In this year, almost all the industries are experiencing digital transformation and some of the leading high tech companies are still continue to seek new and exciting ways to innovate their businesses.
Despite the millions of apps, latest technologies and service models, being developed around the world, there are only a few major companies that are currently using them, rest of them still thinking!
Let’s discuss the following digital transformation trends that are reshaping the digital landscape.
1. The IoT Will Push Businesses To The extremity
The IoT has found its way to the top and will keep popping up in the upcoming years. According to the Gartner estimates nearly “8.4 billion “Things” are on the internet today, more than 30% from just one year ago”.
This increasingly connected smart devices not only holds the tremendous potential in every industry but also in our day to day life. With the help of this ingenious technology, the world’s renowned companies like Google and Amazon are already reaching into their customers’ homes through their amazing devices and are ahead to other companies in terms of taking advantage of opportunities that IoT mobile apps provides. They have also seized the power to analyze or use insights provide by IoT for greater market power. Let’s have a look at some of the predictions done by the market gurus:
- By 2020, Discrete Manufacturing, Transportation & Logistics and Utility industries are projected to spend $40B each on IoT platforms, systems, and services.
- McKinsey predicts the IoT market will be worth $581B for ICT-based spend alone by 2020, growing at a Compound Annual Growth Rate (CAGR) between 7 and 15%.
- Industrial products lead all industries in IoT adoption at 45% with an additional 22% planning to adopt IoT in the next 12 months according to a recent Forrester survey.
- The Industrial Internet of Things (IIoT) market is predicted to reach $123B in 2021, attaining a CAGR of 7.3% through 2020.
- Harley Davidson reduced its build-to-order cycle by a factor of 36 and grew overall profitability by 3% to 4% by shifting production to a fully IoT-enabled plant according to Capgemini.
2. Machine Learning (ML) And Artificial Intelligence (AI)
Machine learning is expanding the capability of computer systems, institutions are taking advantage of it to minimize the dependency on human operators for recurring activities as it can finish the work more efficiently and accurately on time.
Today the world is full of AI-enabled mobile applications like Siri, Alexa, Google Home and others, and their need will continue to grow to ensure efficiency and effectiveness of the work done. Delivery drones and driverless cars are the live examples of AI success and lots of experimentation is occurring these days to make AI and ME more relevant and engaging.
Blockchain technology is popping up in the word and getting more popular day by day because of its amazing features that leverage the intrinsic benefits for the software development companies.
On the basis of Gartner study, “The technology holds the promise to change industries, and although the conversation often surrounds financial opportunities, blockchain has many potential applications in government, healthcare, content distribution, supply chain and more.”
At the time of it launching, Blockchain has faced many challenges but now it realized its potential and started overcoming its limitations to offer business opportunities around the technology and will soon become an integral facet of the development process.
4. Cloud Computing
On the basis of The Lawrence Berkeley National Laboratory, cloud computing could reduce the consumption of IT energy by up to 87%.
It has increased mobility which is necessary to succeed in the digital marketplace. It allows teams to work remotely at any time that increases the efficiency and reduced the overhead. Most of the companies like Cisco, Dell and HPE are working impenetrably to create Cloud as-a-Service solutions to make it even easier for any kind of business to jump into the cloud game.
It works continuously to provide bandwidth scalability, greater functionality, and connectivity for the software development process in the digital realm.
Digital transformation becomes a must for companies to stay ahead in the race. Previously it was just a buzzword but now it becomes an imperative reality of the business world. No doubt, there is a huge distraction in the path of business, indeed the digital transformation can help the entrepreneurship to succeed and survive in 2018 and it will stay hot in the year to come.