13/06/2021
Many of us are watching the tech sector closely after investing during the Covid. With the increasing pressures on the Tech industry to remain competitive, do drill down into your Tech portfolio to make an assessment whether to hold or rebalance. Stay tuned for more!
"Rising competitive pressures in the technology industry are placing a premium on speed, agility, and flexibility, with an emphasis on boosting automation, enabling real-time operations, and reimagining business models. This can be accomplished through digital transformation, which begins with a move to the cloud while also embracing critical capabilities in the areas of data and analytics, artificial intelligence, and edge computing.
Interestingly, digital transformation and the cloud are synergistic: The cloud enables digital transformation, and digital transformation fuels the importance of moving to the cloud.
Because many companies have already significantly progressed in their efforts to digitize their operations, first-mover advantage has passed. The key for those that arenโt as advanced is to get started now by using digital capabilities to make processes more effective and efficient. Once this phase is completed, companies can shift their focus to harnessing more advanced digital capabilities like AI to boost innovation and their competitive advantage.
The imperative to digitally transform is driven by the large numbers of companies that have already gotten started. For example, global public cloud service revenue is forecasted to reach $308.5 billion in 2021 and $354.6 billion by 2022.
Demand for cloud-driven as-a-service (XaaS) offerings is growing rapidly as well. One recent forecast estimates that global as-a-service revenue will reach $345 billion over the next few years, with further growth powered by emerging business models such as content-as-a-service, AI-as-a-service, and Internet of Things (IoT)-as-a-service."
- Deloitte Insights