The rapid speed of technology innovation means enterprise digital transformation efforts must keep pace with emerging technology trends, which can act as both disruptive threats and competitive opportunities, according to Altimeter's annual State of Digital Transformation report, released Thursday. The report surveyed 554 professionals from enterprise organizations across North America, Europe, and China. Digital transformation budgets rose dramatically over the past year, Altimeter found: Some 18% of companies reported digital transformation budgets ranging from $1 million to $5 million, while 17% said their budgets are between $5 million and $15 million. SEE: IT leader's guide to achieving digital transformation (Tech Pro Research) While 16% of companies reported budgets between $15 million and $30 million, this figure represents a 210% increase over the year before, according to the report. Budgets between $30 million and $50 million increased 234%, representing 13% of the companies surveyed.