Emerging Technologies That are Pushing Digital Transformation Growth
It has been projected that the digital transformation market size is going to be worth $1,759.4 billion by 2028. But if you look at the trajectory of how industries are adopting digitalization to fight covid-driven market changes, it won’t be a surprise if the projection is met in the next 2 years.
Now, there are a lot of contributory factors behind it. Factors ranging from the changed market need toward digitalization, changing customer expectations, and emerging technologies, etc. The most pivotal out of these factors would be the inclusion of emerging technologies in the digital transformation market.
Technologies, through their different facets and use cases have taken up roles to scale businesses through digitalization. However, the term “emerging technologies” can be very unclear. For me blockchain could be an emerging technology while for you it could be the cloud computing capabilities.
Even amidst this difference, when we look at technological transformations, there are a few names that unanimously come up. Let us look into some of those digital transformation technologies in detail in this article.
Technologies Driving Digital Transformation
The global spending on services and digital technologies in business is on a rise. Businesses across the globe and industries are exploring technologies that would change their digital journey for good.
1. Cloud Computing
Even though cloud technology is not new, it has very quickly become a valuable tech for businesses across sizes and industries.
A number of businesses have already started using cloud technology in one capacity or another. The scope could be as little as using Slack or complex as an enterprise resource planning system.
Businesses which have incorporated cloud-powered solutions in their workplaces are witnessing multiple benefits. The technology provides businesses an access to apps and data from any location in real-time, while being extremely cost-efficient. Moreover, cloud technology gives the small businesses direct access to technologies like IoT, AI, etc. that once used to be difficult to explore.
2. Artificial Intelligence
Artificial Intelligence, in a very short span of time has become one of the most emerging technologies powering the digital transformation market size. Especially in the present digital world, it has come up with several applications for enterprises and other industries. All aimed at making the business and industry efficient and profit-friendly.
Businesses across industries are building AI applications to lower costs and expand the use case of the technology across every business function. A prime example of this can be seen in what the technology is doing in the automation and conversational chatbots domain, which have been helping elevate their customer experience efforts to a massive extent.
While this is just one example, the technology is being used across almost every industry — right from traditional domains like healthcare, finance, education to modern like commerce, on-demand sectors etc. for a range of different business needs.
3. The Internet Of Things
The IoT market has grown beyond making connections between systems and devices. It has opened up businesses to new opportunities in terms of launching new products and services.
A recent Kaspersky survey has found that 61% of enterprises are delivering services at the back of their IoT abilities.
Businesses are able to find, gather, and act on the data generated through IoT devices. Through the technology, businesses are able to get an in-depth look into their customers’ needs.
An ideal example of IoT as the best digital transformation technologies can be seen in the manufacturing sector. The technology gives manufacturers insights into how the machines are working, gaps in the manufacturing process, and notifications around the status of the equipment, etc.
4. Big Data
The amount of data that has been generated and is being processed in the global world has grown manifold in the covid era. The greatest advantage of big data, which makes it one of most emerging technologies in information technology, is not how much data the business carries, it is how it enables them in better decision making. These big data-backed decisions allow businesses to predict the needs, mitigate the risks, deliver relevant products, and launch personalized services.
Big data when merged with next-gen technologies like artificial intelligence, internet of things, etc. makes it easy for businesses to know the gaps in the processes, take proactive measures, and make better automation decisions. It doesn’t just stop here. When done right, the combination can lead to businesses knowing which direction to expand in.
5. Blockchain
The final technology which is poised to bring digital transformation over the next few years is blockchain. The technology has over time grown beyond its original cryptocurrencies fame. It is giving businesses a distributed ledger for processes ranging from transactions, contracts to recordkeeping.
There are multiple industries where blockchain has made its name as the leading digital transformation technologies of the world.
In 2022, one industry where blockchain will be seen on the forefront is supply chain. The covid-driven world has brought transparency in the supply chain to the forefront. Blockchain technology offers a secure, transparent, and immutable record of transactions to all the stakeholders in the supply chain process, ensuring that the process remains hack-proof.
The next would be the financial sector. Using blockchain, financial institutions are able to settle their cross-border payments in a few seconds. Moreover, it is being used as a digital asset which can facilitate trade, settlements, and also record the details in an unhackable and unchangeable blockchain network.
So here were the different emerging technologies in information technology shaping the space. For a business, however, it is important to integrate those technologies perfectly in their value offering. And the way to do that is through partnering with a digital transformation services provider like Appinventiv. While you now know what digital transformation technologies are, the next logical step would be to initiate the journey towards digitalization.
