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D I G I T A L T R A N S F O R M A T I O N
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.
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 business 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 2020.
Customer Experience
Customers. Customers. Customers. The year of 2020 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.
Analytics
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 2020 will
see companies focusing and investing mostly on analytics to gain competitive advantage and leveraging data for
delivering better customer experience.
Defining a solution to overcome this growing challenge would top the agenda of most industry leaders in 2020. Data
security along with data processing would be other priorities for organizations this year.
Internet of Things
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.
A World Economic Forum report says – Historically, consumption patterns were based on a “first moment of truth”
(influencer), then a “second moment of truth” (at retail) and then a “third moment of truth” (consumption). IoT has the
potential to move all three steps to a “continuous moment of truth”. This effectively reduces the traditional barriers to
entry and could affect business models as it changes the economics of trial.
(1) Digitalization has given rise to very large, diverse data sets, and an ever-accelerating accumulation of data
(2) The rapid growth of computing capacity and decreasing prices, which enable the processing of large data sets by an
increasing number of users
And, as AI is capable of learning and making decisions almost in the same way as human beings and enables machines,
devices, programs, systems, and services to function in a manner that is sensible – enterprises will lap up the possibility
of making sense of data through AI.
Industry leaders like Microsoft are trying hard to come up with conversational AI to help users with solutions to even
most critical and complex queries. The practical application of the advanced conversational AI will take some time and
this year most industry leaders are laying the foundation for the same.
A multi-cloud strategy is going to be all the rage in 2020. Enterprises are not so keen on investing in Public, Private and
Hybrid Cloud types due to varying requirements. Also, top research studies indicate that everything-as-a-service (XaaS)
will gain momentum and might even become mainstream in the year of 2020.
Digital privacy
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.
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