Several businesses collapsed during the pandemic. However, the crisis brought rapid adoption of technology, which, in turn, brought an acceleration in digital transformation across industries. As a result, companies started to leverage disruptive technologies to enhance business growth, productivity and increase customer value. With the increased use of smartphones and pandemic effects, consumers also have started to shift to online platforms.
Businesses started to create a digital presence to serve their audience in the pandemic period. As a result, we could see technology being integrated almost everywhere, which changed the business scenario. Thus, this year digital transformation has too much to offer.
Digital transformation integrates digital technologies in all areas of trade, which in turn, brings value to customers. Apart from this, it also offers cultural transition that enables organizations to function according to state affairs.
The digital era has changed the way of living by introducing devices, machines, and electronic gadgets all around. In the coming years, enterprises are expected to augment digital initiatives.
The year 2021 will witness numerous digital transformation trends such as Machine Learning and Artificial Intelligence, cloud adoption, and more.
Blockchain is a distributed peer-to-peer network that helps in recording transactions. Due to this, it offers the benefits of immutability, decentralization, and transparency. Due to the unique features and functionality of Blockchain, Gartner has noted it as one of the top ten strategic technologies for 2020.
Research revealed that Blockchain has the ability to disrupt industries with transparency and trust. It also adds to the value exchange across businesses. Additionally, it minimizes costs and enhances cash flow. It is expected to be completely scalable by 2023.
With emerging technologies and increasing customer demands, several organizations have the pressure to meet these rising demands and create new revenue channels. As a result, they brought digitization to bring in high performance in innovation and execution. All of this transformed them into a digitally empowered environment and a digital-ready community.
Technology innovation has drastically changed the face of competition in the digital world. Moreover, the pace of evolution is also high, which has made it unpredictable in today’s digital landscape. Therefore, a majority of business leaders strategize to accelerate tech use to lift digital transformation services.
The knock of COVID-19 has increased the significance of technologies, and one of them is IoT. Therefore, companies across all industries strive to embrace IoT as one of the best digital technologies.
The popularity of Customer Data Platforms has recently taken acceleration. It is difficult to organize data from multiple sources, and it is not appropriate for companies that depend on well-curated and timely data to carry out various operations.
CDPs collect data from all available sources, along with tagging, organizing, and making it usable for everyone who needs it from anywhere. Adobe, Oracle, Treasure Data, and other companies have heavily invested in offering robust new CDPs.
The new normal is inclined towards high-end digitization, which has made the security of information a top priority. Cybersecurity has taken a surprising rise this year, which means that organizations need to focus on this.
Today, hacking attempts, data breaches, malicious attacks, threats, and interventions have severely increased. An increase in network traffic, WFH systems, and smartphones has put the entire organizational data at risk. All of this has given rise to the latest cybersecurity algorithms, strategies, policies, and tools to be used with Artificial Intelligence and Machine Language.
AI will play a vital and impactful role in cybersecurity. It will further, enhance technological areas such as single sign-on, antivirus strategies, security identification, intrusion detection, password protection, firewalls, and more. Moreover, new features are expected to be added to all these.
As the world is getting connected at a rapid pace, retaining the privacy of information has become inevitable. Moreover, GDPR rules and regulations supervising operations have increased the significance of securing data.
With the increasing number of organizations shifting their data onto the cloud, it has become significant to protect such information. As a result, the data privacy and security domain will gain the limelight this year.
An enterprise has an average number of 900 applications, which means that new endpoints creating paths need robust API security. Considering security, customers today, rely more on those companies that provide strong and secure systems. Therefore, such firms that offer robust API security controls own 84% of clientele. This era has centrally prioritized security as a technological investment.
Verizon revealed that web application vulnerability this past year resulted in 43% of data breaches. Gartner has forecasted that 90% of web-enabled applications will be exposed to attacks due to API loopholes compared to the user interface.
Artificial Intelligence or AI is expected to become an innovation initiative and core strategy for organizations. They will combine AI and Composite Architectures to resolve business issues that arise in the dynamic ecosystem of the pandemic.
Artificial Intelligence and Machine Learning will unitedly boost new business models and visions. AI trends such as Generative AI, Composite AI, AI Security, Formative AI, ModelOps, DevOps, DataOps, and AI Democratization will see the limelight.
The emergence and rise of Algorithmic Trust will lead to the development of Algorithm Digital Economy. It means that algorithms will help differentiate products through factors such as marketing, resiliency, and business models.
Organizations will need to ensure that everything goes well within the range of AI rules, regulations, and ethics. All this suggest that AI is an expected trend like a raging fire.
Everything as a Service, also known as XaaS has recently gained momentum in the business ecosystem. It involves cloud service delivery models and various products & services across the internet. It streamlines technology deployments, along with increasing access to services. As a result, companies will employ XaaS to take benefits of its features and functionality. Moreover, it also enhances agility and helps organizations simplify digital transformation.
Google is expected to launch a commercial-grade error-free quantum computer in around a decade. Quantum computing has not gained commercial success yet. However, it has become an essential research subject. Along with this, several industries are on the verge of exploring this area of digital transformation.
A hybrid cloud offers the functionality of both private and public clouds. It presents a diverse computing, storage, and services environment that consists of private cloud services, on-premise infrastructures, and public cloud.
Hybrid cloud functionality has highly benefited enterprises. Many tech giants have been heavily investing in this technology. They strive to combine Hybrid cloud and agile technology to cater to enterprise-specific requirements such as data privacy and confidentiality, along with complying with standards.
The pandemic crisis increased the demand for business intelligence (BI) technologies such as Prescriptive Analytics and Predictive Analytics. The rise of these technologies helps in knowing growth patterns and forecasting future trends. A majority of healthcare segments have deployed these technologies to perform detailed analytics.
Prescriptive analytics enables enterprises to make the best decisions concerning trends. On the other hand, Predictive analytics performs the action of forecasting, which is further taken by Prescriptive analytics in the form of decision-making.
2021 and beyond will witness remarkable trends in digital transformation. These trends will change the face of the business world by enhancing the global business movement and digital economy. The trends we discussed above are going to impact the digital world immensely.
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