Unraveling the Significance of Digital Transformation
Over the years, digital transformation has penetrated through every industry sector and has helped organizations garner enormous business success in the course of adoption. The millennial generation has witnessed a tremendous surge in the implementation of digitally enabled technology for activities as simple as hailing a taxi to diversified ventures like business development. The rapid growth has also led to the discovery of enterprises like social media, online shopping, digital currencies, and e-wallets among others, which have today become a means to survive. Digital transformation thrives on one simple goal: making everything accessible at the push of a button.
Implication on Economic Growth
Industry verticals like retail, manufacturing, and healthcare enjoy a significant part of the features that digitalization has to offer, whereas the healthcare and banking sectors are gradually picking pace. Technologies including IoT, cloud, AI, data analytics, robotics, M2M communication, and machine learning are just scraping the surface. These verticals have the potential to revolutionize businesses worldwide while providing opportunities to new enterprises. These innovations reduce cost and labor, and at the same time, it generates revenue.
According to IDC forecasts, the digital market would garner an investment of $1.3 trillion this year, which is an increase of 16.8 percent over the $1.1 trillion in 2017. Analytics predict that the market investment will double by 2021 reaching over $2.1 trillion. Despite the fact that the enterprise arena is growing enormously in the digital space, it is hard to analyze the true potential of digitization. With consistent research and development, the digital era awaits to witness the future of technology and its global impact.
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