Since the onset of the COVID-19 pandemic, the reliance on technology has not lost momentum. On the contrary, the world is witnessing accelerated innovations and digitalization that have also led to increased investments in information technology.
Businesses are always looking to find ways to drive efficiencies. As labor costs continue to rise, organizations want to reduce reliance on human resources. This has led to a growing and sustained demand for emerging technologies. Today, the use of IT applications goes beyond simply facilitating and streamlining business processes.
Organizations are accelerating the adoption and use of artificial intelligence (AI) driven knowledge management and self-service models to roll out superior customer and employee and reduce operational costs. Through AI service management, organizations can leverage operations automation to increase productivity.
In addition, businesses are integrating self-service and knowledge management with information technology service management (ITSM) to drive digital transformation. ITSM involves the planning and delivery of IT services via technology, people, and processes.
Over the coming years, other leading IT areas will revolve around virtual interactions, the Internet of Things (IoT), cloud, quantum computing, and cybersecurity. IoT, for example, enables companies to reduce labor costs and automate processes. In addition, it not only improves service delivery but cuts down on waste. IoT also offers more transparency in customer transactions.
The future of business includes virtual worlds where employees will interact outside the confines of the physical office. In particular virtual environments such as Metaverse offer big investment opportunities. By 2025, according to GlobalData, Metaverse, a relatively new phenomenon, will be worth over $300 billion.
The quantum computing market is growing fast. Statistics from GlobalData show that by 2025, the sector will be worth $5 billion. Commercial quantum computing is still in its embryonic stage. Many organizations, rather than invest in quantum computers, are likely to rely more on the growing quantum as a service (QaaS) models.
However, according to GlobalData, tech companies, universities, and government institutions will purchase quantum computers for research and development, military applications, and QaaS commercialization. A cloud-based technology, QaaS delivers computing services on the pay-as-you-grow pricing model.
Cloud migration is now a business necessity. It offers security and reliability for data storage, and the market will continue to grow. For example, organizations that had already made the cloud transition before the COVID-19 pandemic easily adopted the work-from-home models. Cloud platforms offer businesses tighter control over their fixed costs in terms of internal IT capability and considerable savings on floor space which previously went to historically on-premise data storage infrastructure.
Finally, cybersecurity remains a top priority for businesses and their customers. This is particularly critical given the rising incidences of malicious actors. For example, companies become victims of ransomware, where criminals extract money from victims.
Therefore, organizations must invest in technology that can withstand cyber-attacks that are becoming more advanced each year. IT investment areas in the security area include Blockchain technology which creates a network that hackers cannot penetrate. Blockchain relies on peer-to-peer transaction authentication through a decentralized ledger system.
Businesses are always looking to find ways to drive efficiencies. As labor costs continue to rise, organizations want to reduce reliance on human resources. This has led to a growing and sustained demand for emerging technologies. Today, the use of IT applications goes beyond simply facilitating and streamlining business processes.
Organizations are accelerating the adoption and use of artificial intelligence (AI) driven knowledge management and self-service models to roll out superior customer and employee and reduce operational costs. Through AI service management, organizations can leverage operations automation to increase productivity.
In addition, businesses are integrating self-service and knowledge management with information technology service management (ITSM) to drive digital transformation. ITSM involves the planning and delivery of IT services via technology, people, and processes.
Over the coming years, other leading IT areas will revolve around virtual interactions, the Internet of Things (IoT), cloud, quantum computing, and cybersecurity. IoT, for example, enables companies to reduce labor costs and automate processes. In addition, it not only improves service delivery but cuts down on waste. IoT also offers more transparency in customer transactions.
The future of business includes virtual worlds where employees will interact outside the confines of the physical office. In particular virtual environments such as Metaverse offer big investment opportunities. By 2025, according to GlobalData, Metaverse, a relatively new phenomenon, will be worth over $300 billion.
The quantum computing market is growing fast. Statistics from GlobalData show that by 2025, the sector will be worth $5 billion. Commercial quantum computing is still in its embryonic stage. Many organizations, rather than invest in quantum computers, are likely to rely more on the growing quantum as a service (QaaS) models.
However, according to GlobalData, tech companies, universities, and government institutions will purchase quantum computers for research and development, military applications, and QaaS commercialization. A cloud-based technology, QaaS delivers computing services on the pay-as-you-grow pricing model.
Cloud migration is now a business necessity. It offers security and reliability for data storage, and the market will continue to grow. For example, organizations that had already made the cloud transition before the COVID-19 pandemic easily adopted the work-from-home models. Cloud platforms offer businesses tighter control over their fixed costs in terms of internal IT capability and considerable savings on floor space which previously went to historically on-premise data storage infrastructure.
Finally, cybersecurity remains a top priority for businesses and their customers. This is particularly critical given the rising incidences of malicious actors. For example, companies become victims of ransomware, where criminals extract money from victims.
Therefore, organizations must invest in technology that can withstand cyber-attacks that are becoming more advanced each year. IT investment areas in the security area include Blockchain technology which creates a network that hackers cannot penetrate. Blockchain relies on peer-to-peer transaction authentication through a decentralized ledger system.