Digital Businesses
Digital Business Opportunities
Global digital expansion
The global digital transformation market is anticipated to expand from US$469.8 billion in 2002 to $1009.8 billion in 2025. Digital transformation rates skyrocketed in response to the pandemic as businesses globally were forced to ramp-up digital strategies in order to adapt to remote businesses practices. With this global pivot, digitally transformed organizations are expected to account for more than half of global GDP in 2023.
Pre-packaged digitization
The recent advancement of low code business solutions has reduced the initial investment required for digital transformation. Companies can now leverage these new modular technologies and solutions via platforms to bypass ‘build-from-scratch’ development.
Flexible & fast innovation
Digital transformation increases the ability of businesses to respond with agility to new market opportunities. By investing in a composable strategy, business can maximize existing resources and cut down development time. In 2023, businesses practicing composable strategies are expected to implement new features 80% faster than their competitors.
Digital Business Challenges
Budget constraints
Businesses globally are still recovering from the losses incurred during the pandemic. The additional market uncertainty in 2023 will force businesses to make tough decisions in order to invest in digital transformation while minimizing budget expenses.
Scaling automation
The current economic climate is conducive to a sharp rise in automation as businesses seek to deliver more with less resources. Larger businesses will increasingly use automation to accelerate digital transformation to grow beyond competitors and disrupters. Smaller businesses will be ill equipped to adequately invest in automation.
Industry Cloud Platform Adoption
Purchasing individual SaaS solutions for each unique business need is an inefficient and siloed digital business strategy. To remain competitive, business need to invest in cloud platform solutions designed for their industry to develop a seamless digital business architecture.
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