The digital transformation industry size is estimated to grow to USD 1247.5 Billion in 2026, as per MarketsandMarkets Report. With the technological leap, businesses have understood the importance of the digital-first philosophy. It is thrilling to see how organizations have molded themselves towards quick adjustments, agile work environments, and so on. The term "digital transformation" holds different meanings for different businesses in various industries. Let’s take you through the trajectory that different industries have gained from digital transformation:
A Gartner source states that 50% of supply chain companies will make investments in applications that support advanced analytics and artificial intelligence until 2024. By doing this, businesses will be able to align with their growth objectives while lowering risks and maximizing savings. End-to-end supply chain activities will be led by IoT, big data, AI-ML, and analytics. It will also help organizations dig deep into the generated real-time data and gather relevant insights. The strategic approach toward digitizing the supply chain is a perfect blend of cutting-edge technologies along with revamped operations.
The Report by Research and Markets claims that the global online education market is expected to reach US$350 Bn by 2025. This will cater to the introduction of flexible learning solutions that will transform the way learning is offered to students. Not just this, the incorporation of AI holds the potential to be a game changer in the education industry. The use of chatbots is one such example that is slowly paving the way to ensure digitalization in classrooms. The kids make use of devices such as iPads or laptops to chat with the bots. Such bots are designed to analyze the responses of students and help them understand the topic of their interest in the simplest possible way. In fact, this will also reduce the load on teaching faculties.
As per the IoT Analytics Research Report, the market for IoT is estimated to grow by 18% to 14.4 billion connections. The use of IoT in transportation ensures safety, improved processes, and better efficiency. Although there are many examples that add up to the digital future of transportation. But one of them that has been in the hype for a while is self-driving vehicles, or autonomous vehicles. They fully operate on artificial intelligence, which makes them reliable and convenient for users to beat the traditional approach. In fact, many transportation companies are finding ways to utilize autonomous cars more frequently to simplify the transportation process.
According to Statista's Digital Market Outlook, the global revenue of mobile apps rose by 38% in 2021 over the previous year, amounting to 296 million U.S. dollars. This is due to massive digitalization in the travel, tourism, and aviation industries. Using technology like nearly universal high-speed internet access, search and geolocation tools, mobile payments, and social platforms has led to a significant rise in the tourism industry. If you’re a frequent traveler, then you must have witnessed whole new experiences while travelling, especially after the COVID wave, such as smart facilitation, automated clearance gates, and so on.
Reports by Statista state that the digital health market is projected to reach nearly 660 billion dollars by 2025. The digitalization of the healthcare industry has resulted in optimized workflow, affordable costs, and improved interaction with patients. Use of technology such as telehealth has sought ways to safely access and deliver healthcare. Since the pandemic, use of telehealth has gone up from 11 percent to 76 percent. In fact, there are several such digital transformation trends that have been implemented to offer better treatment facilities for patients. These are health wearables, patient portals, on-demand healthcare, and so on.
Financial services have witnessed a massive transition when it comes to digital transformation. One of the PRN Newswire Press Releases claims the global fintech market is expected to reach approximately $324 billion by 2026 over the forecast period 2022–2027. The future of the financial sector lies in the development of cutting-edge fintech solutions that can lead to a more adaptive and better world. The fintech industry has realized the potential of big data analytics. Finance and banking institutions are in the process of harnessing the potential of big data to offer customized services to their customers.
By 2050, it is expected that an average farm will produce 4.1 million data points each day, up from 190,000 in 2014. The emergence of IoT is all set to push its potential in the space of farming. Solutions such as smart agriculture are already utilizing their space in the agricultural industry. For example, the biggest farming equipment manufacturer, John Deere, is excelling in self-driving tractors that will serve as a valuable asset for farmers to increase efficiency and focus on other related farming tasks.
As you saw above, digital transformation has become a necessary asset for businesses in almost each and every industry. The way digitalization has driven the culture of innovation is immense. In fact, it is helping businesses establish value propositions for customers at a faster pace and deliver exceptional services.