For companies to survive in today’s cutthroat digital market, digital transformation is no longer a nice-to-have but a critical must. Companies across industries, from retail to healthcare, are realizing they must change and adapt to keep up with customer expectations. New technologies are the driving force behind digital transformation and defining the future of business, and we’ll look at some of them here.
The move to cloud computing is a major breakthrough in the digital revolution. By using the cloud, organizations no longer need to keep data and apps on their own servers, but rather may do it remotely. As a result, businesses may save money while increasing their capacity to serve more customers. MarketsandMarkets projects that the cloud computing market will expand from $272.0 billion in 2019 to $623.3 billion in 2027, at a CAGR of 11.0%.
In addition to technological advancements, the growing value of data and analytics is influencing digital transformation. Businesses now acquire unprecedented amounts of data because to the widespread adoption of big data and the proliferation of connected devices (IoT). As a result, businesses are increasingly investing in analytics and AI to better understand this data and make choices based on it. IDC predicts that the worldwide market for big data and business analytics will increase from $189 billion in 2019 to $274 billion in 2023, a compound annual growth rate (CAGR) of 7.3%.
Another innovation that is molding digital transformation is the proliferation of mobile devices and the ever-increasing value placed on the customer experience. These days, consumers anticipate being able to communicate with brands in their chosen ways and on their preferred devices and platforms. As a result, new technologies like chatbots and virtual assistants have emerged to enhance customer support, and “mobile-first” initiatives have become commonplace. By 2021, eMarketer predicts, worldwide expenditure on mobile advertising will have reached $240.8 billion, or 72.0% of all digital advertising. More: digital transformation trends 2023