Watch Out! 5 Key Digital Transformation Trends for 2024 and Beyond
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Published:
December 28, 2023
Reading Time:
6 minutes
Have you ever thought about the incredible pace at which digital transformation is shaping the world around us? Weâre living in an era in which robots can perform surgeries, automation can bring new customers to businesses, and professionals from around the world can collaborate through the cloud.
A few years ago, all this would have been considered part of a science fiction movie. But now, itâs reality and weâre lucky enough to be experiencing it. So, in this article, weâll discuss the top five digital transformation trends that are likely to redefine the business world in the coming years.
Whether youâre running a business or working as a digital transformation consultant, this article has something valuable to offer. So, letâs dive into it.
A few years ago, all this would have been considered part of a science fiction movie. But now, itâs reality and weâre lucky enough to be experiencing it. So, in this article, weâll discuss the top five digital transformation trends that are likely to redefine the business world in the coming years.
Whether youâre running a business or working as a digital transformation consultant, this article has something valuable to offer. So, letâs dive into it.
KEY TAKEAWAYS
- Automation through artificial intelligence and machine learning is gaining popularity in organizations around the world with a projected AI market of $407 billion by 2027 and ML reaching $2 trillion by 2030.
- With the rise in government scrutiny of data practices through regulations like the GDPR, data privacy and governance have become an important aspects of the digital scene.
- Sustainable practices are on the rise to balance tech advancements with environmental responsibility.
- AR/VR market revenue is expected to reach $58.1 billion by 2028 with a 12.60% annual growth.
- Freelance digital transformation consultants offer services like digital readiness assessment, strategy creation, process digitalization, and business model digitalization.
1. Artificial Intelligence and Machine Learning
AI and MLâthese two topics seem to be the center of attention these days, and rightfully so. Thanks to automation, mundane and time-consuming tasks are now executed with unprecedented speed and accuracy, which allows humans to focus on high-value, strategic endeavors.
For example, in digital transformation, automated data analytics platforms can swiftly process customer behavior data. This enables businesses to tailor marketing strategies, optimize product offerings, and enhance the overall customer experience. On the other hand, this allows teams to focus on interpreting insights and devising strategic initiatives, rather than getting bogged down by data processing tasks.
Similarly, in software development, automated testing tools play a crucial role by executing repetitive test scenarios with speed and precision. This ensures that software applications are robust and error-free.
According to Forbes, the size of the AI market is expected to be $407 billion by 2027. So, the hype is real and the world is slowly moving towards an AI era. Now, as far as the market size for machine learning (ML) is concerned, itâs predicted to reach a whopping $2 trillion by 2030. Well, thatâs really, really, huge and game-changing. So, keep an eye on this trend.
2. Data Privacy and Governance
Digital transformation comes with its pros and cons. You see, the benefits of getting rid of tons of paperwork and moving to the cloud are obvious. However, when all your data is online, it can be stolen and misusedâouch! This is why data privacy and governance are of significant interest to both companies and governments around the world.This is why organizations are making substantial investments in compliance measures to align with a plethora of data protection regulations, such as the General Data Protection Regulation (GDPR) and similar frameworks. This involves implementing stringent protocols for the collection, processing, and storage of personal data, which ensures that individuals have control over how their information is utilized. Talking about the GDPR, itâs a set of regulations that organizations in the European Union need to follow. For example, if there is a data breach, an organization has 72 hours to tell the data subjects or face penalties. Similarly, there are many other legal requirements in various countries to ensure data privacy and security.
According to research by Statista, the revenue of the data security market worldwide is expected to reach $6.04 billion by the end of 2023. The forecast also predicts that the size of this market may cross the $11 billion mark by 2028. This indicates an upward trend in the industry.
3. Multi-cloud Strategy
If youâre not familiar with the term, multi-cloud is the practice of using multiple cloud providers for cloud computing services. By diversifying their cloud options, companies can benefit from the unique strengths of multiple platforms. The fact is that hybrid cloud adoption enables organizations to strike a balance between the enhanced security and control offered by private clouds and the scalability and cost-efficiency of public clouds.For example, sensitive data or critical applications can be securely housed in a private cloud, while non-sensitive data or applications with variable resource requirements can seamlessly leverage the resources of public clouds. Examples of public clouds include services provided by Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP), while an example of a private cloud could be an organization's dedicated cloud infrastructure hosted on-premises or by a third-party provider.
According to Grand View Research, the multi-cloud management market was valued at $8.03 billion in 2022 globally and $9.94 billion in 2023. Now, with an expected compound annual growth rate of 28% between 2023 and 2028, the size of this market may reach a whopping $56.02 billion. The stats say it allâmulti-cloud management is a growing trend.
You may also want to check out: Watch Out: Top 5 Cloud Computing Trends in 2024
4. Sustainability
Again, this is a term that you should get used to. The integration of sustainability into digital transformation is necessary to create a balance between technological advancements and environmental responsibility. As organizations embark on their digital transformation journeys, there is a growing need to incorporate sustainable practices into their operations.Enter green technologies. You see, organizations are increasingly opting for energy-efficient hardware, such as servers and networking equipment, to minimize their carbon footprint. Additionally, creating and using software solutions that save energy and use fewer resources plays a significant role in achieving sustainability goals. By selecting technologies that prioritize environmental considerations, organizations can demonstrate corporate social responsibility and position themselves as leaders in sustainable innovation.
Furthermore, the focus on sustainability extends to the optimization of data center operationsâwhich are notorious for their energy consumption. Rest assured, organizations are implementing measures such as virtualization, improved cooling systems, and renewable energy sources to enhance the energy efficiency of these facilities. Apple aims to have its entire supply chain and product life cycle carbon neutral by 2030. Other big names like Google, Microsoft, and Amazon have also set bold sustainability goals for the foreseeable future. Now, because the big guys are doing it, other companies will also follow soon. Again, this a growing trend.
5. Augmented Reality and Virtual Reality
Since weâre talking about future trends in digital transformation, how can we not discuss AR and VR? Both augmented reality and virtual reality are taking the business world by storm. For example, in healthcare, medical professionals can undergo virtual surgeries or simulations to enhance their skills before operating on actual patients. Similarly, in manufacturing, employees can receive hands-on training in a virtual environment, which reduces the risks associated with training in a real-life situation.Furthermore, product demonstrations have also attained a new style with the integration of AR and VR. Companies can now showcase their products in virtual spaces, allowing customers to explore and interact with items as if they were physically present. This is particularly useful in industries such as real estate and retail where customers can virtually tour properties or try on products before making a purchase decision.
Guess what? According to Statista, in 2023, the AR and VR market is expected to make a colossal $32.1 billion in revenue. But hold on, it's not stopping thereâwith a growth rate of 12.60% every year (that's CAGR 2023-2028), by 2028, it's projected to hit a mind-blowing $58.1 billion. So, you better stay up-to-date with this trend.
Why You Should Hire Digital Transformation Consultants
If youâve read this article so far, you know one thing is for sureâdigital transformation is the future. Itâs here, itâs happening, and you must incorporate it. However, itâs easier said than done. Digitalization of an organization takes expert-level knowledge and experience, which lots of companies donât have. But donât worry, you can always hire freelance digital transformation consultants.
Here at Consultport, we have over 10,000 consultants in our talent pool. And you know what? Every single consultant in our network has experience working with top consulting firms or blue-chip companies. Hereâs what they can do for you:
Sounds exciting, doesnât it? Get in touch with us now to start your organizationâs digital transformation.
Here at Consultport, we have over 10,000 consultants in our talent pool. And you know what? Every single consultant in our network has experience working with top consulting firms or blue-chip companies. Hereâs what they can do for you:
- Digital readiness assessment: Get the digital health report for your businessâour consultants reveal where you shine and where you can boost your digital game.
- Digital strategy: Create a winning digital strategy curated by our digital maestrosâstand out and play the right tunes in the tech crowd.
- Process digitalization: Ditch the paperwork and manual hassleâour experts can set up slick digitalized processes that reduce errors and give your business a digital boost.
- Business model digitalization: Turn your old business model into a digital oneâour specialists are here to digitalize your business model and kick-start your journey into the digital era.
Sounds exciting, doesnât it? Get in touch with us now to start your organizationâs digital transformation.
