In the past few years, the word digital has become the buzzword across every industry. 2020 will be a remarkable year where we can expect many changes in the current market trends. So what can companies undergoing rapid digital transformation expect in the coming year? Without further delay, let’s explore the top digital transformation trends in 2020:
For making any decision in business, data is essential. Every day around 2.5 quintillion bytes of data are created. By 2020, it’s estimated that each person will create 1.7MB of data per second. In 2019, most businesses (~91.6%) have already started investing in big data which is estimated to be $187 billion.
Business leaders must be able to process the unstructured data to get the actionable and useful information. Data without the proper analytical tools is useless. Analytical tools help leaders leverage data to make business decisions.
Businesses will need to start thinking innovatively about data warehouse optimization, big data analytics, data mining, and data processing.Zoho Analytics, Cloudera, Microsoft Power BI, and Oracle Analytics Cloud are some of the tools that will help the business to grow with data.
AI technology has evolved and it’s doing more than expected – from baby products to every aspect of business operations.
A PwC report estimates that AI will contribute $15.7 trillion to the global economy by 2030. AI is becoming more accepted as a part of everyday live. G2 recently found 63% of people prefer to message a chatbot over talking with a human when communicating with a business.
So how do you use AI in the business? How can you be AI-ready?
There are many AI tools in the market such as Textio, Conversica, and Gluru. Businesses that want to stay ahead of their competitions will implement AI to increase efficiency and productivity.
The fifth-generation network will be able to operate at 60 times faster than 4G. There are lots and lots of benefits namely
- More than 75 times faster than 4G (~1 Gb/s)
- Lower latency
- It will be 1 millisecond or less, which cannot even be detected by the user
- Greater capacity
- It will allow network slicing which unleashes the ability for the companies to have their customized private networks. This enables the company to reach the customer faster and serve better.
- It will be able to operate under a high-demand application without any call failure or buffering issues.
According to Qualcomm, by 2035, 5G could underpin up to $12.3 trillion worth of goods and services in industries. The augmented and virtual reality market with the help of 5G will reach $290 billion.
Businesses should start upgrading to adapt to 5G and enable the use of AR and VR, which is going to play a vital role in the upcoming years.
Anything or Everything as a service is gaining momentum in 2020, its market size reached $93.8 Billion in 2018 and it’s growing tremendously since them.
Most common models such as
- SaaS: Software as a Service is expected to grow $94.9 billion by 2022.
- Examples: Salesforce, Dropbox, Apty
- PaaS: Platform as a Service profit is projected to exceed $34 billion in 2022.
- Examples: Google app engine, Apache Stratos, Force.com
- IaaS: Infrastructure as a Service has grown 27.5 percent in 2019 and reached $38.9 billion.
- Examples: Digital Ocean, Linode, AWS (Amazon Web Service)
Digital Adoption Platform (DAP)
A digital adoption platform helps companies implement new technology. The platform works on top of another software. It acts as a guiding tool without the need to integrate with the underlying software. DAPs also help to collect and analyze the data based on user behaviour.
DAPs generally work on any web-based applications. Some of the leading DAP tools are Apty, Walkme, Whatfix, and Pendo.
This growing category of software was recently recognized by Gartner as a way for companies to increase their productivity.
What trend will be the key to your success in 2020? Adapt to these digital trends by identifying which one will add the most value and empower your growth opportunities.
If you wish to make the process of digital transformation smooth & improve your software utilization and ROI, Try Apty! Request a demo today!