Increasingly global brands not only look at China as a potential market but also as a guide on how they can use the country’s digital transformation for their global ambitions, writes marketing expert Ashley Dudarenok on her website Chozan. “By this year, China’s digital transformation sector is expected to reach $221.95 billion. It is forecasted by Mordor Intelligence to expand to $410.67 billion by 2029, with an annual growth rate of 13.1% over these years,” she writes.
Ashley Dudarenok:
Companies everywhere are looking to China for digital transformation lessons. It is now common knowledge that companies need digital transformation in order to cut costs and run efficiently in the modern age. It involves streamlining processes and the adoption of new technologies. But why China specifically?
By this year, China’s digital transformation sector is expected to reach $221.95 billion. It is forecasted by Mordor Intelligence to expand to $410.67 billion by 2029, with an annual growth rate of 13.1% over these years.
China’s digital transformation involves adopting advanced technologies like AI, 5G, IoT, and big data to modernize its economy and society. This includes integrating these technologies into traditional industries to create efficient and innovative business models.
The transformation focuses on building digital infrastructure, enhancing services, and fostering tech-driven innovation across sectors like finance, healthcare, and urban management, aiming to drive economic growth and establish China as a global tech leader.
Over 50% of thriving global companies incorporate outsourcing into their delivery strategies, according to Deloitte. 72% prioritize digital transformation, and 55% utilize unified enterprise platforms like ERP3 or SAP/4HANA.
Data migration and generative AI are becoming major growth areas. Remarkably, 80% of global business leaders believe generative AI will boost their business efficiency.
Last year, China announced its comprehensive plan for digital development, aiming to make significant strides towards building a “Digital China” by 2025 and to lead globally in digital innovation by 2035.
In 2023, China’s total data output hit 32.85 zettabytes, marking a 22.44% year-on-year increase. Additionally, core digital economy industries contributed 10% to the GDP, as highlighted in the latest Digital China development report from the NDA released last Friday.
Ashley Dudarenok is a speaker at the China Speakers Bureau. Do you need her at your meeting or conference? Do get in touch or fill in our speakers’ request form.
Are you looking for more experts on China’s digital transformation? Do check out this list.
