challenge of retail digital transformation is the complexity of the implementation, with more than three quarters (76%) rating it as somewhat challenging or highly challenging. Other key challenges are the availability of talented staff (75%), upfront costs (75%), the time necessary to achieve benefits (75%), and security and privacy concerns (74%). (Fujitsu)
- 42% of U.S. adults are shopping more at online-only stores. And 42% won’t be returning to in-store shopping any time soon. (Forrester)
- By 2021, 77% of retailers will survey plans to have AI in place, and of those responding positively, 87% indicate robotics for warehouse picking as the number one use case. (Gartner)
- 63% of retailers expect to spend more on business intelligence/data analytics, and 35% on artificial intelligence. (Gartner)
Manufacturing digital transformation
- Digital transformation in the manufacturing market was valued at $263 billion in 2020 and is expected to reach $767 billion by 2026 and work at a growth rate of 19.48% over the forecast period 2021-2026. (Mordor Intelligence)
- As compared to 2015, when internet of things (IoT) spending worldwide in discrete manufacturing amounted to 10 billion dollars, in 2020, it has grown four times to 40 billion dollars. (Statista)
- 86% of manufacturing firms state that a single hour of downtime in their systems, networks, applications or other hardware can cost at least $300,000. (ITIC)
- 81% of manufacturers are ready to invest in new digital technologies to boost productivity. (HubSpot)
Digital transformation jobs
- Four in 10 companies hired IT or other technical staff during the COVID-19 pandemic, and two-thirds expect to hire more IT or tech roles in 2021. (CompTIA)
- 41% of organizations will have a new emphasis on communication and emerging technology skills for remote work and 42% expect new efforts to upskill and reskill current employees. (CompTIA)
- Over three quarters (79%) of organizations are pursuing initiatives to address gaps amid a tightening market for IT labor. (CIO Dive)
- Over the next five years, the global workforce can absorb around 149 million technology-oriented jobs. (Microsoft)
Evolving skills requirements and disruptive innovation underline the importance of a digitally prepared and educated staff. In any industry, digital transformation is successful when businesses invest in not only technology but in their employees.
Discover how education can put your business and your employees on the right track to develop the relevant digital skills that are vital in the modern-day workplace. Download our 5-step guide on how to rapidly reskill your workforce.
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