Globally technology has become the primary catalyst for bringing in any change in what business we do or how and when we do it. Advancement of technologies has given us multifold opportunities to enhance our productivity, reinvent our product and service offerings, and contribute to the society in which we operate. The global digital transformation market is making a shift towards integration of advanced and emerging technologies, such as AI and cloud computing, into business processes that would deliver real-time customer value. Many of the enterprises are moving from traditional businesses to adopt technologically advanced solutions that aid in their market growth. The recent COVID-19 pandemic has proved an opportunity for innovation, collaboration and sustainability for many organizations, and accelerated the growth of the emerging technology market. There has been rising adoption and investment in Cloud Infrastructure, IoT devices and 5G connectivity to drive the growth of the digital market.
The emerging technology market is currently segmented into cloud computing, Big Data and analytics, cybersecurity, Artificial Intelligence (AI), Internet of Things (IoT) and Blockchain. The increasing number of IoT device connections and corresponding surge in data volume generation is currently driving the growth in digital transformation market. At the same time data privacy and security concerns associated with adoption of Cloud, AI, IoT and Blockchain technologies have created the need for better protection and privacy to minimize cyberattacks and data breaches. Otherwise, these security and cyber attack concerns would hinder the market growth of emerging technologies.