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article imageDigital transformation market to hit $431.71 billion by 2021

By Tim Sandle     Sep 4, 2018 in Business
A new market review estimates that the growing expansion in business-led digital transformation will grow the global value to $431.71 billion by just 2021. The main drivers are advancements in ICT and embedded systems.
The new report comes from Zion Market Research, and it covers specific regions, growth and recent trends in the global digital transformation market. Data is drawn from a number of leading companies who are investing in digital transformation initiatives, including NICE Systems Ltd., Axis Communications, Honeywell Security Group, Genetec Inc., EMC Corporation, Cisco Systems Inc. AB, McAfee Inc. Tyco International Ltd, Bosch Security Systems, and Morpho S.A.
In terms of the sectors seeing the greatest levels of investment in digital transformation these are: banking, financial services and insurance, healthcare, telecom and IT, automotive, retail, manufacturing and government.
In terms of healthcare, additional analysis from MRSSE reports on a growing deployment of digital health platforms across the health sector. Examples include s telehealth, mobile health and other wireless solutions across hospitals and nursing homes. One aim of such technologies is to provide patients with real time healthcare services. This is one reason why investment in digital health is high - the increasing dependency of end-user on digital health platform.
Health platforms are being implemented to enable remote monitoring for chronic disease and also to access electronic medical and personal health records via broadband services. These developments are also gaining positive reactions from patients. For instance, HBR report that 97 percent of patients surveyed were reportedly satisfied with their first telehealth experience; moreover, 74 percent of patients stated that the interaction improved their relationship with their provider.
Such developments are boosting spending in IT. As mentioned by ZDNet, technology CEOs also have suggested that digital transformation efforts are fueling their growth. IT spending remains robust and digital transformation, together with the Internet of things, data analytics, cloud computing, artificial intelligence and machine learning are key factors in driving growth. IT spending in the U.S. is up 6.2 percent for 2018 compared with 2017.
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