The global economy is trending towards the positive with easing credit availability and revenues picking up in many sectors. The year 2014 will be where current trends will accelerate the transformation already underway in how we consume information and do business. The enterprises will need to evaluate their information strategy to take advantage of the emerging opportunities.
As per the forecasts, global spending on technology will see a rise of 6.2 percent and will reach $2.22 trillion in 2014, helped by an improving economy and growing interest in areas such as mobility and cloud computing. Emerging markets will account for 35 percent of worldwide IT revenues and for the first time, more than 60 percent of worldwide IT spending growth. Software will account for the largest share of tech spending in 2014, at $568 billion, followed by IT outsourcing at $442 billion, IT consulting and integration services at $421 billion, computer equipment with $416 billion and communications equipment at $373 billion. However, to achieve the suggested forecasts, IT consulting and outsourcing firms will have to put in extra efforts to remain relevant to their clients, improve operational agility, realign service delivery models, and focus more on driving innovation.
The analysts and entrepreneurs opine that it’s not just the Mobile, Cloud Computing, Internet of Things and Big Data is also joining the bandwagon and these technologies are expected to drive major share of the IT growth through 2020. The enterprises would get more serious about allocating budget towards formulating enterprise mobile strategies that are more in sync to gauging emerging customer needs. This will include investments in big data analytics tools and systems that can navigate through the complex architecture of the digital world.
But what I have observed today is even though enterprises and entrepreneurs are aware of the trends and problems well in advance; there is not enough preparedness within the enterprises to imbibe these trends. The vast majority of problems individuals, organizations, and nations face are fully predictable, but we are all too focused on our current problems than solving tomorrow's predictable problems. These changing trends will push entrepreneurs to benchmark their relevance and re-articulate their differentiators in this year. To stay ahead, market players will also need to assess the advantages enabled by emerging disruptive technologies and if the same can be utilized, as a part of the digital strategy, to positively impact consumer behavior and experiences, most of them will be flying high.
Wish you all a Happy New Year! Please do let us know what you think.