The need for digitization is growing rapidly among all the industries across the globe. The key driving factor for digital adoption is to modernize legacy systems into automation, which will reduce cost, time and make things smoother for the end user. Here are the key digital technologies witnessing extraordinary growth in the upcoming years.
The global AI market accounted for around US$21.5 billion in 2018 and is expected to grow at a CAGR of 36.6% from the period between 2018 to 2022. A huge growth of around 36.6% is majorly driven by increasing investment in AI and machine learning by 48% from the period between 2017 to 2021. North America contributed the highest share in the global market. Moreover, the higher adoption of AI in North America led the region to dominate the global AI market during the forecast years.
The market is segmented by technologies such as machine learning, computer vision, natural language processing, and others where machine learning dominates the market and this trend will continue in the future.
The adoption of AI is across all the verticals but BFSI has the strongest investment across other verticals
Most emerging start-ups in the market resulting into a partnership ecosystem with the big giants (AI Service Providers)
The global blockchain market is expected to grow to US$16.9 billion in 2022 from US$1.3 billion in 2018 at a CAGR of 89%. The rapid market growth is highly driven by increasing global blockchain spending 73.2% from 2017 to 2022.
North America accounted for the largest share in global market however, APAC will be the emerging region to grow at the highest CAGR during the forecast period.
Growing investment in blockchain startups also drives the SMEs segment in the blockchain market in the upcoming years.
The market is gaining interest from BFSI sector and increasing adoption by the merchants accepting cryptocurrencies. Therefore, the market has a huge opportunity from financial services.
The speedy growth of the global spending on IoT is boosting the global IoT market by 2022. The worldwide spending on IoT will witness to reach around US$1.2 trillion by 2022 at a CAGR of 13.6% from 2017.
Owing to the increasing spending on IoT, the global IoT market accounted for US$578.7 billion in 2022 from US$ 153.3 billion in 2018 at a CAGR of 39% (according to IoT Analytics market insight).
IoT plays a major role in the largest business transformation in the upcoming years.
The market growth of IoT market is majorly contributed by automotive and manufacturing industry. The higher adoption of IoT in the manufacturing industry has doubled the manufacturing unit sales from 2014 to 2018. Moreover, in automotive sector, IoT has expected to grow the adoption rate by 37 times from 2014 to 2018.
The global cyber security market accounted for around US$124 billion in 2018 and is expected to reach US$239 billion by 2022 at a CAGR of 17.9%. Increasing cyber-crimes and malware attacks on governments, BFSI and healthcare organizations leads to boost the global cyber security market. Additionally, the rapid adoption of IoT and cloud is also the major driving factor in the growth of the cyber security market
Currently, the BFSI has the largest share in global cyber security market whereas healthcare vertical is expected to witness the highest growth from 2018 to 2023.