Europe has been at the forefront of technological innovation for centuries and is now leading the way in terms of digital transformation.
According to a report from contino.io, many of Europe’s business leaders are embracing their roles and abilities to bring digital transformation to their businesses with great success.
These tech leaders in top industries across Europe explained how they have embraced these disruptive technologies to advance this course of their respective industries. They shared insights about how they are using them to transform their business models and improve their competitiveness, and you can view more information here.
The State of Digital Transformation in the USA
The digital transformation market in North America was worth US $166.07 billion in 2017, and it is predicted to increase by 22.1% to reach US $757.63 billion by 2025.
As many professional companies now see this as an important part of optimizing their business, they will need digital transformers and other instruments to give them an edge over their competition.
To fully exploit this opportunity, the company has four key capabilities: virtualization, ubiquitous broadband (5G), IoT, and big data analytics.
The growing popularity of social media, expanding penetration of the internet, and increased interest in data privacy have created an opportunity for the US-based digital transformation industry by allowing enterprises to expand their consumer base.
However, data privacy concerns may hamper the digital transformation market’s expansion. As the market becomes more competitive, businesses are establishing their digital presence and effectively employing digital technology to maintain a competitive edge.
Why are the European Countries Overtaking the US in Digital transformation?
Many European cities are home to globally recognized innovation hubs that support start-ups, provide infrastructure for entrepreneurship, and promote research in technology-related fields through public-private partnerships.
The US digital transformation market is growing but Europe seems to be leading the way. With a high rate of internet connectivity and a young population, European countries can expect their digital transformation market to expand rapidly.
The worldwide market also has a promising future ahead, albeit, a very costly one since in 2022, it is forecasted that digital transformation spending is projected to reach 1.8 trillion US dollars and then by 2025 the expected spend total will approximately be 2.8 trillion US dollars.