Facts & Figures

11-13 JUNE 2024 | MÁLAGA - FYCMA

The commitment with a sector in continuous innovation

Digital Transformation is the best opportunity to boost competitiveness and relocate the industry

The digital transition is a key element for the EU’s economic development and strategic autonomy. Today’s industry environment for digital transformation is characterized by rapid and constant change driven by technological advances, changing consumer preferences and the need for businesses to adapt to remain competitive. These are the key issues:

 

  1. RISE OF EXPONENTIAL TECHNOLOGIES: Digital transformation is being driven by emerging technologies such as artificial intelligence, machine learning, automation, the Internet of Things (IoT), augmented reality (AR) and virtual reality (VR). These technologies are changing the way businesses operate and engage with customers, but also with each other.
  2. DATA AS A STRATEGIC ASSET: Data is considered a strategic asset in digital transformation. Companies collect vast amounts of data and use advanced analytics to make informed decisions, personalise products and services, and improve operational efficiency.
  3. CHANGES IN CONSUMER BEHAVIOUR: Consumers are rapidly adopting digital technologies in their daily lives. This has led to a shift in their expectations, such as convenience, personalisation and digital interaction. Businesses must adapt to meet these new demands.
  4. DIGITAL COMPETENCE: Competition in the digital space is intense. Traditional companies are facing competition from digital start-ups that can quickly enter the market and offer innovative solutions. This has led to increased pressure to innovate and adapt.
  5. CYBERSECURITY AND PRIVACY: As businesses collect and store more data, cyber security has become a critical concern. Cyber threats are on the rise, requiring significant investments in security and data privacy.
  6. REGULATION AND ENFORCEMENT: Governments around the world are implementing stricter regulations around data protection and privacy, such as the General Data Protection Regulation (GDPR) in Europe. Companies must comply with these regulations or face significant penalties.
  7. COLLABORATION AND DIGITAL ECOSYSTEMS: Companies are increasingly looking to collaborate with other companies and form digital ecosystems to leverage synergies and deliver end-to-end solutions to customers.
  8. DIGITAL CULTURE AND SKILLS: Digital transformation is not only a technological issue, but also involves a cultural change. Companies need to foster a culture of innovation and digital skills development among their employees.
  9. SUSTAINABILITY: Environmental sustainability has become a major concern in the digital transformation. Companies are looking for more sustainable technologies and practices, such as energy efficiency and e-waste reduction.
  10. DIGITAL GLOBALISATION: Digital transformation has enabled companies to expand globally faster and more effectively. This has led to increased international competition and the need to adapt to different markets and regulations.

Predictions for the Future of the Global Digital Economy 2024

By 2025, 35% of companies will have mastered the use of GenIA to co-develop digital products and services, leading to a doubling of revenue growth compared to their competitors.

Spending on digital technology by organisations will grow to 7 times the economy by 2024, as companies are compelled by market demands to develop digital business models and strengthen digital capabilities.

By 2026, the proliferation of GenIA data and other key digital initiatives will result in 25% of G2000 organisations introducing or elevating the role of the Chief AI Officer to the executive level (C-Suite).

By 2025, digital natives will be at the forefront of GenIA adoption, investing in GenIA at 5 times the rate of non-digital natives to accelerate their competitive advantage.

By 2028, organisations with established digital business platforms will have 50% more digital market share with greater capabilities to track return on investment (ROI) and execute digital revenue initiatives.

By 2025, 40% of organisations will sell, interact or provide on-demand services through digital ecosystems to enable new business models driven by AI capabilities everywhere.