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
“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
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
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)
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
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
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
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
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
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
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
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
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
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
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
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
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
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 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
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
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)
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.
