The process of digital transformation is quickly becoming an important focus for companies of all sizes and across all sectors. Companies across all industries, from retail to healthcare, are realizing they must change and adapt to survive in the current digital market. This has resulted in a number of trends in digital transformation that are influencing how organizations function and engage with their consumers.
The move to cloud computing is a major development 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%.
The growing significance of data and analytics is another force driving 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 trend that is molding digital transformation is the proliferation of mobile devices and the elevating status of 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.
Aside from these movements, there is also a rising concern for privacy and safety in the digital transition. Because of the growing prevalence of digital technology, protecting organizations against cybercrime has become an urgent matter of concern. Because of this, measures have been taken to further secure sensitive data, such as the use of encryption and two-factor authentication. Global spending on cybersecurity is projected to increase from $170.21 billion in 2019 to $248.26 billion in 2024, a CAGR of 8.1%, according to research from MarketsandMarkets.
Finally, automation is a growing trend that plays a significant role in the digital revolution. Robotic process automation (RPA) and intelligent process automation (IPA) are two examples of automation technology being utilized to streamline mundane activities. As a result, firms are able to save money and enhance accuracy while focusing on more strategic and value-added endeavors. MarketsandMarkets predicts that the worldwide RPA market will expand from $1.89 billion in 2019 to $3.97 billion in 2024, representing a compound annual growth rate (CAGR) of 17.1 percent.
In sum, organizations of every size and sector are making digital transformation a key priority. A variety of developments, such as cloud computing, data and analytics, mobility, security, and automation, are influencing how organizations function and connect with their consumers. Trends like these are assisting businesses in remaining competitive in the modern digital sphere by increasing efficiency and decreasing expenses. Companies need to be abreast of developments in technology and emerging trends so they may adjust their approaches appropriately. Check: digital transformation trends 2023