CIOs and IT leaders must take action to accelerate time to value and drive top- and bottom-line financial impacts from digital investments, according to Gartner, Inc.’s annual global survey of CIOs and technology executives.

CIOs and IT leaders must take action to accelerate time to value and drive top- and bottom-line enterprise growth from digital investments, according to Gartner, Inc.’s annual global survey of CIOs and technology executives. The survey gathered data from 2,203 CIO respondents in 81 countries and all major industries, representing approximately $15 trillion in revenue/public-sector budgets and $322 billion in IT spending.

While digital transformation has meant the increasing prominence of digital technologies in traditional industries, there will be decreasing prominence of digital technologies in the next era, according to the Gartner.

COVID-19 has put healthcare systems across the globe under tremendous pressure and underscored the urgent need to advance to a smart healthcare system. Transformative technologies such as 5G connectivity, Artificial Intelligence (AI), Augmented Reality, and Virtual reality (AR/VR), are at the forefront of a digitized health care system. There is an urgent need for a communication infrastructure that unites the currently very fragmented technology landscape.

Smart sensors with advanced artificial intelligence (AI)- and machine learning (ML)-based data analytics platforms are on the rise in the global water sector as they require minimal maintenance or human interference. The pandemic has further highlighted the sector’s technological need following disruptions and a labor shortage during lockdowns.

Worldwide PC shipments totaled 64.8 million units in the second quarter of 2020 (2Q20), a 2.8% increase from the second quarter of 2019 (2Q19), according to preliminary results by Gartner. After a significant decline in the first quarter of the year (1Q20) due to COVID-19-related supply chain disruptions, the PC market returned to growth as vendors restocked their channels and mobile PC demand increased.

Worldwide IT spending is projected to decline by 7.3% from 2019 according to the latest forecast by Gartner, totaling just $3.5 trillion in 2020. While the global economy is expected to witness a ‘swoosh’ recovery, IT spending will experience more of a ‘swoop’ recovery.

A recent analysis by Frost & Sullivan’s found that an average of 50% to 60% of pump original equipment manufacturers’ (OEMs’) revenue is expected to be generated from services-related activities, such as real-time monitoring and reliability services. This will result in the pump industry transitioning from a product-based to a service-based model in the wake of Industrial Internet of Things (IIoT) in this digitalization era. Global pump revenue is estimated to reach $46.92 billion by 2025 from approximately $38.34 billion in 2019.

In spite of the economic slowdown witnessed due to COVID-19, the security industry has tremendous investment opportunities according to Frost & Sullivan’s recent analysis, Post-Pandemic Growth Opportunity in the Global Security Industry. Despite a marginal slowdown expected in 2020 and 2021, strong demand-side trends will present immense development potential for security market participants. Under an aspirational recovery scenario, the global security industry is likely to grow at a compound annual growth rate (CAGR) of 4.3%, garnering revenue of $140.60 billion by 2025 from $109.30 billion in 2019. The conservative forecast scenario predicts that the industry will generate $131.01 billion between 2019 and 2025, at a CAGR of 3.1%. In the pre-COVID-19 forecast, the industry was estimated to increase at a CAGR of 7.1%, generating revenue of $164.97 billion over the forecast period.

The Indian software market grew by 16.0% year over year (YoY) in 2H19 (July- December of 2019), compared to 2H18 (July- December of 2018). However, the YoY growth is estimated to fall to 3.8% in 2H20, with a CAGR of 7.6% from 2019 to 2024.

New "digital realities" will require a new legal framework, with two-thirds of respondents to Gartner's CEO Survey expecting their business models to change in the next three years. Digitalization looms large as a key driver of near-term business change and legal departments must reorient themselves around digital project challenges that accelerate existing legal and compliance risks.