Digital transformation market to be worth over $490bn by 2022
The digital transformation market is expected to more than double in size over the next five years. Investment will climb to $493.4bn as more businesses bring digital tech into the workplace and customer experiences. The market will pass $205bn in 2017.
Cloud technologies will lead the trend over the next half-decade, according to a new report from Research and Markets. Cloud investments will pass on-premises alternatives in 2017 and will continue to grow each year to 2022. As companies adopt technologies such as AI and big data, they're realising the need to offload computing resources to always-online datacentres.
Although interest and demand is growing, the transition to a digital business won't go smoothly for all firms. Cybersecurity is one of the biggest growth inhibitors for digital transformation. Rolling out new technologies while ensuring they're responsibly managed will present new challenges to firms using digital tech for the first time. As more complex networks are introduced, the importance of robust protection will rise.
There are other problems to address too, including a lack of skilled digital experts and the risk of consumer rejection. However, the new figures show digital transformation is becoming increasingly important to enterprises across the globe, causing noticeable shifts in investment as companies prioritise disruptive tech.
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