Top 25 Emerging Digital Transformation Trends

Digital transformation for businesses with emerging scenario has become very important. There are many ways a business can take digital transformation. However, business can can select what suit them best with in the emerging digital framework.

By Admin

Digital Transformation Trends Overview

Digital transformation Trends as developing after the COVID-19 pandemic continues to unfold everyday with severe impact on people, communities, and businesses. Post COVID-19 business scenarios would be businesses will mostly focus on transforming their traditional business model to digital one sooner than the later as most of the population may wish to remain indoor and still continue to maintain social distancing norms in near future. This has open up digital transformation requirement of all business. Therefore, any business or any individual will need to think to move from traditional business model to digital business mode across sectors, regions and geographies.

“A digital transformation is surely on the card – in very near future to a large extend for all businesses.”

Consolidated Market Size Summary

A digital transformation is surely on the card – in very near future to a large extend for all businesses. Digital transformation services across domain tremendous market potential. At the present market scenario out of 190 million global businesses only less than 5% of businesses are adopting digital software services for their business.
Moreover, emerging technologies are having an exponential growth rate in adaptation. Moreover, post COVID-19 as unlocking happens businesses will have to look forward to alternative mode for continuing their operation to fulfill the social requisite to be safe from the virus. This means that businesses will have to get their businesses to digital mode from traditional operational models leading to a surge of digital software requirements.

All these will open up a huge market potential for all well established business, small business or for a new start-up business. The chart represents cumulative present market sizes and expected market size of $ 3,720 billion in 2019 and expected to reach $ 11,153 billion in 2027 with a cumulative CAGR of 20.25% during this period.

IT Services

Companies across domain, sectors, geographies etc. need easy access to the latest technology with 24/7 support and quick response from our IT experts for flawless solutions of IT issues. Businesses do struggle frequently for their issues to get resolve. Moreover, the present COVID-19 situation will create more pressure in the support ecosystem. Thus, There will be overwhelming needs for more IT services.
In 2019, spending on IT services is expected to amount to $ 1,032 billion worldwide, a decline of 8.4 % from the previous year due to the negative economic impact of the coronavirus (COVID-19). IT services market size will reach $ 1,247 billion 2027 at a CAGR 3.9% in 2020-2027 period.

IT services as a source of competitive advantage where the enterprises spend heavily in these services to stay ahead of the competition, as these services enable enterprises in a quicker decision-making process. Also, as a COVID-19 impact more companies would start a digital operation which will lead to market growth for IT services.

Accounting Services

For some time now accounting services like up-to-date bookkeeping, accounting processes, collecting accounts receivables, payroll, etc. has been going digital transformation, which has been accelerated under the present circumstances. The global accounting services market reached a value of nearly $ 574 billion in 2019, and will reach $ 895 billion in 2027 having grown at a compound annual growth rate (CAGR) of 5.7% in this period.

The top growth potential in the accounting services market segmented by type of service will arise in the bookkeeping, financial auditing and other accounting services. Going forward most growth will result in forecasted period globalization, outsourcing back-end operations to low-cost economies.

Internet of Things (IoT)

IoT, an emerging technology area, is being adopted by across sectors like medicine, power, gene therapies, agriculture, smart cities, smart homes, real estate, etc. and across geographies. This imperative for business to be on real time to stay on mark among peers to invest in IoT for digital transformation.
The global Internet of Things (IoT) market size to be $ 275 billion in 2019 and is expected to reach $ 1,848 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 26.9% during the forecast period. A growing number of wireless technologies now enable communication among devices.

This increase in connectivity will lead to a larger base of individuals interested in purchasing IoT devices. High-speed network connectivity has created many new options in organizations across industry verticals. The advancement in high-speed wireless network technology and the number of devices enabled with this technology are increasing rapidly.

Digital Marketing

With expansion of use of the internet, digital marketing has become essential and ubiquitous. As the internet being accessible by all has made it easier in forming opinions, buying decisions on the basis of what they read online. These made any kind of business move to digital marketing –be it a blog, website, content, social media, video, webcast, etc. Therefore, any business taking steps to reach their user audience across laptop, tablet or mobile devices are the project customers.
Digital market user business can be anywhere in any location. Moreover, digital markets cover applications across multi device, multi-channel customer journeys, multi-dimensional customer segmentations, content customization frameworks, and processes for testing and learning.

The global digital marketing spend is valued at $ 290 billion in 2019 and future estimates look much stronger, due to continual attraction on digital channels. It is forecasted to grow at a CAGR of 12.8% to reach around $ 767 billion in 2027.

Branding

Companies across sector and geography relentlessly pursue policies to connect brands and consumers which imbibe loyalty, brand identity, leveraging customer value proposition. This create a strong functional, emotional, self-expressive benefits with an astounding reputation for the company.

The spending on branding and digital advertising worldwide has been increasing steadily and is expected to surpass $ 566 billion in 2019. North America is the region that invests most in the sector, followed by Asia and Western Europe. Middle East and Africa as well as Central and Eastern Europe spend the least. The branding and digital advertising market is expected to reach $ 926 billion by 2027 at CAGR 6.4% during the forecasted period.

Hosting Cloud Solution

Businesses need cloud-related services to transform their operations. As cloud continues to become main stream with most businesses are public cloud services for their need to focus on delivering solutions that combine experience and execution with hyperscale providers’ offerings. Business is also helping business transformation and optimization of infrastructure and operations.

The worldwide public cloud services market is projected to grow at CAGR 16.1% in 2019-2027 to total $ 484 billion, up from $ 214 billion in 2019, according to Gartner, Inc.

Content Writing

Today’s business content is most important connecting piece to the audience. Companies need create content in various format like text, audio, video to connect to its right target audience. Therefore, companies need to invest in creative team for their content requirement. Under the present circumstances it will be more important to have right kind of content to connect to the audience.

The content writing market size will grow by $ 232 billion during 2019-2027 at CAGR 12.37% during the forecast period from £ 151 billion in 2019. The market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth considering the digital shift of all businesses across domains.

Mobile Application

Mobile applications create a direct communication channel for business with their customers. According to research for obvious reasons industries are putting their investment in mobile applications. Be it healthcare industry, travel industry, restaurant industry, entertainment industry, etc. one of the top benefits for businesses for adopting mobile applications is customer loyalty.
All businesses would like to get benefit of mobile app usage for audience building, creating brand awareness, getting analytics for business strategies, competitive advantage to businesses, helping small businesses in the industry, ease of payment, sales and business growth, deliverance of powerful messages, etc. Therefore, all businesses can prospect for mobile application development and maintenance.
If we consider both the Apple App Store and Google play store, there were approximately 4 million apps available in the Store. By aggregating registered companies across the world we may approximately 190 million Companies. These means only a fraction of companies are probably having mobile application presence. There is certainly a huge potential.

As per allied market research report, the global mobile application market size was valued at $ 125 billion in 2019, and projected to reach $ 482 billion by 2027, growing at a CAGR of 18.4% from 2019 to 2027.

IT Security

IT security is one of the core concerns of all digital age business. It is a top concern areas for even tech companies. Business are usually looking to get protected on Botnet, Ransomware, Spyware, Trojan Horse, Phishing, Denial-of-service attacks etc. threats. To get rides of these threats companies need to deploy tools like Multi-factor authentication (MFA), Security Token, Multipurpose Internet Mail Extension (MIME), Message Authentication Code (MAC), Firewall, Antivirus, Security Suites. Therefore, this need companies to budget resources for securing these services.

The IT Security market size was valued at $ 131 billion in 2019 and is projected to reach $ 325 billion by 2027, growing at a CAGR of 11.9% from 2019 to 2027. As cyber threats have gained importance, security solutions have progressed as well. Factors such as rise in malware and phishing threats, and growth in adoption of IoT and BYOD trends among organizations, are driving the cyber security industry growth.

Big Data

Big data is challenges for companies in digital technology space. In every sector companies are doing pioneering application of big data to stay ahead of peers. Companies are putting in resources for descriptive analytics, diagnostic analytics, predictive analytics, prescriptive analytics, etc. Some of the top sector ahead of application of big data are in banking & securities, communication, media and entertainment, healthcare, education, oil & Gas industry to get help in better decision making.

The global big data market size will grow from $ 126 billion in 2019 to $ 281 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period. The major growth factors of the big data market include the increasing awareness of Internet of Things (IoT) devices among organizations, increasing

availability of data across the organization to gain deeper insights to remain competitive, and increasing government investments in various regions for enhancing digital technologies.

Business Consulting

With changing time companies do faces challenges across domain like organizational change management, development of coaching skills, technology implementation, strategy development, and operational improvement services, etc. Companies usually look for tech solution for managing these issues that organization faces with changing time and as they move more towards digital space.

The global business consulting market expected to reach a value of nearly $ 160 billion in 2019, is expected to grow at a CAGR of 10.6% to nearly $ 262 billion by 2027. COVID-19 has some growth impact in the short term in 2020 but the growth is expected to easing regulatory reform in transacting business will lead to

digital consulting growth. Going forward, faster economic growth, the emergence of digital consulting, and the rise of globalization will drive growth.

Web Development

COVID-19 has forced businesses to move to digital platform. One of the primary requirements for operation of businesses in digital medium is to have web or mobile apps. This require companies to outsource this requirement or to build internal team for building a unique and customized web interface for businesses.
The Global Web development Services industry, which comprises companies that provide web design services including graphic and user experience design, is expected to grow at an annualized rate of 5.26% over the five years to 2027, to total $ 115 billion from $ 76 billion in 2019. The proliferation of broadband and mobile internet connections has made the internet an extremely powerful tool, which is the primary contributor to strong industry growth.

For example, as the internet has grown in popularity, individuals and businesses alike have developed hundreds of millions of websites to provide information to friends, family, fans or customers. Post COVID-19 more businesses are expected to move to digital platforms and services. During the outlook period, the industry

will continue to benefit from an increasing amount of services conducted online and expanding internet connectivity.

AI & Machine Learning Development

This is an emerging technology field and it has a huge potential. According to a Gartner research organization adopting AI has increased 270%, a triple rate of increase in the last four years. Moreover, the research predicts that to boost productivity 70% of Global organizations will integrate AI in the workplace by 2021. At user level business are already using AI in the form of virtual personal assistants (VPAs), chatbots, or robotic automation, artificial intelligence (or AI) and machine learning (or ML) for increasing competitive advantage on productivity, efficiency, increase sales, and HR-related activities.
Large and small companies alike are looking ahead for adopting AI and ML in their specific needs fulfillment. The gradual advancement in technology and cost effectiveness has helped adaptation of AI and ML in becoming an industry reality.
The global artificial intelligence market size was valued at $ 40 billion in 2019 and is anticipated to expand at a CAGR of 46.2% from 2019 to 2027 to reach a market potential $ 836 billion in 2027, according to a new report by Grand View Research, Inc.

The global machine learning market size was valued at $ 11 billion in 2019 and is anticipated to register a CAGR of 43.8% from 2019 to 2027 to reach a market potential of $ 200 billion in 2027, according to a new report by Grand View Research, Inc.

Virtual Augmented Reality Development

AR VR is an emerging technology field and businesses from all sectors are looking forward to using ARVR in improving their bottom lines. There are obvious benefits for businesses for using ARVR like augmented reality simplifies the purchase decision, augmented reality helps product designs, virtual reality helps train employees, virtual reality improves the customer experience, etc. ARVR will impact business across all sectors like education, healthcare, enterprise training, real estate, automotive, mobile, grocery shopping, advertising, online shopping, marketing, etc. Some of the top companies such as Audi, Ford, IKEA, Sephora, and Walmart are using AR and VR to run their businesses more effectively.

A allied market research report published that the global augmented and virtual reality market size was $ 30 billion in 2019, and the augmented and virtual reality market forecast is projected to reach $ 1524 billion by 2027, growing at a CAGR of 63.3% from 2019 to 2027.

Wearable Tech

Wearable tech uses are growing across Sports, Communication, Fitness, Health & Wellness, Wireless Key etc. Many businesses across this sector are looking to develop wearable technology to reach out to customer. COVID-19 scenario has given rise to the needs of wearable technology that can warn of unhealthy (virus infected) environment to wearer.

The overall wearable technology market was valued at $ 33 billion in 2019 and is expected to reach $ 106 billion by 2027, at a CAGR of 15.51% between 2019 to 2027. The key factors contributing to the growth of the market include consumer preference for sophisticated gadgets, increasing growth prospects of next-generation displays in wearable devices, and growing popularity of internet of things (IoT) and connected devices.

Business Intelligence

All organizations make substantial investment in gathering business intelligence. For this businesses deploy many type of solutions based on their requirement by out sourcing or through in-house development.
The global business intelligence software market size was valued at $ 27 billion in 2019 and is expected to witness a CAGR of 10.1% from 2019 to 2027 to reach a market size of $ 59 billion in 2027. Large organizations have adopted the “Big Data” approach to organize internal and external datasets. Owing to technological proliferation, and growing usage of IoT and analytics, companies can now track and compile behavioral data with a clear purpose. Business intelligence software enables businesses to make informed decisions based on logical facts involving market trends and consumer buying patterns.

For instance, data exists in a number of systems across the large organization as they own CRM and ERP applications. Hence, the primary step to utilize BI is to prepare an inventory of the data produced by the business. Furthermore, the increasing adoption of data analytics in end use industries to analyze the data and make more informed business decisions is expected to drive demand for the BI software.

MT4 & MT5 Development

MT4 & MT5 is focused on coding custom automated trading strategies for electronic trading platforms development. With advancement in fintech companies many are looking for development and deployment of MT4 & MT5 development.

The Global MT4 & MT5 developer industry, defined as companies that operate online securities trading websites and other software programs for the securities market size $ 23 billion in 2019 and would grow at a CAGR of 4.2% during 2019-2027 period to reach a market size of $ 32 billion in 2027.

Animation

As businesses are emerging from COVID-19 pandemic, businesses are looking forward to connecting to their users digitally. For connecting with their users businesses are looking to visualize, create and deploy 2D & 3D animation, storyboards, animatics, viral videos, illustrations, portraits, and caricatures.
The global animation market size was valued at $ 15 billion in 2019 and is said to expand at a CAGR of 11.0% from 2019 to 2027 to reach $ 35 billion in 2027.

Technological advancements in the 3D animation technology, emphasis on producing High-Definition (HD) videos, and wide usage of 3D animated videos in the manufacturing sector to create a graphic illustration of the working of individual components of heavy machinery are expected to be the key factors propelling the market growth.

Email Marketing

With the ever rising digital market, email users are also increasing day-by-day. Many people these days use two email accounts – one is for personal use and the other for business purposes. To exploit this, all the sectors like Banking and Finance, IT, Telecom, FMCG, etc. are giving major importance to email marketing to retain an audience and provide bespoke audience services.

The global email marketing market is highly competitive and fragmented. Some leading players in the global email marketing market include IBM, Microsoft Corp. Responsys Inc. Zoho Corp, and Epsilon. Market competition has made companies invest in bringing new technologies to penetrate into the wide arena of the global email marketing market.

Researchandmarkets suggest the Global Email Marketing Market is poised to grow at a CAGR of around 20.2% over the next decade to reach approximately $ 34 billion by 2027 from $ 8 billion in 2019.

Virtual Assistance

In recent time businesses has been taking on roll virtual assistance to get work done on some urgent requirement. COVID-19 pandemic has almost pushed all companies to go remote working in affected areas. This situation has raised more values for virtual assistance.

The global virtual assistant market size was valued at $ 4 billion in 2019, growing at a CAGR of 34.0% over the forecast period to reach $ 38 billion in 2027. The need for improved efficiency across service-based companies and the integration of Artificial Intelligence (AI) powered virtual assistants among various devices such as tablets, computers, and smart phones, is anticipated to boost the market.

Blockchain Development

The global blockchain technology market size was valued at $ 3 billion in 2019 and is expected to grow at a CAGR of 69.4% from 2019 to 2027 to reach $ 183 billion in 2027. Blockchain technology is one of the most promising upcoming technological trends in the information technology domain. It enables a ledger that can be accessed by parties involved in the transaction and can act as the universal irrefutable depository of all transactions between the involved parties.

The numerous benefits involved in developing such a platform have already attracted the attention and hence, investments, from the financial sector as well as many technological giants. Not only does the technology hold the ability to disrupt the way the financial sector often works but will also have ramifications on many other industries including consumer goods, and media & telecom, among others.

3D Modelling

Businesses across sectors are taking assistance of 3D modeling and rendering services for visualizing, core analysis, etc. This will help businesses enabling shorter lead time for ideation, conceptualization and execution for businesses.

The global 3D mapping and modeling market size is expected to grow from $ 3 billion in 2019 to $ 13 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.2% during 2019–2027. Increasing need for VFX technology in movies, 3D applications in games, and use of 3D imaging in mapping are major growth factors for the 3D mapping and modeling market.

Chatbot Development

Many businesses are applying artificial intelligence, programming language, deep learning technologies like text-to-speech, automatic speech recognition and natural language processing to businesses. This is helping businesses to more efficiently and effectively processes data across domain of database, customer service, news anchor AI Bot, enterprise productivity, personal assistance, marketing, human resource, etc.

The chatbot market size is projected to grow from $ 3 billion in 2019 to $ 21 billion by 2027 at a compound annual growth rate (CAGR) of 29.7%. Projections show growth over the forecasted period as chatbots reduce operating costs for enterprises. Chatbots can work in segments such as marketing, payments and processing, and service, but when it comes to revenue, chatbot service has a majority of the market share.

Today, consumers are demanding round-the-clock service for assistance in areas ranging from banking and finance, to health and wellness. As a result, companies are rapidly looking to develop chatbots and virtual assistants to answer questions customers may have at any time of day.

RPA (Robotic Process Automation)

Businesses are integrating AIML capabilities to the RPA for handling high – volume calculations, maintenance of records and transactions for businesses digital transformation. The global robotic process automation market size was valued at $ 1 billion in 2019 and is anticipated to witness a CAGR of 33.6% from 2020 to 2027 to reach $ 11 billion.

Increasing demand for business process automation (BPA) through the use of artificial intelligence (AI) and software robots is anticipated to be the key growth driver. Also, modern enterprises need robotic process automation for faster implementation, execution, and scaling.

Game Development

The game development software market size has the potential to grow by £ 11.25 million during 2019-2025, at CAGR 4.25% from £ 39.65 million in 2019.

The market’s growth momentum will accelerate during the forecast period considering there will be more game development to cater to indoor engagement of people who will probably have to stay indoor post COVID-19.