MarketsandMarkets forecasts the digital transformation market to grow from USD 290.00 Billion in 2018 to USD 665.00 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.1% during the forecast period. I know this piece of news will delight leading digital transformation services around the world.
The report also reveals that the digital transformation market has witnessed substantial growth, owing to digitalizing organizational business functions to serve changing customer preferences and enhance operational efficiency, rapid proliferation of mobile devices and apps, and increasing penetration of IoT and adoption of cloud services, and need to improve operational performance to gain competitive benefits in the market. (Source: MarketsandMarkets)
As Digital transformation is going to take the center stage of most organizations, here are the top 10 digital transformation trends that will dominate the enterprise landscape in 2021.
The year of 2021 is going to be customer experience-driven and everything businesses must resonate with customer expectations and needs. Starting right from technology implementation to changes in organization models/culture, everything must embrace a customer-first approach.
Identifying technology, tools, and techniques to collect data from every stage of the business process is critical and companies are trying hard to invest in such elements for leveraging the data to actionable insights. The year 2021 will see companies focusing and investing mostly on analytics to gain competitive advantage and leveraging data for delivering better customer experience.
The advent of technology like Big Data has enabled enterprises to amass a large volume of data for better decision making. But, the real challenge is what to do with tons of data garnered! Many brands are still clueless about leveraging the data amassed and turning them into actionable insight.
Defining a solution to overcome this growing challenge would top the agenda of most industry leaders in 2021. Data security along with data processing would be other priorities for organizations this year.
IT will become the “new” business enabler
2021 will see the rise of CIOs leading the digital transformation initiatives as they have a thorough understanding of the organization’s ecosystem and can take the digital initiatives to the stakeholders. This helps enterprises to overcome resistance to cultural challenges and new technology implementation.
Indeed IoT. While we all have read about or in somewhat experienced about IoT, the truth is that the rate of adoption of IoT has not been uniform across industries. Today, IoT spending is dominated by the manufacturing sector.
However, IoT unleashes new opportunities for several industries, through smart connected products and machines, and enables the continuous collection of environmental and user data that can be used to improve business and service performance. 2019-20 could be the breakthrough year for the wide adoption of IoT.
Artificial Intelligence will move from boardroom talk to adoption; from use only by large, tech-savvy corporations to enterprises of all sizes across industries; from use cases in limited scenarios like banking/ customer care to several business processes.
Robotic Process Automation (RPA) is gaining attraction and over the past few months, most tech conferences are necessitating the importance of RPA’s benefits for different industries. 2021 will be a remarkable year for RPA as businesses have started to realize the potential benefits and planning to invest hugely in RPA to accelerate business growth and success.
The latest GDPR rules have indicated clearly that customers can opt-in or opt-out of any data collection schemes without any discomfort, unlike in the past. Customer’s privacy will be highly valued and companies have to ensure transparency during data collection activities carried out through various channels to escape customer outrage.