News: Spending on connectivity and innovative technology creating a second tech revolution.
The digital economy is set to become a £3.2 trillion market by 2025, but the rise of new technologies and innovation will be a threat to some of the world’s largest companies.
Currently, spending in the digital economy is at around £2.2 billion, with the expected rise to be created by a "second tech revolution."
That’s according to research from Ovum, which expects this to unfold over the next decade as firms in a wide range of industries look for greater connectivity, with technologies such as cloud, and to innovate with technology such as 3D printing.
Along with the growth, there is expected to be a large amount of disruption to companies that do not keep up with the pace of innovation.
Challenges such as legacy systems and a lack of agility in larger organisations, could see them being losing market share to more agile start-ups and competitors.
The research says that failure to meet the challenge created by transformational technology has resulted in 74% of companies leaving the Fortune 500 over the past 20 years.