This is an Exclusive Article by Mr. Sameer Danave, Senior Director Marketing, MSys Technologies
Digital Transformations are sweeping the world, and here’re vital trends and technologies that continue to dominate the digital landscape in Q2 2023 and beyond.
With digital transformation taking the world by storm, it is time for us to relook at how our predictions made at the outset of 2023 are playing out in the sector. While we check how well the wave of digital transformation is fairing at the moment, we also explore emerging phenomena that will shape the future of digital transformation in the rest of 2023 and beyond:
1) Unabated low-code revolution: Low-code application platforms (LCAPs) will continue their dream run, with the segment expected to reach $10 Billion with a 25% growth rate by the end of 2023. Gartner predicts that there will be 4X citizen developers compared to professional developers employed by significant organizations, and it’s just a matter of time before LCAPs emerge as the most critical component of the low-code development ecosystem.
2) Vigrous Cloud Computing Growth: Cloud Computing brings many benefits, including enormous time and cost savings, besides offering businesses an unmatched potential to scale. As more organizations move their data and application to the cloud, Gartner predicts that public cloud computing expenditures will reach $591.8 billion in 2023.
Mr. Sameer Danave, Senior Director Marketing, MSys Technologies
3) Continued rise of AI and ML: With continuous technological evolution, companies across industrial sectors will benefit from more use cases of AI, ML, and other new-age technologies. A study by Grand View Research estimates the Global AI market to reach $733.7 Billion by 2027, with a 42.2% CAGR between 2020 and 2027. Investment in AI will cross the $500 Billion mark globally this year, with Gartner predicting AI-enabled organizations to have up to 25% more satisfied consumers by the end of 2023.
4) Flourishing Intelligent Search: Intelligent search can offer profound insights from the collected data and prove instrumental in yielding actionable information to firms. No wonder, MarketsandMarkets pegs the segment to grow at a 19.2% CAGR to reach $19.2 Billion by 2025 from its $7.9 Billion valuation recorded in 2020.
5) Expanding Business Process Automation: Automating menial jobs in firms should be emphasized today. Not only does this save precious resources, but it also elevates the speed, efficiency, and agility of accomplishing routine tasks. Sample this: research by Gartner predicts that automation could reduce manual labor by 25,000 hours/annum in the finance department, which could translate into annual savings of up to $880,000. The category is expanding rapidly today and will reach $19.6 Billion by 2026 from its $9.8 Billion valuation in 2020, a report by MarketsandMarkets predicts.
6) Blooming Blockchain Markets: Statista predicts the spending on blockchain will expand 56% annually between 2023 and 2029, with the total amount reaching $19 Billion by 2024. Notably, integrating Blockchain with AI and social media platforms will open new avenues of growth for the technology and allied business ecosystems. While the use of blockchain in AI will give new wings to creativity, its integration into social media platforms will help address issues such as content moderation, data safety, and decentralizing access to shift the control privileges back into the hands of users.
7) Growing Virtual Collaborations: The concept of hybrid work emerged during the pandemic and is likely to stay here for an extended period. Remote employment has today become a part of the global work culture. With organizations investing more in cloud computing, automation, and IoT, virtual elaboration will continue to dominate the work scenarios as we advance.
8) Mushrooming Customer Data Platforms: Customer Data Platforms (CDPs) play an important role in devising business strategies across functional departments and operational mechanisms. As we advance into 2023, CDPs will continue to reign supreme as these help firms effectively segment the market, target critical customers, and position their value proposition at the top of prospects’ minds. Further, these platforms are instrumental in personalizing and co-creating value with customers for improved customer engagement.
9) Widening appeal of everything-as-a-service (XaaS): XaaS is fast climbing the popularity charts, allowing firms to choose only relevant tools, technologies, and services for their businesses. Unlike the conventional models, where customers have to pay for the constellation of products and services, XaaS brings freedom, flexibility, convenience, and cost savings by allowing firms only to pay for services they require. The XaaS is expected to grow by 20.77% between 2023 and 2032 and will reach millions in valuation.
10) Burgeoning Robotic Process Automation (RPA): RPA constitutes an integral part of digital transformation, and by 2029, the segment is expected to reach a $43.25 Billion market cap, as per Fortune Business Insights. However, Forrester claims the growth in the RPA category will somewhat level out in 2024 as companies might divert some of the funds to develop more user-oriented applications of AI. That said, RPA will continue to grow exponentially and evolve to the next level in the years to come.
By staying up to speed with trends in the field of digital transformation in H2 2023, firms are likely to improve their operational efficiency, market share, and customer acquisition. Change and innovation are constant in this fast-paced business environment, and by capitalizing on both these aspects, the rate of digital transformation and its integrations in firms can be accelerated to a different level altogether.
