Global organisations will lavish $2tn annually on digital transformation (DX) projects by 2020, up from $1.2tn this year, with retail, healthcare, insurance and banking providing the hotspots.
That's according to IDC, which claims that DX spending will grow 17.8 per cent this year and achieve a compound annual growth rate (CAGR) of 17.9 per cent between 2015-2020.
The analyst's report encompasses a broad range of technology areas, including cloud, analytics, mobile and social technologies, IoT, cognitive software and 3D printing.
"Changing competitive landscapes and consumerism are disrupting businesses and creating an imperative to invest in digital transformation, unleashing the power of information across the enterprise and thereby improving the customer experience, operational efficiencies, and optimising the workforce," said Eileen Smith, programme director in IDC's Customer Insights & Analysis Group.
Digital transformation is a notoriously difficult term to pin down, but IDC did provide some colour on the types of projects that fall under its definition.
More than half of all DX investments this year will be on technologies that bolster operating model innovations, IDC said. These investments will be aimed at "making business operations more responsive and effective by leveraging digitally connected products/services, assets, people and trading partners".
The second largest investment area will be "technologies supporting omni-experience innovations that transform how customers, partners, employees, and things communicate with each other", IDC went on.
The analyst also detailed which technology categories will enjoy the biggest boost from the DX boom. Heading the pack are connectivity services, IT services and application development and deployment, which combined will account for nearly half of DX spending this year, IDC said.
Healthcare was cited by IDC as one of the four verticals set for the fastest DX growth, which won't be a surprise for IT suppliers selling into the NHS, which has embraced digital to its heart recently.
In September, the NHS selected 12 hospital trust to "trailblaze" new ways of using digital technology in an effort to improve patient care, with each receiving £10m.
Examples of the initiatives the 12 trusts will deliver include real-time video links between ambulances and emergency departments, electronic detection and alerting of patient deteriorations such as sepsis, and online systems which cut medication errors by monitoring patients more effectively and alerting clients.