How Digitization of Enterprises Is Driving Tech Industry Growth

by | Published on Oct 20, 2017 | Document Conversion / Scanning Services

DigitizationThe innovations in digital technology and smart connections have helped businesses in all sectors to grow rapidly. In their digital transformation, businesses can benefit considerably from data conversion services. Companies need their critical workers to perform smarter, faster and more productively, and achieving that goal requires advanced technology deep into the process that can ultimately transform the way organizations turn knowledge into action. How digital leaders stand out from their competitors depends on how they put digital to work especially when engaging with suppliers and clients, and how intensively their employees use digital tools in every aspect of their daily activities.

Increasing Opportunities for Tech Companies

According to a Deloitte research report, opportunities for technology companies have expanded considerably. The key to competitive advantage for any company is the adoption of various technological innovative products. The use of cloud computing provides small to medium sized enterprises with sophisticated capabilities which were earlier available to large companies only. Cybersecurity products, storage and bandwidth, advances in cognitive technologies, increasingly sophisticated data analytics, and the Internet of Things are among the most significant sectors.

The Worldwide Semiannual IT Spending Guide: Industry and Company Size from International Data Corporation points out that global IT sending will grow from $2.46 trillion in 2015 to more than $2.8 trillion in 2019. North America will provide the largest share of global IT spending and is expected to pass the $1 trillion mark in 2017. The fastest growing vertical industry over the forecast period will be healthcare, with a five year CAGR of 5.5 percent. It is highly possible that in many industries, businesses will turn to IT solutions, including data analytics and infrastructure optimization to help them stay competitive. For IT vendors, the need for a detailed approach to targeting pockets of growth and opportunity is greater than ever.

Tech Products and Services Poised to Grow

Let us look at the tech-related goods and services that are poised to grow in demand over the next decade and drive the growth of the tech industry.

  • The Internet of Things (IoT): IoT will become a huge part of our everyday life with faster and higher bandwidth wireless networks in place soon. Business Insider claims that $6 trillion will be invested in the Internet of Things over the next five years, and by the year 2020 there will be 24 billion IoT devices installed worldwide.
  • Innovations in wireless technology: Broadband wireless networks will offer the underlying infrastructure that is vital for innovation in communications, the IoT, and self-driving automobiles. Over the next 5 to 10 years, wireless carriers such as AT&T and Verizon are expected to deploy the “5G” next-generation mobile broadband networks. Wireless innovation will be enabled in densely populated cities and communities via mesh networks that connect nearby devices to one another in local grids.
  • Growth in data centers: There will be increased demand for data analysts, data centers, and data engineers. The large volume data in terabytes and petabytes that the world’s biggest enterprises are collecting needs to be searched, analyzed and used effectively.
  • Growth in virtual reality (VR) and augmented reality (AR) technologies: These technologies can revolutionize the computing experience and provide new ways to interact with technology and with one another. They are expected to bring new jobs and new levels of innovation to computing over the next ten years.
  • Security technologies: With increasing number of hackers and cybercriminals, there is going to be a huge growth in the areas of security technology and demand for security experts.
  • Boom in health-related devices: The health sector is becoming digitized and this will open new markets for health-related devices ranging from fitness trackers for consumers to hospital grade sophisticated devices. Digital technology will become highly significant to make diagnoses, managing patient health records, and preventing diseases.
  • Automotive technology: Over the next 10 years, the automotive industry will transition to various forms of self-driving vehicles. It is expected that sensors and cameras will be deployed in cities around the world to communicate with these automobiles and improve their navigation and avoid crashes within city limits.

Tech Companies on the Growth Path

Now here are some examples of tech companies enjoying improved growth with more organizations investing in tech spending.

  • Atacama Resources International, Inc recently released a smartphone app Good2Drive that was presented in detail including all latest features and revenue projections through 2018 at the company’s annual shareholders’ meeting.
  • FalconStor Software, Inc is an innovator of software designed storage solutions. They announced earlier this year that FreeStor, their flagship product won the SDS Innovation of the Year Award by DoStor, a leading Chinese storage portal which focuses on the enterprise storage market and is one of the most influential third party storage media companies. FreeStor improves storage efficiency, eliminates downtime, simplifies management for business data centers, and reduces costs. It helps new business model innovation, and accelerated cloud deployment.
  • Wide Point Corporation, a leading provider of Managed Mobility Services specializing in Cybersecurity and Telecommunications Life Cycle Management solutions, announced on May 9th that it has acquired the assets of Probaris’ Probaris ID Identity Management System software suite. The acquisition of this established, industry-leading software is expected to enhance their proprietary identity management offerings, expand their customer reach, provide additional revenue opportunities and bring in-house current licensed software.
  • Netlist, Inc is a leading provider of high-performance modular memory subsystems serving customers in diverse industries that require superior memory performance to empower critical business decisions. The company participated in the Flash Memory Summit at the Santa Clara Convention Centre in Santa Clara, CA in August 2017. During this event, the company demonstrated HybriDIMM TM, their next-generation storage class memory solution that lowers cost and improves performance of big data analytics and in-memory computing.

Data entry companies assisting enterprises will endorse the fact that digitization offers enormous opportunities for growth across all industries, sectors, and company sizes. The complete digitization of the industry involves integration of complex physical machinery with networked sensors, software and people. Realizing this trend, tech giants are researching and developing new devices and software that will help organizations grow and serve customers optimally.

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